Bank of America Corporation Reiterates “Buy” Rating for Scientific Games Corp (SGMS)
Scientific Games Corp (NASDAQ:SGMS)‘s stock had its “buy” rating restated by research analysts at Bank of America Corporation in a research note issued on Wednesday. They presently have a $50.00 price target on the technology company’s stock, up from their previous price target of $38.00. Bank of America Corporation’s price objective would suggest a potential upside of 15.74% from the stock’s current price.
Several other brokerages also recently weighed in on SGMS. Stifel Nicolaus raised their price objective on Scientific Games Corp from $35.00 to $40.00 and gave the stock a “hold” rating in a research note on Monday. Zacks Investment Research upgraded Scientific Games Corp from a “hold” rating to a “buy” rating and set a $41.00 price objective for the company in a research note on Tuesday, August 1st. BidaskClub cut Scientific Games Corp from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, July 5th. Finally, ValuEngine upgraded Scientific Games Corp from a “sell” rating to a “hold” rating in a research note on Friday, June 2nd. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $38.75.
Shares of Scientific Games Corp (NASDAQ SGMS) traded up 0.23% during mid-day trading on Wednesday, hitting $43.20. 872,947 shares of the stock were exchanged. Scientific Games Corp has a 12 month low of $10.54 and a 12 month high of $43.90. The stock’s 50 day moving average is $36.03 and its 200 day moving average is $27.37. The firm’s market cap is $3.86 billion.
Scientific Games Corp (NASDAQ:SGMS) last announced its quarterly earnings results on Monday, July 24th. The technology company reported ($0.44) EPS for the quarter, beating the consensus estimate of ($0.52) by $0.08. The firm had revenue of $766.30 million for the quarter, compared to analysts’ expectations of $732.93 million. The business’s quarterly revenue was up 5.1% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.59) EPS. Analysts expect that Scientific Games Corp will post ($2.23) EPS for the current fiscal year.
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In other news, Director Michael Gavin Isaacs sold 68,036 shares of the company’s stock in a transaction on Wednesday, July 26th. The stock was sold at an average price of $38.85, for a total value of $2,643,198.60. Following the transaction, the director now owns 110,815 shares of the company’s stock, valued at approximately $4,305,162.75. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Gabrielle K. Mcdonald sold 2,133 shares of the company’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $38.50, for a total value of $82,120.50. Following the completion of the transaction, the director now directly owns 7,173 shares in the company, valued at approximately $276,160.50. The disclosure for this sale can be found here. Insiders sold 192,850 shares of company stock worth $7,281,691 over the last ninety days. Corporate insiders own 41.53% of the company’s stock.
Institutional investors have recently made changes to their positions in the company. BlackRock Inc. raised its holdings in shares of Scientific Games Corp by 157,167.7% in the 1st quarter. BlackRock Inc. now owns 6,120,858 shares of the technology company’s stock valued at $144,758,000 after buying an additional 6,116,966 shares during the period. Municipal Employees Retirement System of Michigan raised its holdings in shares of Scientific Games Corp by 1.9% in the 1st quarter. Municipal Employees Retirement System of Michigan now owns 11,600 shares of the technology company’s stock valued at $274,000 after buying an additional 220 shares during the period. Federated Investors Inc. PA raised its holdings in shares of Scientific Games Corp by 57.7% in the 2nd quarter. Federated Investors Inc. PA now owns 185,603 shares of the technology company’s stock valued at $4,844,000 after buying an additional 67,902 shares during the period. Laurion Capital Management LP purchased a new stake in shares of Scientific Games Corp in the 1st quarter valued at $215,000. Finally, Prudential Financial Inc. raised its holdings in shares of Scientific Games Corp by 6.1% in the 1st quarter. Prudential Financial Inc. now owns 91,740 shares of the technology company’s stock valued at $2,170,000 after buying an additional 5,260 shares during the period. 62.90% of the stock is currently owned by institutional investors and hedge funds.
Scientific Games Corp Company Profile
Scientific Games Corporation is a developer of technology-based products and services and associated content for the gaming, lottery and interactive gaming industries. Its segments include Gaming, Lottery and Interactive. Its portfolio includes gaming machines and game content, casino management systems, table game products and services, instant and draw-based lottery games, server-based gaming and lottery systems, sports betting technology, lottery content and services, loyalty and rewards programs, interactive gaming and social casino solutions.
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