Scientific Games (SGMS) Shares Gap Up After Earnings Beat

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Scientific Games Corp (NASDAQ:SGMS) gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $29.98, but opened at $26.74. Scientific Games shares last traded at $23.44, with a volume of 141495 shares changing hands.

The technology company reported ($0.14) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.18) by $0.04. The company had revenue of $821.00 million during the quarter, compared to analysts’ expectations of $828.92 million. During the same quarter in the prior year, the business posted ($0.66) EPS. The company’s revenue for the quarter was up 6.8% compared to the same quarter last year.

Several equities research analysts recently issued reports on SGMS shares. BidaskClub cut shares of Scientific Games from a “sell” rating to a “strong sell” rating in a report on Tuesday, August 7th. ValuEngine cut shares of Scientific Games from a “hold” rating to a “sell” rating in a research note on Tuesday, September 4th. SunTrust Banks assumed coverage on shares of Scientific Games in a research note on Monday, October 1st. They set a “buy” rating and a $36.00 price target on the stock. Zacks Investment Research upgraded shares of Scientific Games from a “hold” rating to a “buy” rating and set a $57.00 price target on the stock in a research note on Monday, July 16th. Finally, Stifel Nicolaus dropped their price target on shares of Scientific Games from $57.00 to $46.00 and set a “hold” rating on the stock in a research note on Friday, August 3rd. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $48.43.

In other Scientific Games news, Director Barry F. Schwartz purchased 5,000 shares of the company’s stock in a transaction dated Monday, September 17th. The shares were acquired at an average price of $24.76 per share, for a total transaction of $123,800.00. Following the purchase, the director now directly owns 106,852 shares of the company’s stock, valued at approximately $2,645,655.52. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Ronald O. Perelman purchased 175,000 shares of the company’s stock in a transaction dated Monday, August 13th. The shares were acquired at an average price of $31.73 per share, for a total transaction of $5,552,750.00. Following the purchase, the director now directly owns 88,032 shares in the company, valued at $2,793,255.36. The disclosure for this purchase can be found here. Insiders have bought a total of 185,000 shares of company stock worth $5,828,300 in the last quarter. Corporate insiders own 40.48% of the company’s stock.

Several institutional investors have recently modified their holdings of SGMS. Bank of Montreal Can bought a new stake in shares of Scientific Games during the 2nd quarter valued at $104,000. Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new stake in shares of Scientific Games during the 2nd quarter valued at $140,000. Alps Advisors Inc. bought a new stake in shares of Scientific Games during the 2nd quarter valued at $208,000. Buckley Wealth Management LLC bought a new stake in shares of Scientific Games during the 2nd quarter valued at $270,000. Finally, Cerebellum GP LLC raised its position in shares of Scientific Games by 125.9% during the 3rd quarter. Cerebellum GP LLC now owns 5,565 shares of the technology company’s stock valued at $141,000 after purchasing an additional 3,101 shares during the period. Institutional investors and hedge funds own 66.11% of the company’s stock.

The stock has a market cap of $1.98 billion, a P/E ratio of -9.95 and a beta of 2.21.

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Scientific Games Company Profile (NASDAQ:SGMS)

Scientific Games Corporation develops technology-based products and services, and related content for the gaming, lottery, and interactive gaming industries worldwide. The company's Gaming segment sells new and used gaming machines, electronic table systems, video lottery terminals (VLTs), conversion game kits, and spare parts; slot, casino, and table-management systems; table products, including shufflers; and perpetual licenses to proprietary table games.

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