3,000 Shares in Light & Wonder, Inc. $LNW Purchased by Armstrong Advisory Group Inc.

Key Points

• Armstrong Advisory Group Inc. purchased 3,000 shares of Light & Wonder, Inc. for approximately $289,000 in the second quarter, indicating growing institutional interest in the company.
• Recent analyst ratings for Light & Wonder have seen a shift, with Zacks Research downgrading the stock from a "strong-buy" to a "hold," along with JPMorgan reducing their price target from $108.00 to $95.00.
• Insider transactions showed significant buying activity, with two directors purchasing a total of 16,340 shares valued over $1.2 million, suggesting confidence in the company's future prospects.

Armstrong Advisory Group Inc. bought a new stake in shares of Light & Wonder, Inc. (NASDAQ:LNW - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 3,000 shares of the company's stock, valued at approximately $289,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Bessemer Group Inc. lifted its holdings in shares of Light & Wonder by 321.7% during the first quarter. Bessemer Group Inc. now owns 1,572,022 shares of the company's stock worth $136,152,000 after buying an additional 1,199,213 shares during the last quarter. Ninety One UK Ltd raised its stake in Light & Wonder by 56.7% during the 1st quarter. Ninety One UK Ltd now owns 1,174,556 shares of the company's stock valued at $101,728,000 after purchasing an additional 425,202 shares during the last quarter. Wedge Capital Management L L P NC bought a new stake in Light & Wonder in the 1st quarter valued at $32,843,000. Broad Peak Investment Advisers Pte Ltd acquired a new stake in Light & Wonder in the 1st quarter worth $20,960,000. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Light & Wonder by 509.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 260,259 shares of the company's stock worth $22,541,000 after purchasing an additional 217,589 shares during the period. Institutional investors and hedge funds own 88.08% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on LNW. Zacks Research cut shares of Light & Wonder from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 19th. JPMorgan Chase & Co. downgraded Light & Wonder from an "overweight" rating to a "neutral" rating and reduced their price objective for the stock from $108.00 to $95.00 in a research report on Thursday, August 7th. Jefferies Financial Group set a $116.00 price objective on Light & Wonder in a report on Wednesday, June 25th. Wall Street Zen lowered Light & Wonder from a "buy" rating to a "hold" rating in a research note on Sunday, July 13th. Finally, Macquarie reduced their target price on Light & Wonder from $122.00 to $117.00 and set an "outperform" rating for the company in a research report on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, six have given a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $104.11.

Light & Wonder Price Performance

Shares of LNW stock opened at $87.95 on Tuesday. Light & Wonder, Inc. has a 1 year low of $69.56 and a 1 year high of $113.94. The company has a current ratio of 1.77, a quick ratio of 1.51 and a debt-to-equity ratio of 6.86. The firm's 50 day moving average is $91.33 and its 200-day moving average is $90.27. The firm has a market capitalization of $7.38 billion, a price-to-earnings ratio of 22.21, a PEG ratio of 0.53 and a beta of 1.18.

Light & Wonder (NASDAQ:LNW - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $1.58 earnings per share for the quarter, beating analysts' consensus estimates of $1.44 by $0.14. Light & Wonder had a net margin of 10.89% and a return on equity of 71.17%. The business had revenue of $809.00 million during the quarter, compared to analyst estimates of $851.29 million. During the same quarter last year, the business posted $0.90 earnings per share. Light & Wonder's revenue for the quarter was down 1.1% compared to the same quarter last year. Sell-side analysts forecast that Light & Wonder, Inc. will post 4.3 EPS for the current fiscal year.

Insider Transactions at Light & Wonder

In other news, Director Jamie Odell bought 8,275 shares of the company's stock in a transaction dated Thursday, August 7th. The stock was bought at an average price of $78.81 per share, for a total transaction of $652,152.75. Following the completion of the transaction, the director directly owned 8,275 shares in the company, valued at $652,152.75. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Antonia Korsanos purchased 8,065 shares of the business's stock in a transaction dated Sunday, August 10th. The shares were purchased at an average cost of $80.05 per share, for a total transaction of $645,603.25. Following the purchase, the director directly owned 22,815 shares of the company's stock, valued at $1,826,340.75. This trade represents a 54.68% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 37,756 shares of company stock valued at $3,209,088 over the last quarter. Corporate insiders own 2.20% of the company's stock.

Light & Wonder Company Profile

Light & Wonder, Inc is a cross-platform global games company, which engages in the development of content and digital markets. It operates through the following segments: Gaming, SciPlay, and iGaming. The Gaming segment includes the design, manufacture, marketing, and distribution of portfolio of gaming products and services.

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