Bank of Nova Scotia Has $10.32 Million Stock Holdings in Light & Wonder, Inc. (NASDAQ:LNW)

Key Points

• The Bank of Nova Scotia reduced its holdings in Light & Wonder, Inc. by 35.7%, owning approximately 119,159 shares valued at $10.32 million after selling 66,300 shares in the first quarter.
• Other investors, such as Bessemer Group Inc. and Ninety One UK Ltd, significantly increased their stakes, with Bessemer raising its holdings by 321.7%, totaling 1,572,022 shares valued at $136.15 million.
• Analysts have mixed views on Light & Wonder, with a consensus rating of "Moderate Buy" and a target price of $108.36, while recent earnings reports showed the company missed consensus estimates for EPS and revenue.

Bank of Nova Scotia lessened its holdings in shares of Light & Wonder, Inc. (NASDAQ:LNW - Free Report) by 35.7% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 119,159 shares of the company's stock after selling 66,300 shares during the period. Bank of Nova Scotia owned approximately 0.14% of Light & Wonder worth $10,320,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Bessemer Group Inc. raised its holdings in Light & Wonder by 321.7% in the 1st quarter. Bessemer Group Inc. now owns 1,572,022 shares of the company's stock valued at $136,152,000 after acquiring an additional 1,199,213 shares in the last quarter. Ninety One UK Ltd raised its holdings in Light & Wonder by 56.7% in the 1st quarter. Ninety One UK Ltd now owns 1,174,556 shares of the company's stock valued at $101,728,000 after acquiring an additional 425,202 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in Light & Wonder by 63.8% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 4,191 shares of the company's stock valued at $363,000 after acquiring an additional 1,632 shares in the last quarter. Calamos Wealth Management LLC acquired a new position in Light & Wonder in the 1st quarter valued at approximately $294,000. Finally, Penserra Capital Management LLC raised its holdings in Light & Wonder by 463.6% in the 1st quarter. Penserra Capital Management LLC now owns 12,738 shares of the company's stock valued at $1,102,000 after acquiring an additional 10,478 shares in the last quarter. Institutional investors and hedge funds own 88.08% of the company's stock.

Analyst Ratings Changes

Several equities analysts have commented on the company. Benchmark cut their price target on Light & Wonder from $130.00 to $100.00 and set a "buy" rating for the company in a report on Monday, May 12th. Wall Street Zen cut Light & Wonder from a "buy" rating to a "hold" rating in a report on Sunday, July 13th. Macquarie upped their price objective on Light & Wonder from $120.00 to $122.00 and gave the company an "outperform" rating in a research note on Monday, June 16th. Mizuho upped their price objective on Light & Wonder from $80.00 to $84.00 and gave the company an "underperform" rating in a research note on Thursday, May 8th. Finally, Truist Financial upped their price objective on Light & Wonder from $110.00 to $130.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. One analyst has rated the stock with a sell rating, four have issued a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $108.36.

Light & Wonder Stock Down 0.6%

NASDAQ LNW opened at $94.38 on Tuesday. The firm has a market cap of $7.96 billion, a PE ratio of 25.17, a price-to-earnings-growth ratio of 0.56 and a beta of 1.21. Light & Wonder, Inc. has a one year low of $75.46 and a one year high of $115.00. The stock's 50 day simple moving average is $93.18 and its 200 day simple moving average is $92.20. The company has a debt-to-equity ratio of 6.26, a current ratio of 1.57 and a quick ratio of 1.35.

Light & Wonder (NASDAQ:LNW - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $0.94 EPS for the quarter, missing analysts' consensus estimates of $1.17 by ($0.23). The business had revenue of $774.00 million for the quarter, compared to the consensus estimate of $802.93 million. Light & Wonder had a return on equity of 68.41% and a net margin of 10.45%. The firm's revenue was up 2.4% on a year-over-year basis. During the same quarter last year, the company earned $0.88 earnings per share. As a group, sell-side analysts forecast that Light & Wonder, Inc. will post 4.3 earnings per share for the current fiscal year.

Light & Wonder 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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