Burgundy Asset Management Ltd. Purchases 102,051 Shares of Light & Wonder, Inc. $LNW

Key Points

• Burgundy Asset Management Ltd. increased its stake in Light & Wonder, Inc. by 6.9% during the first quarter, now holding about 1.87% of the company worth $136.375 million after purchasing 102,051 additional shares.
• Light & Wonder's stock has shown volatile performance, with a 52-week low of $69.56 and a high of $115.00, while recently maintaining a slight increase of 0.1% to $88.21.
• Analysts have mixed views on Light & Wonder, with ratings ranging from sell to strong buy; Wall Street has an average rating of "Moderate Buy," with a consensus target price of $108.10.

Burgundy Asset Management Ltd. lifted its position in shares of Light & Wonder, Inc. (NASDAQ:LNW - Free Report) by 6.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,574,589 shares of the company's stock after purchasing an additional 102,051 shares during the period. Burgundy Asset Management Ltd. owned about 1.87% of Light & Wonder worth $136,375,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in LNW. LPL Financial LLC grew its holdings in shares of Light & Wonder by 12.2% during the fourth quarter. LPL Financial LLC now owns 2,677 shares of the company's stock worth $231,000 after purchasing an additional 291 shares during the last quarter. Bank of Montreal Can grew its holdings in shares of Light & Wonder by 11.3% during the fourth quarter. Bank of Montreal Can now owns 10,818 shares of the company's stock worth $934,000 after purchasing an additional 1,099 shares during the last quarter. Barclays PLC grew its holdings in shares of Light & Wonder by 4.4% during the fourth quarter. Barclays PLC now owns 162,770 shares of the company's stock worth $14,061,000 after purchasing an additional 6,918 shares during the last quarter. Farringdon Capital Ltd. bought a new stake in shares of Light & Wonder during the fourth quarter worth about $230,000. Finally, Commerce Bank lifted its stake in shares of Light & Wonder by 9.9% in the fourth quarter. Commerce Bank now owns 33,405 shares of the company's stock worth $2,886,000 after acquiring an additional 3,009 shares during the period. 88.08% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

LNW has been the topic of a number of recent analyst reports. Stifel Nicolaus lifted their price objective on Light & Wonder from $84.00 to $95.00 and gave the stock a "hold" rating in a research note on Thursday, May 8th. Mizuho lifted their price objective on Light & Wonder from $80.00 to $84.00 and gave the stock an "underperform" rating in a research note on Thursday, May 8th. Benchmark cut their price objective on Light & Wonder from $100.00 to $90.00 and set a "buy" rating on the stock in a research note on Friday, August 8th. Wall Street Zen lowered Light & Wonder from a "buy" rating to a "hold" rating in a research note on Sunday, July 13th. Finally, JPMorgan Chase & Co. lowered Light & Wonder from an "overweight" rating to a "neutral" rating and cut their price objective for the stock from $108.00 to $95.00 in a research note on Thursday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Light & Wonder presently has an average rating of "Moderate Buy" and a consensus price target of $108.10.

Insiders Place Their Bets

In other Light & Wonder news, Director Jamie Odell purchased 8,275 shares of the company's stock in a transaction on Thursday, August 7th. The shares were purchased at an average cost of $78.81 per share, with a total value of $652,152.75. Following the completion of the purchase, the director owned 8,275 shares in the company, valued at $652,152.75. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Timothy Throsby purchased 20,000 shares of the company's stock in a transaction on Thursday, August 14th. The stock was acquired at an average cost of $89.37 per share, for a total transaction of $1,787,400.00. Following the completion of the purchase, the director owned 42,082 shares of the company's stock, valued at approximately $3,760,868.34. This trade represents a 90.57% increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 37,756 shares of company stock valued at $3,209,088 in the last ninety days. 2.20% of the stock is owned by corporate insiders.

Light & Wonder Trading Down 1.5%

LNW traded down $1.38 during trading on Wednesday, hitting $90.02. The company's stock had a trading volume of 885,562 shares, compared to its average volume of 959,858. Light & Wonder, Inc. has a twelve month low of $69.56 and a twelve month high of $115.00. The company has a quick ratio of 1.51, a current ratio of 1.77 and a debt-to-equity ratio of 6.86. The stock's fifty day moving average price is $92.73 and its 200-day moving average price is $92.00. The firm has a market capitalization of $7.56 billion, a P/E ratio of 22.73, a PEG ratio of 0.53 and a beta of 1.21.

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 (EPS) for the quarter, beating the consensus estimate of $1.44 by $0.14. Light & Wonder had a return on equity of 71.17% and a net margin of 10.89%.The firm had revenue of $809.00 million for the quarter, compared to analyst estimates of $851.29 million. During the same period in the previous year, the firm earned $0.90 earnings per share. The company's revenue was down 1.1% compared to the same quarter last year. Analysts anticipate that Light & Wonder, Inc. will post 4.3 EPS for the current year.

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.