Castellan Group Buys New Shares in Light & Wonder, Inc. (NASDAQ:LNW)

Key Points

• Castellan Group invested approximately $10.18 million in Light & Wonder, acquiring 117,584 shares, making it the firm's 13th largest holding at 2.8% of its portfolio.
• Institutional investors now own 88.08% of Light & Wonder stock, with notable increases in stakes from firms like Norges Bank and Pictet Asset Management during the fourth quarter.
• Analysts have set a mixed outlook on Light & Wonder's stock with an average target price of $108.36, and a consensus rating of "Moderate Buy," though some firms have changed their ratings recently.

Castellan Group purchased a new stake in Light & Wonder, Inc. (NASDAQ:LNW - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 117,584 shares of the company's stock, valued at approximately $10,184,000. Light & Wonder makes up about 2.8% of Castellan Group's portfolio, making the stock its 13th biggest position. Castellan Group owned approximately 0.14% of Light & Wonder as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in LNW. Versant Capital Management Inc increased its stake in Light & Wonder by 4,783.3% in the 1st quarter. Versant Capital Management Inc now owns 293 shares of the company's stock valued at $25,000 after buying an additional 287 shares during the period. Farther Finance Advisors LLC grew its holdings in shares of Light & Wonder by 3,861.1% during the 1st quarter. Farther Finance Advisors LLC now owns 713 shares of the company's stock valued at $63,000 after acquiring an additional 695 shares in the last quarter. Harvest Fund Management Co. Ltd purchased a new position in shares of Light & Wonder during the 1st quarter valued at $71,000. CX Institutional acquired a new position in shares of Light & Wonder in the first quarter worth $87,000. Finally, US Bancorp DE raised its holdings in shares of Light & Wonder by 18.7% during the first quarter. US Bancorp DE now owns 1,164 shares of the company's stock worth $101,000 after acquiring an additional 183 shares in the last quarter. Institutional investors and hedge funds own 88.08% of the company's stock.

Analysts Set New Price Targets

LNW has been the topic of a number of recent research reports. Macquarie boosted their target price on Light & Wonder from $120.00 to $122.00 and gave the company an "outperform" rating in a research note on Monday, June 16th. Stifel Nicolaus lifted their price target on Light & Wonder from $84.00 to $95.00 and gave the company a "hold" rating in a report on Thursday, May 8th. Truist Financial increased their price objective on Light & Wonder from $110.00 to $130.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Mizuho raised their price objective on shares of Light & Wonder from $80.00 to $84.00 and gave the company an "underperform" rating in a research report on Thursday, May 8th. Finally, Benchmark decreased their target price on shares of Light & Wonder from $130.00 to $100.00 and set a "buy" rating for the company in a research report on Monday, May 12th. 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 issued a strong buy rating to the company. According to data from MarketBeat.com, Light & Wonder presently has an average rating of "Moderate Buy" and a consensus target price of $108.36.

Light & Wonder Stock Performance

Shares of NASDAQ LNW traded down $1.35 during trading hours on Friday, hitting $94.97. 519,552 shares of the stock were exchanged, compared to its average volume of 481,777. Light & Wonder, Inc. has a one year low of $75.46 and a one year high of $115.00. The company's 50 day moving average is $93.01 and its 200 day moving average is $92.15. The company has a debt-to-equity ratio of 6.26, a current ratio of 1.57 and a quick ratio of 1.35. The firm has a market capitalization of $8.01 billion, a P/E ratio of 25.33, a P/E/G ratio of 0.56 and a beta of 1.21.

Light & Wonder (NASDAQ:LNW - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $0.94 earnings per share for the quarter, missing analysts' consensus estimates of $1.17 by ($0.23). The firm had revenue of $774.00 million for the quarter, compared to analyst estimates 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 period in the prior year, the firm earned $0.88 EPS. On average, research analysts expect 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.