Commerce Bank Decreases Stock Position in Light & Wonder, Inc. (NASDAQ:LNW)

Key Points

• Commerce Bank has reduced its stake in Light & Wonder, Inc. by 17.7%, now holding 27,499 shares valued at approximately $2.38 million.
• Despite the sale, other institutional investors like Centaurus Financial and KBC Group have increased their holdings, reflecting continued institutional interest in the stock.
• Light & Wonder reported an earnings per share (EPS) of $0.94 for the last quarter, missing expectations, but still showed a revenue increase of 2.4% year-over-year.

Commerce Bank lowered its position in shares of Light & Wonder, Inc. (NASDAQ:LNW - Free Report) by 17.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 27,499 shares of the company's stock after selling 5,906 shares during the quarter. Commerce Bank's holdings in Light & Wonder were worth $2,382,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of LNW. Versant Capital Management Inc boosted its position in shares of Light & Wonder by 4,783.3% during the first quarter. Versant Capital Management Inc now owns 293 shares of the company's stock worth $25,000 after acquiring an additional 287 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in Light & Wonder by 3,861.1% in the 1st quarter. Farther Finance Advisors LLC now owns 713 shares of the company's stock worth $63,000 after purchasing an additional 695 shares in the last quarter. Harvest Fund Management Co. Ltd bought a new position in shares of Light & Wonder during the 1st quarter valued at about $71,000. CX Institutional purchased a new position in shares of Light & Wonder during the first quarter valued at about $87,000. Finally, US Bancorp DE grew its position 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 valued at $101,000 after purchasing an additional 183 shares in the last quarter. 88.08% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

LNW has been the subject of a number of research reports. Benchmark dropped their price target on Light & Wonder from $100.00 to $90.00 and set a "buy" rating for the company in a research note on Friday. Jefferies Financial Group set a $116.00 price objective on Light & Wonder in a report on Wednesday, June 25th. Mizuho increased their target price on Light & Wonder from $80.00 to $84.00 and gave the company an "underperform" rating in a research report on Thursday, May 8th. JPMorgan Chase & Co. cut shares of Light & Wonder from an "overweight" rating to a "neutral" rating and reduced their price target for the stock from $108.00 to $95.00 in a research report on Thursday. Finally, Stifel Nicolaus increased their price objective on shares of Light & Wonder from $84.00 to $95.00 and gave the company a "hold" rating in a research report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $105.64.

Light & Wonder Stock Up 3.4%

Shares of LNW traded up $2.63 during mid-day trading on Friday, hitting $80.50. 1,876,667 shares of the company traded hands, compared to its average volume of 917,617. The business has a 50 day moving average of $92.84 and a 200 day moving average of $92.08. The company has a market capitalization of $6.79 billion, a PE ratio of 20.32, a price-to-earnings-growth ratio of 0.54 and a beta of 1.21. Light & Wonder, Inc. has a 1-year low of $69.56 and a 1-year high of $115.00. The company has a quick ratio of 1.35, a current ratio of 1.57 and a debt-to-equity ratio of 6.26.

Light & Wonder (NASDAQ:LNW - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $1.11 EPS for the quarter, missing the consensus estimate of $1.44 by ($0.33). The business had revenue of $809.00 million during the quarter, compared to analysts' expectations of $851.29 million. Light & Wonder had a net margin of 10.89% and a return on equity of 71.10%. Light & Wonder's revenue for the quarter was down 1.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.90 earnings per share. Equities research analysts anticipate that Light & Wonder, Inc. will post 4.3 EPS for the current 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.