Connor Clark & Lunn Investment Management Ltd. Trims Stock Position in Light & Wonder, Inc. $LNW

Key Points

• Connor Clark & Lunn Investment Management Ltd. has reduced its stake in Light & Wonder, Inc. by 22.6%, selling 9,389 shares and now holding 32,165 shares valued at approximately $2.79 million.
• Light & Wonder received mixed ratings from analysts, with a consensus rating of “Moderate Buy” and a price target range notably lowered by some firms while raised by others.
• Insider trading activity included Director Hamish Mclennan acquiring 1,380 shares and Jamie Odell purchasing 8,275 shares, reflecting growing confidence among company insiders.

Connor Clark & Lunn Investment Management Ltd. lessened its stake in Light & Wonder, Inc. (NASDAQ:LNW - Free Report) by 22.6% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 32,165 shares of the company's stock after selling 9,389 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Light & Wonder were worth $2,786,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Bessemer Group Inc. increased 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 purchasing an additional 1,199,213 shares during the last quarter. Ninety One UK Ltd increased 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 purchasing an additional 425,202 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased 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 purchasing an additional 1,632 shares during the last quarter. Calamos Wealth Management LLC acquired a new stake in Light & Wonder in the 1st quarter valued at approximately $294,000. Finally, Penserra Capital Management LLC increased 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 purchasing an additional 10,478 shares during the last quarter. Institutional investors and hedge funds own 88.08% of the company's stock.

Analyst Upgrades and Downgrades

LNW has been the subject of several research reports. Stifel Nicolaus lifted their target price on shares of Light & Wonder from $84.00 to $95.00 and gave the company a "hold" rating in a report on Thursday, May 8th. Wall Street Zen downgraded shares of Light & Wonder from a "buy" rating to a "hold" rating in a report on Sunday, July 13th. Mizuho raised their price target 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. Jefferies Financial Group set a $116.00 price target on shares of Light & Wonder in a research report on Wednesday, June 25th. Finally, Truist Financial raised their price target on shares of Light & Wonder from $110.00 to $130.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $108.10.

Insider Activity

In other news, Director Timothy Throsby acquired 20,000 shares of the firm's stock in a transaction dated Thursday, August 14th. The stock was acquired at an average cost of $89.37 per share, with a total value of $1,787,400.00. Following the transaction, the director owned 42,082 shares in the company, valued at approximately $3,760,868.34. This trade represents a 90.57% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Antonia Korsanos acquired 8,065 shares of the firm's stock in a transaction dated Sunday, August 10th. The shares were purchased at an average cost of $80.05 per share, with a total value of $645,603.25. Following the completion of the transaction, the director owned 22,815 shares in the company, valued at approximately $1,826,340.75. The trade was a 54.68% increase in their position. The disclosure for this purchase can be found here. Insiders acquired a total of 37,756 shares of company stock valued at $3,209,088 in the last 90 days. Company insiders own 2.20% of the company's stock.

Light & Wonder Stock Up 4.3%

LNW stock traded up $3.7550 during midday trading on Tuesday, hitting $91.9550. The company's stock had a trading volume of 385,761 shares, compared to its average volume of 952,167. The company has a quick ratio of 1.51, a current ratio of 1.77 and a debt-to-equity ratio of 6.86. Light & Wonder, Inc. has a 52-week low of $69.56 and a 52-week high of $115.00. The firm has a market capitalization of $7.72 billion, a P/E ratio of 23.21, a PEG ratio of 0.53 and a beta of 1.21. The firm has a 50-day simple moving average of $92.72 and a 200-day simple moving average of $92.01.

Light & Wonder (NASDAQ:LNW - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The company reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.44 by $0.14. 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 71.17%. The company's revenue for the quarter was down 1.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.90 EPS. As a group, equities analysts forecast 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.