Lazard Asset Management LLC Reduces Position in Brightstar Lottery $BRSL

Key Points

• Lazard Asset Management reduced its Brightstar Lottery stake by 4.7% in the first quarter, selling 444,141 shares and retaining 9.06 million shares worth approximately $115.4 million. Institutional investors collectively own 44.33% of the company.
• Brightstar Lottery reported quarterly EPS of $0.14, below the $0.18 analyst consensus, while revenue increased 0.7% year over year. The stock opened at $10.48, near its 52-week low of $10.20.
• The company pays a quarterly dividend of $0.23, equivalent to an annualized yield of approximately 8.8%, though its 110.84% payout ratio exceeds earnings. Analysts have a consensus “Hold” rating and an average price target of $14.77.

Lazard Asset Management LLC decreased its holdings in Brightstar Lottery (NYSE:BRSL - Free Report) by 4.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 9,060,606 shares of the company's stock after selling 444,141 shares during the period. Lazard Asset Management LLC owned approximately 4.85% of Brightstar Lottery worth $115,432,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of BRSL. Nomura Asset Management Co. Ltd. purchased a new stake in shares of Brightstar Lottery in the fourth quarter valued at approximately $31,000. NewEdge Advisors LLC acquired a new stake in Brightstar Lottery during the fourth quarter worth about $32,000. Knott David M Jr acquired a new stake in Brightstar Lottery during the first quarter worth about $32,000. Rockefeller Capital Management L.P. purchased a new position in Brightstar Lottery during the fourth quarter worth about $52,000. Finally, Empowered Funds LLC purchased a new position in Brightstar Lottery during the fourth quarter worth about $57,000. 44.33% of the stock is owned by hedge funds and other institutional investors.

Brightstar Lottery Stock Performance

NYSE:BRSL opened at $10.48 on Tuesday. Brightstar Lottery has a fifty-two week low of $10.20 and a fifty-two week high of $18.57. The company has a debt-to-equity ratio of 1.79, a current ratio of 0.88 and a quick ratio of 0.84. The business's 50 day moving average is $11.07. The stock has a market cap of $1.96 billion, a PE ratio of 12.63 and a beta of 1.00.

Brightstar Lottery (NYSE:BRSL - Get Free Report) last announced its earnings results on Tuesday, May 12th. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.18 by ($0.04). Brightstar Lottery had a net margin of 6.24% and a return on equity of 10.58%. Brightstar Lottery's quarterly revenue was up .7% on a year-over-year basis. Research analysts forecast that Brightstar Lottery will post 0.4 earnings per share for the current fiscal year.

Brightstar Lottery Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Shareholders of record on Thursday, May 28th were paid a dividend of $0.23 per share. The ex-dividend date was Thursday, May 28th. This represents a $0.92 dividend on an annualized basis and a yield of 8.8%. Brightstar Lottery's dividend payout ratio is 110.84%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on BRSL. Jefferies Financial Group dropped their price target on shares of Brightstar Lottery from $15.00 to $14.00 and set a "hold" rating for the company in a research note on Monday, April 6th. Weiss Ratings restated a "sell (d+)" rating on shares of Brightstar Lottery in a research report on Friday, July 10th. Truist Financial decreased their price target on Brightstar Lottery from $14.00 to $13.00 and set a "hold" rating on the stock in a research note on Monday, July 20th. BNP Paribas Exane assumed coverage on Brightstar Lottery in a report on Thursday, May 14th. They set a "neutral" rating and a $12.60 price target for the company. Finally, Deutsche Bank Aktiengesellschaft started coverage on Brightstar Lottery in a research report on Wednesday, July 1st. They set a "buy" rating and a $15.00 price objective for the company. Three analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $14.77.

Brightstar Lottery Company Profile

International Game Technology PLC operates and provides gaming technology products and services in North America, Europe, the Middle East, Africa, Asia-Pacific, Latin America, and the Caribbean. It operates in three segments: Global Lottery, Global Gaming, and Digital & Betting. The company designs, sells, operates, and leases a suite of point-of-sale machines that reconciles lottery funds between the retailer and lottery authority; provides online lottery transaction processing systems; produces instant ticket games; and offers printing services, such as instant ticket marketing plans and graphic design, programming, packaging, shipping, and delivery services.

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