Northern Trust Corp Reduces Stake in Light & Wonder, Inc. $LNW

Key Points

• Northern Trust Corp reduced its stake in Light & Wonder, Inc. by 2.4%, now holding 710,072 shares worth approximately $61.5 million.
• Several analysts have lowered their price targets for Light & Wonder, with JPMorgan cutting its estimate from $108 to $95.
• Insider transactions included Director Timothy Throsby purchasing 20,000 shares at an average price of $89.37, reflecting a significant investment in the company's stock.

Northern Trust Corp lessened its position in shares of Light & Wonder, Inc. (NASDAQ:LNW - Free Report) by 2.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 710,072 shares of the company's stock after selling 17,163 shares during the period. Northern Trust Corp owned 0.84% of Light & Wonder worth $61,499,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Versant Capital Management Inc lifted its position in shares of Light & Wonder by 4,783.3% during 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 last quarter. Farther Finance Advisors LLC lifted its position 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 buying an additional 695 shares during 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 purchased a new position in shares of Light & Wonder during the 1st quarter valued at $87,000. Finally, US Bancorp DE lifted its position in shares of Light & Wonder by 18.7% during the 1st quarter. US Bancorp DE now owns 1,164 shares of the company's stock valued at $101,000 after buying an additional 183 shares during the last quarter. Hedge funds and other institutional investors own 88.08% of the company's stock.

Light & Wonder Price Performance

Shares of NASDAQ:LNW traded up $0.64 on Friday, hitting $92.47. The company's stock had a trading volume of 700,158 shares, compared to its average volume of 1,570,761. The company has a 50-day simple moving average of $93.81 and a 200 day simple moving average of $92.13. Light & Wonder, Inc. has a 1 year low of $69.56 and a 1 year high of $115.00. The company has a market capitalization of $7.76 billion, a PE ratio of 23.35, a PEG ratio of 0.55 and a beta of 1.21. The company has a debt-to-equity ratio of 6.86, a current ratio of 1.77 and a quick ratio of 1.51.

Light & Wonder (NASDAQ:LNW - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $1.58 earnings per share 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 analysts' expectations of $851.29 million. During the same quarter last year, the firm posted $0.90 EPS. The company's revenue was down 1.1% compared to the same quarter last year. Sell-side analysts forecast that Light & Wonder, Inc. will post 4.3 EPS for the current fiscal year.

Insider Transactions at Light & Wonder

In other news, Director Jamie Odell acquired 8,275 shares of Light & Wonder stock in a transaction dated Thursday, August 7th. The shares were purchased at an average cost of $78.81 per share, for a total transaction of $652,152.75. Following the transaction, the director owned 8,275 shares of the company's stock, valued at $652,152.75. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Hamish Mclennan purchased 1,380 shares of Light & Wonder stock in a transaction that occurred on Tuesday, August 12th. The shares were bought at an average price of $87.61 per share, for a total transaction of $120,901.80. Following the completion of the transaction, the director owned 6,380 shares in the company, valued at $558,951.80. The trade was a 27.60% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 37,756 shares of company stock valued at $3,209,088 over the last 90 days. Company insiders own 2.20% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Wall Street Zen cut Light & Wonder from a "buy" rating to a "hold" rating in a research report on Sunday, July 13th. Macquarie dropped their price objective on Light & Wonder from $122.00 to $117.00 and set an "outperform" rating on the stock in a report on Thursday, August 7th. Mizuho increased their price objective on Light & Wonder from $80.00 to $84.00 and gave the stock an "underperform" rating in a report on Thursday, May 8th. JPMorgan Chase & Co. cut Light & Wonder from an "overweight" rating to a "neutral" rating and dropped their price objective for the stock from $108.00 to $95.00 in a report on Thursday, August 7th. Finally, 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. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $104.11.

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.