Bank of New York Mellon Corp Lowers Stake in Light & Wonder, Inc. (NASDAQ:LNW)

Bank of New York Mellon Corp trimmed its holdings in Light & Wonder, Inc. (NASDAQ:LNW - Free Report) by 2.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 582,931 shares of the company's stock after selling 14,869 shares during the period. Bank of New York Mellon Corp owned about 0.69% of Light & Wonder worth $50,488,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in the business. Vanguard Group Inc. increased its stake in Light & Wonder by 1.2% during the fourth quarter. Vanguard Group Inc. now owns 8,492,524 shares of the company's stock worth $733,584,000 after acquiring an additional 100,527 shares during the last quarter. Bessemer Group Inc. increased its stake in Light & Wonder by 321.7% during the first quarter. Bessemer Group Inc. now owns 1,572,022 shares of the company's stock worth $136,152,000 after acquiring an additional 1,199,213 shares during the last quarter. Burgundy Asset Management Ltd. increased its stake in Light & Wonder by 2.0% during the fourth quarter. Burgundy Asset Management Ltd. now owns 1,472,538 shares of the company's stock worth $127,198,000 after acquiring an additional 28,358 shares during the last quarter. Norges Bank bought a new stake in Light & Wonder during the fourth quarter worth approximately $91,683,000. Finally, Deutsche Bank AG increased its stake in Light & Wonder by 15.6% during the fourth quarter. Deutsche Bank AG now owns 887,492 shares of the company's stock worth $76,662,000 after acquiring an additional 119,616 shares during the last quarter. 88.08% of the stock is currently owned by hedge funds and other institutional investors.

Light & Wonder Stock Down 3.4%

Shares of LNW stock traded down $3.41 during trading hours on Friday, reaching $97.59. 468,776 shares of the company's stock were exchanged, compared to its average volume of 798,377. The company has a current ratio of 1.57, a quick ratio of 1.35 and a debt-to-equity ratio of 6.26. The stock's 50 day moving average is $89.46 and its 200-day moving average is $90.95. Light & Wonder, Inc. has a fifty-two week low of $75.46 and a fifty-two week high of $115.00. The company has a market cap of $8.23 billion, a price-to-earnings ratio of 26.02, a P/E/G ratio of 0.43 and a beta of 1.23.

Light & Wonder (NASDAQ:LNW - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $0.94 earnings per share for the quarter, missing the consensus estimate of $1.17 by ($0.23). The company 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%. Light & Wonder's revenue for the quarter was up 2.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.88 earnings per share. Analysts predict that Light & Wonder, Inc. will post 4.3 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Macquarie boosted their price objective on Light & Wonder from $120.00 to $122.00 and gave the stock an "outperform" rating in a research note on Monday, June 16th. Benchmark dropped their target price on Light & Wonder from $130.00 to $100.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Jefferies Financial Group set a $116.00 target price on Light & Wonder in a research report on Wednesday, June 25th. Truist Financial dropped their target price on Light & Wonder from $115.00 to $110.00 and set a "buy" rating for the company in a research report on Wednesday, April 23rd. Finally, Stifel Nicolaus boosted their target price on Light & Wonder from $84.00 to $95.00 and gave the company a "hold" rating in a research report on Thursday, May 8th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $106.55.

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.