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

Bank of New York Mellon Corp decreased its holdings in Light & Wonder, Inc. (NASDAQ:LNW - Free Report) by 2.5% in the first quarter, according to its most recent disclosure 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.

A number of other hedge funds also recently bought and sold shares of LNW. Versant Capital Management Inc grew its holdings in Light & Wonder by 4,783.3% in the first quarter. Versant Capital Management Inc now owns 293 shares of the company's stock worth $25,000 after purchasing an additional 287 shares during the last quarter. Farther Finance Advisors LLC boosted its position in shares of 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. CX Institutional acquired a new position in Light & Wonder during the 1st quarter valued at about $87,000. GAMMA Investing LLC increased its position in Light & Wonder by 217.8% during the 1st quarter. GAMMA Investing LLC now owns 1,265 shares of the company's stock valued at $110,000 after buying an additional 867 shares in the last quarter. Finally, Steph & Co. purchased a new stake in Light & Wonder in the first quarter valued at about $149,000. Hedge funds and other institutional investors own 88.08% of the company's stock.

Light & Wonder Stock Performance

Light & Wonder stock traded up $1.34 during midday trading on Wednesday, hitting $97.99. 518,670 shares of the company were exchanged, compared to its average volume of 792,987. Light & Wonder, Inc. has a fifty-two week low of $75.46 and a fifty-two week high of $115.00. The firm has a market capitalization of $8.27 billion, a PE ratio of 26.13, a price-to-earnings-growth ratio of 0.43 and a beta of 1.23. The business has a fifty day simple moving average of $89.60 and a two-hundred day simple moving average of $91.10. The company has a debt-to-equity ratio of 6.26, a quick ratio of 1.35 and a current ratio of 1.57.

Light & Wonder (NASDAQ:LNW - Get Free Report) last posted its 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 firm had revenue of $774.00 million for the quarter, compared to analysts' expectations of $802.93 million. Light & Wonder had a net margin of 10.45% and a return on equity of 68.41%. Light & Wonder's revenue for the quarter was up 2.4% compared to the same quarter last year. During the same period last year, the firm earned $0.88 earnings per share. On average, sell-side analysts forecast that Light & Wonder, Inc. will post 4.3 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on LNW shares. Truist Financial upped their price objective on shares of Light & Wonder from $110.00 to $130.00 and gave the company a "buy" rating in a report on Wednesday. Macquarie upped their price target on shares of Light & Wonder from $120.00 to $122.00 and gave the company an "outperform" rating in a research note on Monday, June 16th. Wall Street Zen downgraded shares of Light & Wonder from a "buy" rating to a "hold" rating in a research note on Sunday. Stifel Nicolaus upped 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. Finally, Benchmark reduced their target price on Light & Wonder from $130.00 to $100.00 and set a "buy" rating for the company in a research note on Monday, May 12th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, eight have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $108.36.

About Light & Wonder

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.