Wedge Capital Management L L P NC Buys 36,887 Shares of Light & Wonder, Inc. $LNW

Key Points

• Wedge Capital Management L L P NC increased its stake in Light & Wonder, Inc. by 9.7% in the second quarter, owning approximately 416,087 shares valued at $40,053,000 at the end of the period.
• Analysts have issued mixed ratings for Light & Wonder, with a consensus target price of $104.11, while various firms have set price targets ranging from $95.00 to $130.00.
• Light & Wonder reported $1.58 earnings per share for the latest quarter, exceeding expectations, but its revenue decreased by 1.1% compared to the same period last year.

Wedge Capital Management L L P NC raised its position in Light & Wonder, Inc. (NASDAQ:LNW - Free Report) by 9.7% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 416,087 shares of the company's stock after acquiring an additional 36,887 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.49% of Light & Wonder worth $40,053,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the company. Burgundy Asset Management Ltd. lifted its stake in Light & Wonder by 6.9% in the first quarter. Burgundy Asset Management Ltd. now owns 1,574,589 shares of the company's stock worth $136,375,000 after acquiring an additional 102,051 shares during the last quarter. Bessemer Group Inc. lifted its stake in Light & Wonder by 321.7% in 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. Ninety One UK Ltd lifted its stake in Light & Wonder by 56.7% in the first quarter. Ninety One UK Ltd now owns 1,174,556 shares of the company's stock worth $101,728,000 after acquiring an additional 425,202 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Light & Wonder by 0.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 901,778 shares of the company's stock worth $78,104,000 after buying an additional 3,472 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Light & Wonder by 1.0% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 733,888 shares of the company's stock worth $63,562,000 after buying an additional 7,544 shares during the last quarter. Hedge funds and other institutional investors own 88.08% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on LNW shares. JPMorgan Chase & Co. downgraded shares of Light & Wonder from an "overweight" rating to a "neutral" rating and reduced their price objective for the stock from $108.00 to $95.00 in a research report on Thursday, August 7th. Macquarie lowered their price objective on shares of Light & Wonder from $122.00 to $117.00 and set an "outperform" rating on the stock in a research note on Thursday, August 7th. Truist Financial upped their target price on shares of Light & Wonder from $110.00 to $130.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. Zacks Research lowered shares of Light & Wonder from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 19th. Finally, Benchmark cut their price target on shares of Light & Wonder from $100.00 to $90.00 and set a "buy" rating on the stock in a report on Friday, August 8th. Two research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $104.11.

Insider Buying and Selling at Light & Wonder

In other Light & Wonder news, Director Hamish Mclennan bought 1,380 shares of the company's stock in a transaction dated 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 acquisition, the director directly owned 6,380 shares of the company's stock, valued at approximately $558,951.80. This trade represents a 27.60% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Jamie Odell bought 8,275 shares of the company's stock in a transaction dated Thursday, August 7th. The stock was acquired at an average price of $78.81 per share, for a total transaction of $652,152.75. Following the acquisition, the director directly owned 8,275 shares in the company, valued at $652,152.75. This trade represents a ∞ 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 in the last ninety days. 2.20% of the stock is owned by insiders.

Light & Wonder Stock Performance

Shares of LNW traded up $0.15 during midday trading on Tuesday, hitting $88.10. 496,023 shares of the stock traded hands, compared to its average volume of 973,110. Light & Wonder, Inc. has a 1-year low of $69.56 and a 1-year high of $113.94. The firm has a market capitalization of $7.40 billion, a PE ratio of 22.26, a price-to-earnings-growth ratio of 0.53 and a beta of 1.18. The company has a debt-to-equity ratio of 6.86, a quick ratio of 1.51 and a current ratio of 1.77. The business's 50 day moving average price is $91.33 and its two-hundred day moving average price is $90.27.

Light & Wonder (NASDAQ:LNW - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $1.58 earnings per share for the quarter, beating analysts' consensus estimates of $1.44 by $0.14. Light & Wonder had a net margin of 10.89% and a return on equity of 71.17%. The business had revenue of $809.00 million for the quarter, compared to analysts' expectations of $851.29 million. During the same period in the previous year, the business earned $0.90 earnings per share. The company's revenue was down 1.1% on a year-over-year basis. Equities research analysts predict that Light & Wonder, Inc. will post 4.3 EPS for the current fiscal year.

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.