Arizona State Retirement System Increases Stake in Light & Wonder, Inc. (NASDAQ:LNW)

Posted by on May 12th, 2023

Arizona State Retirement System increased its holdings in Light & Wonder, Inc. (NASDAQ:LNW – Get Rating) by 2.4% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 25,286 shares of the company’s stock after purchasing an additional 589 shares during the period. Arizona State Retirement System’s holdings in Light & Wonder were worth $1,482,000 as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. BlackRock Inc. bought a new stake in Light & Wonder during the 3rd quarter valued at $443,927,000. Vanguard Group Inc. bought a new stake in Light & Wonder during the 3rd quarter valued at $389,375,000. State Street Corp bought a new stake in Light & Wonder during the 3rd quarter valued at $128,003,000. Harvard Management Co. Inc. bought a new stake in Light & Wonder during the 3rd quarter valued at $114,857,000. Finally, Stone House Capital Management LLC bought a new stake in Light & Wonder during the 3rd quarter valued at $104,627,000. Hedge funds and other institutional investors own 96.42% of the company’s stock.

Insider Buying and Selling

In related news, major shareholder Fine Capital Partners, L.P. sold 65,000 shares of the stock in a transaction dated Friday, March 3rd. The shares were sold at an average price of $64.07, for a total transaction of $4,164,550.00. Following the sale, the insider now directly owns 9,079,617 shares of the company’s stock, valued at approximately $581,731,061.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.40% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Credit Suisse Group lowered their price target on shares of Light & Wonder from $48.00 to $46.00 and set an “underperform” rating for the company in a report on Thursday, March 2nd. Susquehanna upgraded shares of Light & Wonder from a “neutral” rating to a “positive” rating and set a $70.00 price objective for the company in a report on Thursday. Craig Hallum upped their price objective on shares of Light & Wonder from $85.00 to $90.00 in a report on Thursday, March 2nd. Stifel Nicolaus upped their price objective on shares of Light & Wonder from $62.00 to $63.00 in a report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Light & Wonder from $55.00 to $56.00 in a report on Thursday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $64.22.

Light & Wonder Stock Up 0.5 %

Shares of Light & Wonder stock opened at $60.94 on Friday. The company has a debt-to-equity ratio of 3.33, a current ratio of 2.72 and a quick ratio of 2.46. The company has a 50-day moving average of $59.44 and a 200 day moving average of $60.84. The firm has a market cap of $5.56 billion, a price-to-earnings ratio of 1.58 and a beta of 1.78. Light & Wonder, Inc. has a 1 year low of $40.10 and a 1 year high of $68.55.

Light & Wonder (NASDAQ:LNW – Get Rating) last issued its quarterly earnings results on Tuesday, May 9th. The company reported $0.23 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.23. The company had revenue of $670.00 million during the quarter, compared to analyst estimates of $632.14 million. Light & Wonder had a net margin of 146.30% and a negative return on equity of 16.69%. Light & Wonder’s quarterly revenue was up 17.1% compared to the same quarter last year. During the same period last year, the business earned ($0.72) EPS. As a group, sell-side analysts anticipate that Light & Wonder, Inc. will post 1.38 earnings per share for the current fiscal year.

Light & Wonder Profile

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Light & Wonder, Inc engages in the development of technology-based products and services and associated content. It operates through the following segments: Gaming, SciPlay, and iGaming. The Gaming segment designs, develops, manufactures, markets, and distributes a comprehensive portfolio of gaming products and services.

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Institutional Ownership by Quarter for Light & Wonder (NASDAQ:LNW)

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