Wedge Capital Management L L P NC Boosts Position in Light & Wonder, Inc. (NASDAQ:LNW)

Wedge Capital Management L L P NC grew its holdings in Light & Wonder, Inc. (NASDAQ:LNW) by 6.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 434,206 shares of the company’s stock after acquiring an additional 25,284 shares during the period. Wedge Capital Management L L P NC owned about 0.48% of Light & Wonder worth $39,396,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Ashton Thomas Private Wealth LLC grew its stake in shares of Light & Wonder by 1.6% during the 1st quarter. Ashton Thomas Private Wealth LLC now owns 8,653 shares of the company’s stock worth $883,000 after purchasing an additional 133 shares during the period. GAMMA Investing LLC raised its position in shares of Light & Wonder by 59.6% in the second quarter. GAMMA Investing LLC now owns 407 shares of the company’s stock worth $43,000 after acquiring an additional 152 shares during the period. QRG Capital Management Inc. boosted its stake in shares of Light & Wonder by 2.2% during the 2nd quarter. QRG Capital Management Inc. now owns 10,046 shares of the company’s stock worth $1,054,000 after acquiring an additional 218 shares in the last quarter. O Shaughnessy Asset Management LLC grew its position in shares of Light & Wonder by 5.9% during the 1st quarter. O Shaughnessy Asset Management LLC now owns 4,321 shares of the company’s stock valued at $441,000 after acquiring an additional 242 shares during the period. Finally, Retirement Systems of Alabama increased its stake in shares of Light & Wonder by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 113,077 shares of the company’s stock valued at $11,544,000 after purchasing an additional 298 shares in the last quarter. Institutional investors and hedge funds own 88.08% of the company’s stock.

Light & Wonder Stock Performance

Shares of LNW traded down $0.59 during mid-day trading on Monday, hitting $95.11. 126,177 shares of the company’s stock were exchanged, compared to its average volume of 723,448. The firm has a market capitalization of $8.44 billion, a P/E ratio of 28.83, a P/E/G ratio of 0.40 and a beta of 1.76. Light & Wonder, Inc. has a fifty-two week low of $72.06 and a fifty-two week high of $115.00. The business’s 50 day moving average is $102.90 and its two-hundred day moving average is $99.81. The company has a current ratio of 1.85, a quick ratio of 1.58 and a debt-to-equity ratio of 4.90.

Light & Wonder (NASDAQ:LNW) last released its earnings results on Wednesday, August 7th. The company reported $0.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.14). Light & Wonder had a net margin of 9.92% and a return on equity of 40.51%. The company had revenue of $818.00 million during the quarter, compared to analyst estimates of $798.09 million. During the same period in the previous year, the firm posted $1.02 EPS. The company’s revenue for the quarter was up 11.9% on a year-over-year basis. On average, equities analysts expect that Light & Wonder, Inc. will post 4.44 earnings per share for the current year.

Light & Wonder announced that its Board of Directors has authorized a share buyback plan on Wednesday, August 7th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the company to reacquire up to 10.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

Several brokerages have commented on LNW. B. Riley assumed coverage on Light & Wonder in a report on Tuesday, October 8th. They issued a “buy” rating and a $120.00 price objective on the stock. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Light & Wonder from $76.00 to $81.00 and gave the stock a “hold” rating in a report on Thursday, August 8th. Macquarie dropped their target price on shares of Light & Wonder from $122.00 to $117.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 25th. Susquehanna reduced their price objective on Light & Wonder from $92.00 to $90.00 and set a “neutral” rating for the company in a research note on Tuesday, September 24th. Finally, Craig Hallum upgraded shares of Light & Wonder to a “strong-buy” rating in a research report on Friday, October 4th. One research analyst has rated the stock with a sell rating, four have given a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $107.82.

Light & Wonder Company Profile

Light & Wonder, Inc operates as a cross-platform games company in the United States and internationally. The company operates through three segments: Gaming, SciPlay, and iGaming segments. The Gaming segment sells game content and gaming machine; video gaming terminals; video lottery terminals, including conversion kits and spare parts; and table products, including automatic card shufflers, deck checkers, table roulette chip sorters and other land-based table gaming equipment.