Geode Capital Management LLC Cuts Stock Position in Light & Wonder, Inc. $LNW

Geode Capital Management LLC trimmed its stake in shares of Light & Wonder, Inc. (NASDAQ:LNW) by 3.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,622,048 shares of the company’s stock after selling 56,940 shares during the period. Geode Capital Management LLC owned 1.92% of Light & Wonder worth $156,162,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Comerica Bank raised its position in shares of Light & Wonder by 141.4% during the 1st quarter. Comerica Bank now owns 38,936 shares of the company’s stock worth $3,372,000 after purchasing an additional 22,806 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in Light & Wonder during the 1st quarter worth approximately $320,000. Voya Investment Management LLC raised its holdings in shares of Light & Wonder by 14.1% during the first quarter. Voya Investment Management LLC now owns 73,002 shares of the company’s stock valued at $6,323,000 after acquiring an additional 9,043 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Light & Wonder by 1.0% during the first quarter. Charles Schwab Investment Management Inc. now owns 733,888 shares of the company’s stock valued at $63,562,000 after acquiring an additional 7,544 shares during the last quarter. Finally, United Services Automobile Association purchased a new position in shares of Light & Wonder in the first quarter valued at approximately $516,000. Institutional investors and hedge funds own 88.08% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on LNW. Stifel Nicolaus dropped their price target on Light & Wonder from $95.00 to $83.00 and set a “hold” rating for the company in a research report on Tuesday, October 28th. Macquarie reduced their target price on shares of Light & Wonder from $122.00 to $117.00 and set an “outperform” rating for the company in a research report on Thursday, August 7th. Benchmark decreased their price target on shares of Light & Wonder from $100.00 to $90.00 and set a “buy” rating on the stock in a research note on Friday, August 8th. Zacks Research lowered shares of Light & Wonder from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 19th. Finally, JPMorgan Chase & Co. cut shares of Light & Wonder from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $108.00 to $95.00 in a research note on Thursday, August 7th. Five analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Light & Wonder has an average rating of “Hold” and an average target price of $102.14.

Light & Wonder Price Performance

Light & Wonder stock opened at $91.14 on Wednesday. The company has a current ratio of 1.77, a quick ratio of 1.51 and a debt-to-equity ratio of 6.86. The company has a 50-day moving average price of $82.23 and a 200 day moving average price of $87.69. Light & Wonder, Inc. has a 12-month low of $69.56 and a 12-month high of $113.94. The stock has a market cap of $7.43 billion, a P/E ratio of 23.01, a PEG ratio of 0.48 and a beta of 1.42.

Light & Wonder (NASDAQ:LNW) last posted its quarterly earnings results on Wednesday, November 5th. The company reported $1.81 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.36. The business had revenue of $841.00 million during the quarter, compared to analysts’ expectations of $866.97 million. Light & Wonder had a net margin of 10.89% and a return on equity of 71.17%. The business’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.71 EPS. Sell-side analysts anticipate that Light & Wonder, Inc. will post 4.3 earnings per share for the current year.

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.