Connor Clark & Lunn Investment Management Ltd. Sells 9,389 Shares of Light & Wonder, Inc. (NASDAQ:LNW)

Connor Clark & Lunn Investment Management Ltd. reduced its holdings in shares of Light & Wonder, Inc. (NASDAQ:LNW) by 22.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 32,165 shares of the company’s stock after selling 9,389 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Light & Wonder were worth $2,786,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of LNW. Bessemer Group Inc. lifted its holdings in Light & Wonder by 321.7% in the first quarter. Bessemer Group Inc. now owns 1,572,022 shares of the company’s stock valued at $136,152,000 after acquiring an additional 1,199,213 shares during the period. Burgundy Asset Management Ltd. lifted its holdings in Light & Wonder by 2.0% in the fourth quarter. Burgundy Asset Management Ltd. now owns 1,472,538 shares of the company’s stock valued at $127,198,000 after acquiring an additional 28,358 shares during the period. Ninety One UK Ltd lifted its holdings 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 valued at $101,728,000 after acquiring an additional 425,202 shares during the period. Deutsche Bank AG lifted its holdings in Light & Wonder by 15.6% in the fourth quarter. Deutsche Bank AG now owns 887,492 shares of the company’s stock valued at $76,662,000 after acquiring an additional 119,616 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Light & Wonder by 1.0% in 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 period. 88.08% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on LNW. Stifel Nicolaus upped their price target on Light & Wonder from $84.00 to $95.00 and gave the stock a “hold” rating in a research report on Thursday, May 8th. Truist Financial upped their price target on Light & Wonder from $110.00 to $130.00 and gave the stock a “buy” rating in a research report on Wednesday, July 16th. Jefferies Financial Group set a $116.00 price target on Light & Wonder in a research report on Wednesday, June 25th. Benchmark reduced their price target on Light & Wonder from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Friday, August 8th. Finally, Mizuho upped their price target on Light & Wonder from $80.00 to $84.00 and gave the stock an “underperform” rating in a research report on Thursday, May 8th. One analyst has rated the stock with a sell rating, four have issued a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $108.10.

Light & Wonder Stock Performance

NASDAQ:LNW opened at $88.12 on Friday. The company has a current ratio of 1.77, a quick ratio of 1.51 and a debt-to-equity ratio of 6.86. Light & Wonder, Inc. has a 12-month low of $69.56 and a 12-month high of $115.00. The stock has a 50-day moving average price of $92.70 and a 200 day moving average price of $91.96. The stock has a market capitalization of $7.40 billion, a P/E ratio of 22.25, a P/E/G ratio of 0.53 and a beta of 1.21.

Light & Wonder (NASDAQ:LNW) last released its quarterly earnings results on Wednesday, August 6th. The company reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.44 by $0.14. The business had revenue of $809.00 million during the quarter, compared to analysts’ expectations of $851.29 million. Light & Wonder had a return on equity of 71.17% and a net margin of 10.89%. The firm’s revenue for the quarter was down 1.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.90 EPS. Equities research analysts forecast that Light & Wonder, Inc. will post 4.3 EPS for the current fiscal year.

Insider Buying and Selling at Light & Wonder

In other news, Director Antonia Korsanos purchased 8,065 shares of the business’s stock in a transaction on Sunday, August 10th. The stock was acquired at an average price of $80.05 per share, for a total transaction of $645,603.25. Following the acquisition, the director directly owned 22,815 shares of the company’s stock, valued at $1,826,340.75. This represents a 54.68% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Hamish Mclennan purchased 1,380 shares of the business’s stock in a transaction on Tuesday, August 12th. The shares were purchased at an average price of $87.61 per share, with a total value of $120,901.80. Following the acquisition, the director directly owned 6,380 shares in the company, valued at $558,951.80. This represents a 27.60% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 17,756 shares of company stock worth $1,421,688 in the last quarter. 2.20% of the stock is owned by corporate insiders.

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.