State of Michigan Retirement System Has $1.95 Million Stock Holdings in Light & Wonder, Inc. $LNW

State of Michigan Retirement System trimmed its position in shares of Light & Wonder, Inc. (NASDAQ:LNW) by 3.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 20,299 shares of the company’s stock after selling 800 shares during the period. State of Michigan Retirement System’s holdings in Light & Wonder were worth $1,954,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in LNW. IFP Advisors Inc grew its holdings in shares of Light & Wonder by 198.9% during the 2nd quarter. IFP Advisors Inc now owns 269 shares of the company’s stock worth $26,000 after purchasing an additional 179 shares in the last quarter. AlphaQuest LLC raised its stake in shares of Light & Wonder by 41.8% in the second quarter. AlphaQuest LLC now owns 604 shares of the company’s stock valued at $58,000 after purchasing an additional 178 shares in the last quarter. Harvest Fund Management Co. Ltd bought a new position in Light & Wonder in the first quarter worth $71,000. US Bancorp DE boosted its stake in Light & Wonder by 18.7% during the first quarter. US Bancorp DE now owns 1,164 shares of the company’s stock worth $101,000 after buying an additional 183 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in Light & Wonder by 25.1% during the first quarter. PNC Financial Services Group Inc. now owns 1,939 shares of the company’s stock worth $168,000 after buying an additional 389 shares in the last quarter. Institutional investors and hedge funds own 88.08% of the company’s stock.

Insider Buying and Selling at Light & Wonder

In other Light & Wonder news, Director Antonia Korsanos bought 8,065 shares of the stock in a transaction dated Sunday, August 10th. The stock was bought at an average cost of $80.05 per share, for a total transaction of $645,603.25. Following the completion of the purchase, the director owned 22,815 shares in the company, 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 that occurred on Tuesday, August 12th. The stock was acquired at an average cost of $87.61 per share, with a total value of $120,901.80. Following the completion of the acquisition, the director directly owned 6,380 shares of the company’s stock, valued at $558,951.80. The trade was a 27.60% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last quarter, insiders acquired 29,481 shares of company stock worth $2,556,936. 2.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on LNW. 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. Wall Street Zen lowered shares of Light & Wonder from a “buy” rating to a “hold” rating in a research report on Sunday, July 13th. Weiss Ratings restated a “hold (c)” rating on shares of Light & Wonder in a research note on Friday, October 31st. Macquarie lowered their price objective on Light & Wonder from $122.00 to $117.00 and set an “outperform” rating on the stock in a research note on Thursday, August 7th. Finally, Truist Financial increased their target price on Light & Wonder from $110.00 to $130.00 and gave the stock a “buy” rating in a report on Wednesday, July 16th. Five investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $102.14.

Light & Wonder Price Performance

NASDAQ:LNW opened at $79.70 on Friday. The company has a quick ratio of 1.51, a current ratio of 1.77 and a debt-to-equity ratio of 6.86. The firm has a market cap of $6.69 billion, a PE ratio of 20.13, a price-to-earnings-growth ratio of 0.48 and a beta of 1.42. Light & Wonder, Inc. has a 12 month low of $69.56 and a 12 month high of $113.94. The company’s 50-day moving average price is $82.29 and its two-hundred day moving average price is $87.40.

Light & Wonder (NASDAQ:LNW) last posted its quarterly earnings data on Wednesday, November 5th. The company reported $1.81 earnings per share for the quarter, topping the consensus estimate of $1.45 by $0.36. Light & Wonder had a net margin of 10.89% and a return on equity of 71.17%. The company had revenue of $841.00 million during the quarter, compared to analyst estimates of $866.97 million. During the same quarter last year, the business posted $0.71 earnings per share. The company’s revenue was up 2.9% on a year-over-year basis. On average, equities analysts anticipate 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.