Fmr LLC Boosts Stake in Light & Wonder, Inc. (NASDAQ:LNW)

Fmr LLC boosted its holdings in Light & Wonder, Inc. (NASDAQ:LNW) by 28.7% in the 3rd quarter, HoldingsChannel reports. The fund owned 1,452,052 shares of the company’s stock after acquiring an additional 324,088 shares during the quarter. Fmr LLC’s holdings in Light & Wonder were worth $131,745,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Ninety One UK Ltd lifted its position in shares of Light & Wonder by 128.0% during the 2nd quarter. Ninety One UK Ltd now owns 910,298 shares of the company’s stock valued at $95,472,000 after acquiring an additional 511,081 shares during the period. Dimensional Fund Advisors LP increased its stake in Light & Wonder by 1.6% in the 2nd quarter. Dimensional Fund Advisors LP now owns 802,922 shares of the company’s stock valued at $84,215,000 after purchasing an additional 12,317 shares in the last quarter. Millennium Management LLC raised its holdings in Light & Wonder by 573.3% during the second quarter. Millennium Management LLC now owns 579,340 shares of the company’s stock worth $60,761,000 after purchasing an additional 493,295 shares during the last quarter. Wedge Capital Management L L P NC grew its holdings in Light & Wonder by 6.2% in the third quarter. Wedge Capital Management L L P NC now owns 434,206 shares of the company’s stock valued at $39,396,000 after purchasing an additional 25,284 shares during the last quarter. Finally, Marshall Wace LLP increased its position in shares of Light & Wonder by 4.7% in the second quarter. Marshall Wace LLP now owns 233,154 shares of the company’s stock valued at $24,453,000 after buying an additional 10,448 shares in the last quarter. Institutional investors and hedge funds own 88.08% of the company’s stock.

Analyst Upgrades and Downgrades

LNW has been the topic of a number of research reports. Susquehanna lowered their price objective on shares of Light & Wonder from $92.00 to $90.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 24th. Benchmark reissued a “buy” rating and set a $114.00 price objective on shares of Light & Wonder in a research note on Thursday, August 8th. Truist Financial reduced their target price on Light & Wonder from $120.00 to $115.00 and set a “buy” rating on the stock in a research note on Wednesday, October 23rd. Deutsche Bank Aktiengesellschaft increased their target price on Light & Wonder from $76.00 to $81.00 and gave the company a “hold” rating in a report on Thursday, August 8th. Finally, Maxim Group started coverage on Light & Wonder in a research report on Monday, August 26th. They issued a “buy” rating and a $144.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $107.36.

Light & Wonder Stock Up 0.8 %

Shares of LNW opened at $98.85 on Wednesday. Light & Wonder, Inc. has a fifty-two week low of $76.52 and a fifty-two week high of $115.00. The company’s fifty day moving average is $94.74 and its two-hundred day moving average is $100.10. The firm has a market cap of $8.73 billion, a PE ratio of 30.70, a price-to-earnings-growth ratio of 0.59 and a beta of 1.71. The company has a quick ratio of 1.61, a current ratio of 1.88 and a debt-to-equity ratio of 4.49.

Light & Wonder announced that its board has initiated a share buyback plan on Wednesday, August 7th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the company to reacquire up to 10.1% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

About Light & Wonder

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.