Intech Investment Management LLC Trims Position in Light & Wonder, Inc. (NASDAQ:LNW)

Intech Investment Management LLC trimmed its stake in Light & Wonder, Inc. (NASDAQ:LNW) by 63.0% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,712 shares of the company’s stock after selling 9,731 shares during the quarter. Intech Investment Management LLC’s holdings in Light & Wonder were worth $518,000 as of its most recent filing with the SEC.

Other institutional investors have also recently added to or reduced their stakes in the company. Millennium Management LLC grew its holdings in Light & Wonder by 573.3% during the 2nd quarter. Millennium Management LLC now owns 579,340 shares of the company’s stock valued at $60,761,000 after purchasing an additional 493,295 shares in the last quarter. SG Americas Securities LLC boosted its stake in Light & Wonder by 121.6% during the 2nd quarter. SG Americas Securities LLC now owns 14,263 shares of the company’s stock valued at $1,496,000 after purchasing an additional 7,828 shares during the period. Susquehanna Fundamental Investments LLC acquired a new stake in Light & Wonder in the 2nd quarter valued at approximately $23,597,000. Comerica Bank raised its stake in shares of Light & Wonder by 85.1% during the first quarter. Comerica Bank now owns 47,874 shares of the company’s stock valued at $4,887,000 after purchasing an additional 22,017 shares in the last quarter. Finally, Thrivent Financial for Lutherans lifted its stake in shares of Light & Wonder by 57.0% in the 2nd quarter. Thrivent Financial for Lutherans now owns 35,437 shares of the company’s stock worth $3,716,000 after acquiring an additional 12,871 shares during the period. Hedge funds and other institutional investors own 88.08% of the company’s stock.

Light & Wonder Stock Down 2.1 %

NASDAQ LNW opened at $95.04 on Monday. The stock’s 50 day moving average is $95.03 and its two-hundred day moving average is $100.04. Light & Wonder, Inc. has a 1-year low of $76.52 and a 1-year high of $115.00. The company has a market capitalization of $8.39 billion, a price-to-earnings ratio of 29.52, a PEG ratio of 0.57 and a beta of 1.75. The company has a current ratio of 1.88, a quick ratio of 1.61 and a debt-to-equity ratio of 4.49.

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

Analyst Ratings Changes

Several research analysts have issued reports on LNW shares. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Light & Wonder from $76.00 to $81.00 and gave the stock a “hold” rating in a research report on Thursday, August 8th. UBS Group upgraded Light & Wonder from a “neutral” rating to a “buy” rating in a report on Wednesday, September 25th. JPMorgan Chase & Co. boosted their target price on shares of Light & Wonder from $107.00 to $111.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. B. Riley began coverage on Light & Wonder in a research note on Tuesday, October 8th. They set a “buy” rating and a $120.00 price target for the company. Finally, Benchmark reissued a “buy” rating and issued a $114.00 price target on shares of Light & Wonder in a research report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, six have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Light & Wonder presently has a consensus rating of “Moderate Buy” and a consensus target price of $107.36.

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.