Federated Hermes Inc. Sells 1,752 Shares of Light & Wonder, Inc. (NASDAQ:LNW)

Federated Hermes Inc. lessened its stake in shares of Light & Wonder, Inc. (NASDAQ:LNW) by 14.9% in the 2nd quarter, Holdings Channel reports. The firm owned 10,023 shares of the company’s stock after selling 1,752 shares during the period. Federated Hermes Inc.’s holdings in Light & Wonder were worth $1,051,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Ninety One UK Ltd lifted its position in shares of Light & Wonder by 128.0% in the second quarter. Ninety One UK Ltd now owns 910,298 shares of the company’s stock worth $95,472,000 after buying an additional 511,081 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Light & Wonder by 95.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 896,372 shares of the company’s stock worth $73,601,000 after buying an additional 438,443 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Light & Wonder by 102.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 767,155 shares of the company’s stock valued at $78,320,000 after buying an additional 388,781 shares in the last quarter. Ossiam bought a new position in shares of Light & Wonder in the 1st quarter valued at about $13,578,000. Finally, M&G Plc purchased a new position in Light & Wonder in the first quarter worth about $10,570,000. Hedge funds and other institutional investors own 88.08% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on LNW shares. Macquarie lifted their target price on Light & Wonder from $120.00 to $122.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th. Benchmark reaffirmed a “buy” rating and issued a $114.00 price objective on shares of Light & Wonder in a research report on Thursday, August 8th. Truist Financial lifted their target price on Light & Wonder from $115.00 to $120.00 and gave the stock a “buy” rating in a research report on Thursday, July 18th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Light & Wonder from $76.00 to $81.00 and gave the stock a “hold” rating in a report on Thursday, August 8th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Light & Wonder from $107.00 to $111.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Light & Wonder currently has an average rating of “Hold” and a consensus target price of $108.20.

Light & Wonder Stock Up 0.1 %

NASDAQ:LNW opened at $112.57 on Friday. The company has a debt-to-equity ratio of 4.90, a current ratio of 1.85 and a quick ratio of 1.58. Light & Wonder, Inc. has a 1-year low of $67.71 and a 1-year high of $115.00. The company has a 50-day moving average of $106.04 and a 200 day moving average of $100.72. The firm has a market cap of $10.15 billion, a PE ratio of 46.71, a price-to-earnings-growth ratio of 0.46 and a beta of 1.77.

Light & Wonder (NASDAQ:LNW) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.90 earnings per share for the quarter, missing the consensus estimate of $1.04 by ($0.14). The business had revenue of $818.00 million during the quarter, compared to analysts’ expectations of $798.09 million. Light & Wonder had a return on equity of 40.51% and a net margin of 9.92%. Light & Wonder’s revenue for the quarter was up 11.9% on a year-over-year basis. During the same period in the previous year, the company posted $1.02 EPS. As a group, research analysts anticipate that Light & Wonder, Inc. will post 4.44 EPS for the current fiscal year.

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

Light & Wonder Profile

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.