Light & Wonder, Inc. (NASDAQ:LNW) Shares Sold by MetLife Investment Management LLC

MetLife Investment Management LLC lowered its stake in shares of Light & Wonder, Inc. (NASDAQ:LNW) by 3.2% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 49,991 shares of the company’s stock after selling 1,660 shares during the quarter. MetLife Investment Management LLC’s holdings in Light & Wonder were worth $4,536,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Ninety One UK Ltd raised its holdings 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 worth $95,472,000 after acquiring an additional 511,081 shares during the period. Millennium Management LLC raised its stake 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 period. FMR LLC boosted its holdings in Light & Wonder by 28.7% in the 3rd quarter. FMR LLC now owns 1,452,052 shares of the company’s stock valued at $131,745,000 after purchasing an additional 324,088 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Light & Wonder in the 3rd quarter valued at approximately $25,277,000. Finally, Susquehanna Fundamental Investments LLC acquired a new stake in shares of Light & Wonder during the 2nd quarter worth approximately $23,597,000. 88.08% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on LNW. Deutsche Bank Aktiengesellschaft increased their price objective on Light & Wonder from $76.00 to $81.00 and gave the stock a “hold” rating in a research report on Thursday, August 8th. B. Riley began coverage on Light & Wonder in a research report on Tuesday, October 8th. They set a “buy” rating and a $120.00 price objective for the company. JPMorgan Chase & Co. upped their target price on shares of Light & Wonder from $107.00 to $111.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. UBS Group upgraded shares of Light & Wonder from a “neutral” rating to a “buy” rating in a research report on Wednesday, September 25th. Finally, Stifel Nicolaus decreased their price objective on shares of Light & Wonder from $108.00 to $100.00 and set a “hold” rating on the stock in a report on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Light & Wonder currently has an average rating of “Moderate Buy” and an average price target of $107.36.

Light & Wonder Price Performance

Shares of LNW opened at $95.04 on Monday. The company has a market cap of $8.39 billion, a P/E ratio of 29.52, a PEG ratio of 0.57 and a beta of 1.75. Light & Wonder, Inc. has a fifty-two week low of $76.52 and a fifty-two week high of $115.00. The company has a quick ratio of 1.61, a current ratio of 1.88 and a debt-to-equity ratio of 4.49. The firm’s 50 day moving average price is $95.03 and its 200 day moving average price is $100.04.

Light & Wonder announced that its Board of Directors has initiated a stock repurchase 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 usually an indication that the company’s management believes its shares are undervalued.

Light & Wonder Company 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.