State of New Jersey Common Pension Fund D Cuts Position in Light & Wonder, Inc. (NASDAQ:LNW)

State of New Jersey Common Pension Fund D decreased its stake in Light & Wonder, Inc. (NASDAQ:LNW) by 3.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 31,633 shares of the company’s stock after selling 1,015 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Light & Wonder were worth $2,870,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in LNW. Capital Performance Advisors LLP acquired a new stake in Light & Wonder in the third quarter valued at $29,000. GAMMA Investing LLC grew its stake in Light & Wonder by 59.6% in the 2nd quarter. GAMMA Investing LLC now owns 407 shares of the company’s stock valued at $43,000 after acquiring an additional 152 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new position in Light & Wonder during the 3rd quarter valued at about $108,000. Smith Anglin Financial LLC acquired a new position in Light & Wonder during the second quarter worth about $213,000. Finally, Cynosure Group LLC purchased a new stake in shares of Light & Wonder in the first quarter valued at about $310,000. 88.08% of the stock is currently owned by institutional investors and hedge funds.

Light & Wonder Stock Performance

Shares of NASDAQ:LNW opened at $92.28 on Thursday. The business has a 50-day moving average of $98.59 and a two-hundred day moving average of $99.86. The firm has a market capitalization of $8.19 billion, a PE ratio of 28.66, a P/E/G ratio of 0.43 and a beta of 1.75. 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 12 month low of $76.52 and a 12 month high of $115.00.

Light & Wonder (NASDAQ:LNW) last posted its quarterly earnings results on Tuesday, November 12th. The company reported $1.34 EPS for the quarter, beating the consensus estimate of $1.16 by $0.18. Light & Wonder had a net margin of 9.30% and a return on equity of 50.89%. The firm had revenue of $817.00 million for the quarter, compared to analyst estimates of $826.65 million. As a group, research analysts forecast that Light & Wonder, Inc. will post 4.41 earnings per share for the current year.

Light & Wonder declared that its Board of Directors has approved a share buyback program on Wednesday, August 7th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the company to buy up to 10.1% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

Several research analysts recently issued reports on LNW shares. Benchmark restated a “buy” rating and set a $114.00 price objective on shares of Light & Wonder in a research report on Thursday, August 8th. UBS Group raised Light & Wonder from a “neutral” rating to a “buy” rating in a report on Wednesday, September 25th. Craig Hallum raised Light & Wonder to a “strong-buy” rating in a research note on Friday, October 4th. Macquarie cut their target price on shares of Light & Wonder from $122.00 to $117.00 and set an “outperform” rating for the company in a research note on Wednesday, September 25th. Finally, Susquehanna reduced their target price on shares of Light & Wonder from $92.00 to $90.00 and set a “neutral” rating on the stock in a report on Tuesday, September 24th. One analyst has rated the stock with a sell rating, four have given a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Light & Wonder presently has a consensus rating of “Moderate Buy” and an average 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.