Principal Financial Group Inc. Has $18.83 Million Stake in Light & Wonder, Inc. (NASDAQ:LNW)

Principal Financial Group Inc. lowered its stake in shares of Light & Wonder, Inc. (NASDAQ:LNW) by 31.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 207,504 shares of the company’s stock after selling 93,819 shares during the period. Principal Financial Group Inc. owned approximately 0.23% of Light & Wonder worth $18,827,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of LNW. GAMMA Investing LLC lifted its holdings in shares of Light & Wonder by 59.6% during the 2nd quarter. GAMMA Investing LLC now owns 407 shares of the company’s stock valued at $43,000 after purchasing an additional 152 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new position in Light & Wonder during the 3rd quarter worth approximately $108,000. Smith Anglin Financial LLC acquired a new position in Light & Wonder during the 2nd quarter worth approximately $213,000. Cynosure Group LLC bought a new position in shares of Light & Wonder during the 1st quarter worth approximately $310,000. Finally, Centaurus Financial Inc. lifted its position in shares of Light & Wonder by 67.7% in the second quarter. Centaurus Financial Inc. now owns 3,167 shares of the company’s stock worth $332,000 after purchasing an additional 1,279 shares in the last quarter. 88.08% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Craig Hallum raised shares of Light & Wonder to a “strong-buy” rating in a research report on Friday, October 4th. UBS Group upgraded Light & Wonder from a “neutral” rating to a “buy” rating in a report on Wednesday, September 25th. Macquarie dropped their target price on Light & Wonder from $122.00 to $117.00 and set an “outperform” rating on the stock in a report on Wednesday, September 25th. JPMorgan Chase & Co. raised their price target on Light & Wonder from $107.00 to $111.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. Finally, Susquehanna dropped their price objective on Light & Wonder from $92.00 to $90.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 24th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, six have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $107.36.

Light & Wonder Stock Performance

Shares of NASDAQ LNW opened at $93.10 on Friday. The company has a current ratio of 1.85, a quick ratio of 1.58 and a debt-to-equity ratio of 4.90. The company has a market capitalization of $8.26 billion, a P/E ratio of 28.91, a P/E/G ratio of 0.43 and a beta of 1.75. Light & Wonder, Inc. has a 12 month low of $76.52 and a 12 month high of $115.00. The stock has a 50 day moving average of $98.30 and a 200-day moving average of $99.81.

Light & Wonder (NASDAQ:LNW) last released its quarterly earnings data on Tuesday, November 12th. The company reported $1.34 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $826.65 million. As a group, equities research analysts predict that Light & Wonder, Inc. will post 4.41 EPS for the current year.

Light & Wonder declared that its Board of Directors has approved 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 reacquire up to 10.1% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are 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.