Connor Clark & Lunn Investment Management Ltd. Takes $764,000 Position in Light & Wonder, Inc. (NASDAQ:LNW)

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Light & Wonder, Inc. (NASDAQ:LNW) in the third quarter, Holdings Channel.com reports. The firm acquired 8,418 shares of the company’s stock, valued at approximately $764,000.

A number of other large investors also recently modified their holdings of LNW. Comerica Bank lifted its position in 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 during the last quarter. GAMMA Investing LLC lifted its position in Light & Wonder by 59.6% during the second quarter. GAMMA Investing LLC now owns 407 shares of the company’s stock valued at $43,000 after purchasing an additional 152 shares during the last quarter. Smith Anglin Financial LLC bought a new stake in Light & Wonder during the second quarter valued at approximately $213,000. QRG Capital Management Inc. lifted its position in Light & Wonder by 2.2% during the second quarter. QRG Capital Management Inc. now owns 10,046 shares of the company’s stock valued at $1,054,000 after purchasing an additional 218 shares during the last quarter. Finally, SG Americas Securities LLC lifted its position in Light & Wonder by 121.6% during the second 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 last quarter. 88.08% of the stock is currently owned by institutional investors.

Light & Wonder Stock Down 0.9 %

Shares of NASDAQ LNW opened at $97.08 on Friday. The company has a quick ratio of 1.61, a current ratio of 1.88 and a debt-to-equity ratio of 4.49. Light & Wonder, Inc. has a 52 week low of $76.52 and a 52 week high of $115.00. The firm’s fifty day moving average is $95.69 and its 200 day moving average is $99.99. The company has a market cap of $8.57 billion, a price-to-earnings ratio of 30.15, a PEG ratio of 0.59 and a beta of 1.75.

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

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Light & Wonder from $76.00 to $81.00 and gave the company a “hold” rating in a research report on Thursday, August 8th. Stifel Nicolaus lowered their price objective on shares of Light & Wonder from $108.00 to $100.00 and set a “hold” rating for the company in a report on Wednesday, September 25th. Macquarie lowered their price objective on shares of Light & Wonder from $122.00 to $117.00 and set an “outperform” rating for the company in a report on Wednesday, September 25th. Craig Hallum upgraded shares of Light & Wonder to a “strong-buy” rating in a report on Friday, October 4th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Light & Wonder from $107.00 to $111.00 and gave the stock an “overweight” rating in a report on Thursday, August 8th. One investment analyst has rated the stock with a sell rating, four have assigned 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, the company has a consensus rating of “Moderate Buy” and an average price target 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.