Leon Cooperman’s Top Mid-Cap Plays Include Motorola Solutions Inc (MSI), MGM Resorts International (MGM)

Omega Advisors reduced its position in Eastman Chemical Company (NYSE:EMN) by 25%, with ownership of 1.15 million shares valued at $93.82 million at the end of the second quarter. The specialty chemicals company boasts a market cap of $11.43 billion and its shares are down by 1.93% year-to-date. Eastman Chemical Company (NYSE:EMN) reported mixed second quarter results on July 27, announcing earnings per share of $2.01 against market estimates of $1.83. However, while its quarterly revenue grew by 3% year-over-year to $2.53 billion, it still fell short of analysts’ expectations of $2.65 billion. Smart money was bullish on the stock of Eastman Chemical Company (NYSE:EMN), with 39 hedge funds in our database maintaining positions worth $1.37 billion in the company against prior quarter aggregate holdings of $1.17 billion. Iridian Asset Management, led by David Cohen and Harold Levy, topped the list of hedge funds that we track which were invested in the company. The hedge fund had ownership of 4.84 million shares with a market value of $395.81 million at the end of the second quarter.

MGM Resorts International (NYSE:MGM) is a new addition to Leon Cooperman’s equity portfolio. The investment firm possessed 3.44 million shares of the casino company, with a market value of $62.83 million. The shares of MGM Resorts International (NYSE:MGM) are up by 2.89% year-to-date, courtesy of stronger second quarter 2015 financial results. The resort and gaming company reported revenues of $2.4 billion for the period, with diluted earnings per share of $0.17. Wall Street was expecting earnings per share of $0.11 over revenues of $2.4 billion. Its quarterly revenue did fall by 7.6% year-over-year however, primarily because of a slowdown in the Chinese economy, with the revenue of MGM China declining by 33% year-over-year. According to a recent report, China’s casino hub, Macau, reported a 34.5% decline in its July revenue in comparison with the prior year period, affecting the stocks of the majority of casinos with operations there. Smart money was slightly bearish on the stock during the second quarter, with 57 hedge funds having positions worth $1.54 billion in the company at the end of the second quarter. The aggregate investments were down by 12.5% in comparison with the previous quarter. The shares of MGM Resorts International (NYSE:MGM) declined by 13.22% during the second quarter, contributing towards the lower net holdings. Daniel S. Och’s OZ Management held the largest stake in MGM Resorts in our database, holding 11.23 million shares valued at $204.88 million.

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