A Look at Southeastern Asset Management’s Reshuffled Top Stock Picks

#2 Wynn Resorts, Limited (NASDAQ:WYNN)

– Shares Owned by Southeastern Asset Management (as of March 31): 12.56 Million

– Value of Holding (as of March 31): $1.17 Billion

Moving on to Southeastern’s bet on the operator of casino resorts, which largely remained unchanged during the first three months and represents about 12.4% of Wynn Resorts, Limited (NASDAQ:WYNN)’s outstanding shares. So far this year Wynn’s stock price has been on a tear posting gains of around 43%, even though it is in the red over the last twelve months with losses of 9%. On May 5, the company reported its first-quarter results, declaring EPS of $1.07 on revenue of $997.68 million, topping analysts’ expectations of earnings of $0.83 per share on the same revenue. The company is scheduled to open its $4.2 billion Wynn Palace project in Macau in the third quarter this year. James Crichton‘s Hitchwood Capital Management initiated a position in Wynn Resorts, Limited (NASDAQ:WYNN) with some 750,000 shares during the March quarter.

#1 Level 3 Communications, Inc. (NYSE:LVLT)

– Shares Owned by Southeastern Asset Management (as of March 31): 30 Million

– Value of Holding (as of March 31): $1.59 Billion

Finally, Southeastern’s top holding in the integrated telecommunications services industry received an 8% cut. Amid a miss on both top- and bottom-line estimates for the first quarter financial results, Level 3 Communications, Inc. (NYSE:LVLT)’s stock is down by over 2% on a year-to-date basis. Earnings for the March quarter stood at $0.34 per share on revenue of $2.05 billion. However, the company provided a stronger guidance for 2016 with EBIDTA growth expected in the 10%-12% range as compared to the previous expectations of 9% to 12%. Kerr Neilson‘s Platinum Asset Management hiked its stake in Level 3 Communications, Inc. (NYSE:LVLT) by 31% in the first quarter to 4.08 million shares.

Disclosure: None