Rumored Smoking Ban Lift Has Wynn Resorts, Limited (WYNN)’s Shares Curling Upward

Hedge fund activity in Wynn Resorts, Limited (NASDAQ:WYNN)

Heading into the second quarter, a total of 25 of the hedge funds tracked by Insider Monkey were long in this stock, a reduction of 38% from the previous quarter. With the smart money’s positions undergoing their usual ebb and flow, there exists a few key hedge fund managers who were boosting their holdings significantly.

According to hedge fund intelligence website Insider Monkey, Mason Hawkins‘ Southeastern Asset Management had the largest position in Wynn Resorts, Limited (NASDAQ:WYNN), worth close to $575.75 million against 4.57 million shares, comprising 3.61% of its total 13F portfolio. The second-most bullish hedge fund manager was Millennium Management, led by Israel Englander, holding a $68.59 million position of call options underlying 544,893 shares; 0.1% of its 13F portfolio is allocated to the stock. Remaining hedgies that hold long positions comprise Murray Stahl’s Horizon Asset Management, David E. Shaw’s D E Shaw, and Ken Griffin’s Citadel Investment Group.

Seeing as Wynn Resorts, Limited (NASDAQ:WYNN) has experienced bearish sentiment from the aggregate hedge fund industry, we can see that there is a sect of funds that decided to sell off their entire stakes in the first quarter. Interestingly, Kevin D. Eng’s Columbus Hill Capital Management cut the largest position of the “upper crust” of funds monitored by Insider Monkey, worth an estimated $89.3 million in stock. John Overdeck and David Siegel’s fund, Two Sigma Advisors, also dropped its stock, about $70.4 million worth. These transactions are interesting, as total hedge fund interest fell by 15 funds in the first quarter.

Despite the lower year-to-date performance of the stock, we would recommend investors to look out for positive news favoring the stock and hold on to their current positions in the company.

Disclosure: None