Redwood Investment Management LLC Takes Position in Las Vegas Sands Corp. $LVS

Key Points

• Redwood Investment Management initiated a new Las Vegas Sands position, purchasing 25,177 shares valued at approximately $1.16 million. Institutional investors and hedge funds collectively own 39.16% of the company.
• Las Vegas Sands missed quarterly expectations, reporting $0.59 EPS versus the $0.76 consensus and $3.15 billion in revenue versus the $3.31 billion estimate; revenue declined 0.7% year over year.
• The stock opened at $46.24, near its 12-month low, while analysts’ consensus rating was “Hold” with an average price target of $61.88. The company also maintains a quarterly dividend of $0.30 per share, yielding about 2.6% annually.

Redwood Investment Management LLC purchased a new position in shares of Las Vegas Sands Corp. (NYSE:LVS - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 25,177 shares of the casino operator's stock, valued at approximately $1,163,000.

Several other hedge funds have also recently added to or reduced their stakes in LVS. AQR Capital Management LLC grew its holdings in shares of Las Vegas Sands by 222.7% during the fourth quarter. AQR Capital Management LLC now owns 9,098,518 shares of the casino operator's stock worth $592,223,000 after buying an additional 6,279,390 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of Las Vegas Sands by 4.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 8,582,962 shares of the casino operator's stock worth $462,450,000 after buying an additional 396,705 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Las Vegas Sands by 18.7% in the fourth quarter. Bank of New York Mellon Corp now owns 7,893,031 shares of the casino operator's stock worth $513,757,000 after buying an additional 1,246,206 shares in the last quarter. Norges Bank purchased a new position in shares of Las Vegas Sands in the fourth quarter worth about $364,892,000. Finally, Bamco Inc. NY acquired a new position in Las Vegas Sands during the second quarter worth about $174,796,000. 39.16% of the stock is owned by institutional investors and hedge funds.

Las Vegas Sands Price Performance

Shares of LVS stock opened at $46.24 on Thursday. The company has a debt-to-equity ratio of 15.27, a current ratio of 1.00 and a quick ratio of 0.99. The company has a market capitalization of $29.95 billion, a PE ratio of 17.99, a price-to-earnings-growth ratio of 1.16 and a beta of 0.85. The firm's 50-day moving average is $46.57 and its two-hundred day moving average is $51.15. Las Vegas Sands Corp. has a 12 month low of $44.21 and a 12 month high of $70.45.

Las Vegas Sands (NYSE:LVS - Get Free Report) last announced its quarterly earnings results on Wednesday, July 22nd. The casino operator reported $0.59 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.76 by ($0.17). The firm had revenue of $3.15 billion for the quarter, compared to analyst estimates of $3.31 billion. Las Vegas Sands had a return on equity of 133.90% and a net margin of 12.59%.The firm's quarterly revenue was down .7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.66 EPS. Analysts predict that Las Vegas Sands Corp. will post 3.09 earnings per share for the current year.

Las Vegas Sands Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 12th. Stockholders of record on Tuesday, August 4th were issued a dividend of $0.30 per share. The ex-dividend date was Tuesday, August 4th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.6%. Las Vegas Sands's dividend payout ratio is currently 46.69%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on LVS shares. Morgan Stanley cut their price objective on shares of Las Vegas Sands from $68.00 to $61.00 and set an "equal weight" rating for the company in a report on Monday, July 27th. Zacks Research cut Las Vegas Sands from a "hold" rating to a "strong sell" rating in a report on Thursday, July 23rd. Weiss Ratings restated a "hold (c)" rating on shares of Las Vegas Sands in a research report on Friday, August 21st. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and issued a $62.00 price target (down from $73.00) on shares of Las Vegas Sands in a report on Thursday, July 23rd. Finally, Wells Fargo & Company reduced their price objective on Las Vegas Sands from $65.00 to $53.00 and set an "equal weight" rating on the stock in a research report on Tuesday, July 14th. Ten equities research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $61.88.

Las Vegas Sands Company Profile

Las Vegas Sands NYSE: LVS is a global developer and operator of integrated resorts, focused on large-scale properties that combine casino gaming with hotels, convention and exhibition facilities, retail, dining, and entertainment. The company's operations center on developing and managing full-service resort complexes that serve both leisure and business travelers, with emphasis on convention and trade-show business in addition to gaming revenue streams.

The company's portfolio has included prominent properties in North America and Asia, most notably The Venetian Resort in Las Vegas and Marina Bay Sands in Singapore, along with a significant presence in Macau through multiple integrated resorts.

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