Highfields Capital Management LP decreased its stake in MGM Resorts International (MGM) by 35.56% based on its latest 2018 Q4 regulatory filing with the SEC.

Highfields Capital Management Lp sold 1.21 million shares as the company’s stock declined 3.38% while stock markets rallied.

The hedge fund held 2.20 million shares of the hotels and resorts company at the end of 2018 Q4, valued at $53.37 million, down from 3.41 million at the end of the previous reported quarter.

Highfields Capital Management LP who had been investing in MGM Resorts International for a number of months, seems to be less bullish one the $14.23 billion market cap company.

MGM Resorts International (NYSE:MGM) has declined 19.35% since March 9, 2018 and is downtrending. It has underperformed by 23.72% the S&P500.