US fund manager BlackRock, which manages more than US$4.1 trillion in assets worldwide, has built up a 5 percent stake in trans-Tasman casino and hotel operator SkyCity Entertainment Group.
BlackRock Investment Management (Australia) declared the shareholding in SkyCity today, with almost 29.1 million shares, or 5.01 percent of the company, making the third fund manager to build a substantial investment in the Auckland-based company after fund managers Lazard Asset Management Pacific and Investors Mutual made similar announcements in August last year.
The fund manager built up the stake from September, paying between $4 and $4.71 a share, according to a substantial shareholder notice.
SkyCity shares fell 0.5 percent to $3.83 today, and have gained 4.3 percent this year. The stock is rated an average 'hold' based on 10 analyst recommendations compiled by Reuters, with a median target price of $$4.15.
Last month, SkyCity warned its first-half profit would fall to between $65 million and $68 million as a strong New Zealand dollar versus its Australian counterpart weighed on earnings, due to its Darwin and Adelaide casinos. The company is expected to release its first-half earnings on Feb. 12.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Three fintech start-ups pitch for funds at end of Kiwibank-sponsored accelerator
- Lindsay makes first investment since selling Sistema
- NZ POLITICS DAILY: The unaccountability of elites
- Budget lock-up blunder not to be repeated, PM and Treasury assure
- Series: Business leaders’ Budget 2017 wish lists – Paul Glass
Most listened to
- Business leaders on Budget 2017: Failure to set up any significant public-private partnerships for infrastructure is "really disappointing," says Paul Glass
- Serko’s Darrin Grafton says the company can use its SME platform to expand globally
- Trump travels overseas selling jobs as North Korea continues to lash out, on Trump’s Beltway with Nathan Smith
- Nick Shewring says co-working attracts "awesome people doing cool things"
- NBR Radio: best of the week ended May 19, with Grant Walker