Wynn Resorts, Limited (NASDAQ:WYNN - Get Free Report)'s stock price fell 5.9% on Tuesday following a dissappointing earnings announcement. The company traded as low as $88.96 and last traded at $90.02. 721,479 shares were traded during mid-day trading, a decline of 66% from the average session volume of 2,108,536 shares. The stock had previously closed at $95.65.
The casino operator reported $0.90 earnings per share for the quarter, missing analysts' consensus estimates of $1.01 by ($0.11). Wynn Resorts had a negative return on equity of 53.84% and a net margin of 12.22%. The company had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same period last year, the company earned $0.99 earnings per share. The business's revenue for the quarter was up 1.3% compared to the same quarter last year.
Analyst Ratings Changes
A number of analysts have commented on the company. JPMorgan Chase & Co. boosted their target price on Wynn Resorts from $101.00 to $113.00 and gave the stock an "overweight" rating in a research report on Tuesday. Susquehanna increased their price objective on shares of Wynn Resorts from $92.00 to $122.00 and gave the company a "positive" rating in a research note on Friday, October 11th. StockNews.com cut shares of Wynn Resorts from a "buy" rating to a "hold" rating in a research report on Tuesday, September 17th. Stifel Nicolaus lowered their price target on shares of Wynn Resorts from $121.00 to $103.00 and set a "buy" rating on the stock in a research report on Friday, September 13th. Finally, Jefferies Financial Group dropped their price objective on shares of Wynn Resorts from $111.00 to $96.00 and set a "hold" rating for the company in a research note on Thursday, July 11th. Four analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Wynn Resorts presently has a consensus rating of "Moderate Buy" and an average target price of $115.71.
Read Our Latest Research Report on Wynn Resorts
Insider Buying and Selling at Wynn Resorts
In other news, Director Patricia Mulroy sold 2,650 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $78.73, for a total transaction of $208,634.50. Following the transaction, the director now directly owns 5,689 shares in the company, valued at $447,894.97. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.52% of the stock is owned by company insiders.
Institutional Investors Weigh In On Wynn Resorts
A number of institutional investors have recently added to or reduced their stakes in WYNN. Vanguard Group Inc. raised its holdings in Wynn Resorts by 1.5% in the first quarter. Vanguard Group Inc. now owns 11,028,618 shares of the casino operator's stock valued at $1,127,456,000 after buying an additional 166,594 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of Wynn Resorts by 29.1% during the 2nd quarter. Renaissance Technologies LLC now owns 1,345,100 shares of the casino operator's stock valued at $120,386,000 after acquiring an additional 303,033 shares in the last quarter. Janus Henderson Group PLC boosted its position in Wynn Resorts by 22.2% during the 1st quarter. Janus Henderson Group PLC now owns 1,125,718 shares of the casino operator's stock worth $115,082,000 after purchasing an additional 204,852 shares during the period. Bamco Inc. NY increased its holdings in Wynn Resorts by 5.1% in the 1st quarter. Bamco Inc. NY now owns 788,335 shares of the casino operator's stock valued at $80,591,000 after purchasing an additional 38,160 shares in the last quarter. Finally, Regal Partners Ltd lifted its stake in shares of Wynn Resorts by 5.6% during the second quarter. Regal Partners Ltd now owns 724,700 shares of the casino operator's stock worth $64,861,000 after purchasing an additional 38,344 shares in the last quarter. Hedge funds and other institutional investors own 68.87% of the company's stock.
Wynn Resorts Price Performance
The company has a market cap of $9.63 billion, a PE ratio of 10.79, a P/E/G ratio of 2.48 and a beta of 1.80. The company has a 50-day moving average price of $90.19 and a two-hundred day moving average price of $88.75.
About Wynn Resorts
(
Get Free Report)
Wynn Resorts, Limited designs, develops, and operates integrated resorts. The company operates through four segments: Wynn Palace, Wynn Macau, Las Vegas Operations, and Encore Boston Harbor. The Wynn Palace segment operates private gaming salons and sky casinos; a luxury hotel tower with suites, and villas, including a health club, spa, salon, and pool; food and beverage outlets; retail space; meeting and convention space; and performance lake and floral art displays.
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