Wynn Resorts (NASDAQ:WYNN) Posts Earnings Results, Misses Expectations By $0.23 EPS

Wynn Resorts (NASDAQ:WYNN) issued its earnings results on Thursday. The casino operator reported $0.86 earnings per share for the quarter, missing the consensus estimate of $1.09 by ($0.23), Zacks reports. Wynn Resorts had a negative return on equity of 56.78% and a net margin of 5.51%.The firm had revenue of $1.83 billion during the quarter, compared to analysts’ expectations of $1.76 billion. During the same period last year, the business posted $0.90 earnings per share. The company’s quarterly revenue was up 8.3% compared to the same quarter last year.

Wynn Resorts Trading Up 3.1%

NASDAQ WYNN traded up $3.77 during mid-day trading on Friday, reaching $126.31. 2,440,101 shares of the company’s stock traded hands, compared to its average volume of 2,287,135. Wynn Resorts has a 1-year low of $65.25 and a 1-year high of $134.23. The company has a fifty day simple moving average of $123.54 and a 200-day simple moving average of $106.91. The company has a market cap of $13.13 billion, a price-to-earnings ratio of 37.95, a P/E/G ratio of 4.94 and a beta of 1.32.

Wynn Resorts Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, November 26th. Investors of record on Monday, November 17th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Monday, November 17th. This represents a $1.00 dividend on an annualized basis and a yield of 0.8%. Wynn Resorts’s dividend payout ratio is currently 30.03%.

Insider Buying and Selling at Wynn Resorts

In related news, Director Patricia Mulroy sold 4,438 shares of Wynn Resorts stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $125.00, for a total value of $554,750.00. Following the completion of the sale, the director owned 3,066 shares in the company, valued at approximately $383,250. The trade was a 59.14% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.52% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Palidye Holdings Caymans Ltd bought a new position in shares of Wynn Resorts during the second quarter worth about $104,629,000. Marshall Wace LLP raised its stake in Wynn Resorts by 119.5% during the second quarter. Marshall Wace LLP now owns 24,532 shares of the casino operator’s stock valued at $2,298,000 after buying an additional 150,032 shares in the last quarter. Man Group plc lifted its holdings in Wynn Resorts by 439.3% during the 2nd quarter. Man Group plc now owns 118,966 shares of the casino operator’s stock worth $11,144,000 after buying an additional 96,906 shares during the last quarter. Hudson Bay Capital Management LP grew its position in shares of Wynn Resorts by 1,848.5% in the 2nd quarter. Hudson Bay Capital Management LP now owns 83,982 shares of the casino operator’s stock worth $7,867,000 after acquiring an additional 79,672 shares in the last quarter. Finally, Raymond James Financial Inc. increased its holdings in shares of Wynn Resorts by 6.5% in the 2nd quarter. Raymond James Financial Inc. now owns 1,056,019 shares of the casino operator’s stock valued at $98,917,000 after acquiring an additional 63,997 shares during the last quarter. 88.64% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on WYNN shares. JPMorgan Chase & Co. upped their price target on Wynn Resorts from $136.00 to $138.00 and gave the stock an “overweight” rating in a research note on Friday. Mizuho increased their target price on shares of Wynn Resorts from $122.00 to $126.00 and gave the stock an “outperform” rating in a research report on Monday, August 11th. Jefferies Financial Group raised their price target on shares of Wynn Resorts from $130.00 to $133.00 and gave the company a “buy” rating in a report on Monday, August 11th. Weiss Ratings reiterated a “hold (c)” rating on shares of Wynn Resorts in a research note on Wednesday. Finally, Zacks Research raised shares of Wynn Resorts from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 27th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, Wynn Resorts currently has a consensus rating of “Moderate Buy” and a consensus target price of $132.58.

Wynn Resorts Company Profile

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.