Wynn Resorts (NASDAQ:WYNN) Sets New 1-Year Low – Here’s What Happened

Wynn Resorts, Limited (NASDAQ:WYNN)’s share price hit a new 52-week low during mid-day trading on Friday . The company traded as low as $66.35 and last traded at $67.04, with a volume of 1259278 shares traded. The stock had previously closed at $72.88.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the stock. StockNews.com cut shares of Wynn Resorts from a “buy” rating to a “hold” rating in a research note on Wednesday, March 12th. Jefferies Financial Group upgraded Wynn Resorts from a “hold” rating to a “buy” rating and lifted their price objective for the company from $105.00 to $118.00 in a research report on Tuesday, February 18th. Morgan Stanley decreased their target price on Wynn Resorts from $105.00 to $103.00 and set an “overweight” rating on the stock in a report on Monday, February 24th. Stifel Nicolaus lifted their price target on Wynn Resorts from $123.00 to $128.00 and gave the company a “buy” rating in a report on Friday, February 14th. Finally, Macquarie restated an “outperform” rating and issued a $115.00 price objective on shares of Wynn Resorts in a research report on Friday, February 14th. Two analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $119.58.

Wynn Resorts Stock Down 3.8 %

The company has a fifty day simple moving average of $85.25 and a two-hundred day simple moving average of $89.23. The stock has a market capitalization of $7.44 billion, a P/E ratio of 16.65, a price-to-earnings-growth ratio of 2.35 and a beta of 1.53.

Wynn Resorts (NASDAQ:WYNN) last issued its quarterly earnings data on Thursday, February 13th. The casino operator reported $2.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $1.15. Wynn Resorts had a negative return on equity of 71.17% and a net margin of 7.03%. The business had revenue of $1.84 billion during the quarter, compared to analyst estimates of $1.78 billion. As a group, equities analysts forecast that Wynn Resorts, Limited will post 5.17 earnings per share for the current year.

Wynn Resorts Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Monday, February 24th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.43%. The ex-dividend date of this dividend was Monday, February 24th. Wynn Resorts’s dividend payout ratio is 23.75%.

Insider Buying and Selling

In other news, major shareholder Tilman J. Fertitta bought 5,025 shares of the company’s stock in a transaction that occurred on Friday, March 21st. The shares were acquired at an average price of $80.99 per share, with a total value of $406,974.75. Following the transaction, the insider now owns 10,905,025 shares in the company, valued at $883,197,974.75. This represents a 0.05 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Philip G. Satre purchased 22,200 shares of Wynn Resorts stock in a transaction on Tuesday, February 18th. The shares were purchased at an average cost of $92.18 per share, with a total value of $2,046,396.00. Following the transaction, the director now owns 34,195 shares in the company, valued at approximately $3,152,095.10. The trade was a 185.08 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased a total of 38,700 shares of company stock worth $3,427,943 over the last ninety days. Company insiders own 0.52% of the company’s stock.

Institutional Investors Weigh In On Wynn Resorts

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Central Pacific Bank Trust Division grew its holdings in shares of Wynn Resorts by 1,100.0% in the 1st quarter. Central Pacific Bank Trust Division now owns 1,200 shares of the casino operator’s stock valued at $100,000 after acquiring an additional 1,100 shares in the last quarter. PKO Investment Management Joint Stock Co bought a new position in Wynn Resorts in the fourth quarter valued at approximately $948,000. Siemens Fonds Invest GmbH acquired a new position in shares of Wynn Resorts during the 4th quarter worth approximately $115,000. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Wynn Resorts during the 4th quarter worth approximately $1,361,000. Finally, Heck Capital Advisors LLC acquired a new stake in shares of Wynn Resorts in the 4th quarter valued at approximately $386,000. 88.64% of the stock is currently owned by institutional investors and hedge funds.

About Wynn Resorts

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.