Wynn Resorts (NASDAQ:WYNN) Shares Down 5.9% on Disappointing Earnings

Wynn Resorts, Limited (NASDAQ:WYNN) shares fell 5.9% during trading on Tuesday after the company announced weaker than expected quarterly earnings. The company traded as low as $88.96 and last traded at $90.02. 721,479 shares were traded during 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 the consensus estimate of $1.01 by ($0.11). The company had revenue of $1.69 billion during the quarter, compared to analyst estimates of $1.73 billion. Wynn Resorts had a negative return on equity of 62.44% and a net margin of 13.37%. Wynn Resorts’s quarterly revenue was up 1.3% on a year-over-year basis. During the same period in the prior year, the business earned $0.99 earnings per share.

Wynn Resorts Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 27th. Investors of record on Friday, November 15th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.17%. The ex-dividend date is Friday, November 15th. Wynn Resorts’s dividend payout ratio (DPR) is 12.33%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Morgan Stanley increased their target price on shares of Wynn Resorts from $112.00 to $115.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Wynn Resorts from $122.00 to $118.00 and set a “buy” rating on the stock in a research report on Tuesday. Susquehanna raised their price objective on shares of Wynn Resorts from $92.00 to $122.00 and gave the company a “positive” rating in a research report on Friday, October 11th. Macquarie restated an “outperform” rating and set a $120.00 target price on shares of Wynn Resorts in a report on Tuesday. Finally, Barclays decreased their target price on Wynn Resorts from $125.00 to $119.00 and set an “overweight” rating on the stock in a report on Tuesday. Four analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $115.71.

Insiders Place Their Bets

In related news, Director Patricia Mulroy sold 2,650 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $78.73, for a total transaction of $208,634.50. Following the completion of the sale, the director now directly owns 5,689 shares of the company’s stock, valued at approximately $447,894.97. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.52% of the company’s stock.

Institutional Trading of Wynn Resorts

Several hedge funds and other institutional investors have recently bought and sold shares of WYNN. Interval Partners LP boosted its holdings in Wynn Resorts by 999.0% during the first quarter. Interval Partners LP now owns 400,911 shares of the casino operator’s stock valued at $40,985,000 after purchasing an additional 364,432 shares in the last quarter. Renaissance Technologies LLC grew its position in Wynn Resorts by 29.1% in the second 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 during the period. Sequoia Financial Advisors LLC grew its position in Wynn Resorts by 6,720.4% in the second quarter. Sequoia Financial Advisors LLC now owns 257,537 shares of the casino operator’s stock valued at $23,050,000 after acquiring an additional 253,761 shares during the period. Janus Henderson Group PLC raised its stake in Wynn Resorts by 22.2% during the first quarter. Janus Henderson Group PLC now owns 1,125,718 shares of the casino operator’s stock worth $115,082,000 after acquiring an additional 204,852 shares in the last quarter. Finally, Regal Partners Ltd lifted its holdings in shares of Wynn Resorts by 24.0% during the third quarter. Regal Partners Ltd now owns 898,705 shares of the casino operator’s stock valued at $86,168,000 after acquiring an additional 174,005 shares during the period. 68.87% of the stock is currently owned by institutional investors and hedge funds.

Wynn Resorts Stock Performance

The company’s 50 day moving average price is $90.38 and its 200 day moving average price is $88.69. The company has a market cap of $9.47 billion, a price-to-earnings ratio of 10.54, a P/E/G ratio of 2.48 and a beta of 1.80.

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.