Quarry LP Grows Position in Wynn Resorts, Limited (NASDAQ:WYNN)

Quarry LP lifted its holdings in Wynn Resorts, Limited (NASDAQ:WYNN) by 247.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,034 shares of the casino operator’s stock after buying an additional 1,448 shares during the period. Quarry LP’s holdings in Wynn Resorts were worth $182,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. International Assets Investment Management LLC acquired a new stake in Wynn Resorts in the 2nd quarter valued at about $25,000. ICA Group Wealth Management LLC purchased a new stake in shares of Wynn Resorts in the fourth quarter valued at approximately $27,000. Register Financial Advisors LLC acquired a new stake in shares of Wynn Resorts in the first quarter valued at approximately $37,000. Neo Ivy Capital Management purchased a new position in Wynn Resorts during the fourth quarter worth approximately $40,000. Finally, Versant Capital Management Inc purchased a new position in Wynn Resorts during the second quarter worth approximately $51,000. 68.87% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on WYNN. UBS Group upgraded Wynn Resorts to a “hold” rating in a report on Friday, August 23rd. Macquarie restated an “outperform” rating and set a $126.00 price objective on shares of Wynn Resorts in a research report on Wednesday, August 7th. StockNews.com downgraded shares of Wynn Resorts from a “buy” rating to a “hold” rating in a research note on Tuesday, September 17th. Wells Fargo & Company dropped their price target on shares of Wynn Resorts from $126.00 to $115.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. Finally, Jefferies Financial Group reduced their price target on shares of Wynn Resorts from $111.00 to $96.00 and set a “hold” rating on the stock in a research report on Thursday, July 11th. Four investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $114.20.

Insiders Place Their Bets

In related 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 completion of the transaction, the director now directly owns 5,689 shares of the company’s stock, valued at $447,894.97. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.52% of the stock is owned by insiders.

Wynn Resorts Price Performance

Shares of NASDAQ:WYNN opened at $95.88 on Tuesday. Wynn Resorts, Limited has a 12 month low of $71.63 and a 12 month high of $110.38. The firm has a market capitalization of $10.75 billion, a P/E ratio of 13.13, a P/E/G ratio of 2.52 and a beta of 1.80. The company’s fifty day moving average price is $78.87 and its 200 day moving average price is $89.05.

Wynn Resorts (NASDAQ:WYNN) last posted its quarterly earnings data on Tuesday, August 6th. The casino operator reported $1.12 earnings per share for the quarter, missing the consensus estimate of $1.14 by ($0.02). The firm had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.74 billion. Wynn Resorts had a net margin of 12.22% and a negative return on equity of 53.84%. Wynn Resorts’s revenue was up 8.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.91 earnings per share. On average, sell-side analysts anticipate that Wynn Resorts, Limited will post 5.44 EPS for the current year.

Wynn Resorts Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 30th. Shareholders of record on Monday, August 19th were paid a $0.25 dividend. The ex-dividend date was Monday, August 19th. This represents a $1.00 annualized dividend and a yield of 1.04%. Wynn Resorts’s dividend payout ratio is currently 13.70%.

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.