Wynn Resorts, Limited $WYNN Holdings Decreased by Grassi Investment Management

Grassi Investment Management trimmed its stake in shares of Wynn Resorts, Limited (NASDAQ:WYNN) by 12.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,240 shares of the casino operator’s stock after selling 450 shares during the quarter. Grassi Investment Management’s holdings in Wynn Resorts were worth $303,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. DAVENPORT & Co LLC bought a new stake in Wynn Resorts during the first quarter worth approximately $49,476,000. Nuveen LLC bought a new stake in shares of Wynn Resorts in the 1st quarter worth $41,731,000. Assenagon Asset Management S.A. raised its stake in shares of Wynn Resorts by 758.8% in the 1st quarter. Assenagon Asset Management S.A. now owns 386,721 shares of the casino operator’s stock worth $32,291,000 after buying an additional 341,688 shares in the last quarter. Regal Partners Ltd raised its stake in shares of Wynn Resorts by 21.5% in the 1st quarter. Regal Partners Ltd now owns 1,091,578 shares of the casino operator’s stock worth $91,147,000 after buying an additional 192,873 shares in the last quarter. Finally, Goodman Financial Corp bought a new stake in shares of Wynn Resorts in the 1st quarter worth $13,357,000. 88.64% of the stock is currently owned by institutional investors.

Wynn Resorts Price Performance

Shares of WYNN stock opened at $123.66 on Friday. Wynn Resorts, Limited has a fifty-two week low of $65.25 and a fifty-two week high of $134.23. The stock’s 50-day moving average is $119.03 and its two-hundred day moving average is $99.47. The firm has a market cap of $12.86 billion, a P/E ratio of 37.14, a PEG ratio of 6.68 and a beta of 1.31.

Wynn Resorts (NASDAQ:WYNN) last issued its earnings results on Thursday, August 7th. The casino operator reported $1.09 earnings per share for the quarter, missing the consensus estimate of $1.20 by ($0.11). Wynn Resorts had a negative return on equity of 56.78% and a net margin of 5.51%.The firm had revenue of $1.74 billion during the quarter, compared to analyst estimates of $1.74 billion. During the same period in the previous year, the company earned $1.12 earnings per share. The business’s revenue for the quarter was up .6% on a year-over-year basis. As a group, research analysts expect that Wynn Resorts, Limited will post 5.17 EPS for the current year.

Wynn Resorts Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Monday, August 18th were paid a dividend of $0.25 per share. The ex-dividend date was Monday, August 18th. This represents a $1.00 annualized dividend and a dividend yield of 0.8%. Wynn Resorts’s dividend payout ratio is 30.03%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on WYNN shares. Macquarie boosted their price target on shares of Wynn Resorts from $110.00 to $124.00 and gave the stock an “outperform” rating in a research report on Friday, August 8th. JPMorgan Chase & Co. began coverage on shares of Wynn Resorts in a research report on Monday, June 23rd. They issued an “overweight” rating and a $109.00 price target on the stock. Barclays boosted their target price on shares of Wynn Resorts from $101.00 to $127.00 and gave the stock an “overweight” rating in a report on Friday, July 18th. Mizuho boosted their target price on shares of Wynn Resorts from $122.00 to $126.00 and gave the stock an “outperform” rating in a report on Monday, August 11th. Finally, UBS Group raised Wynn Resorts from a “neutral” rating to a “buy” rating and upped their price target for the company from $101.00 to $147.00 in a report on Thursday, August 28th. Fourteen equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $127.33.

Insider Activity at Wynn Resorts

In other news, Director Patricia Mulroy sold 4,438 shares of the stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $125.00, for a total transaction of $554,750.00. Following the transaction, the director owned 3,066 shares in the company, valued at $383,250. This represents a 59.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.52% of the stock is currently owned by company insiders.

Wynn Resorts 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.