Wynn Resorts (NASDAQ:WYNN) Reaches New 52-Week Low – Time to Sell?

Wynn Resorts, Limited (NASDAQ:WYNN)’s stock price reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $93.15 and last traded at $93.54, with a volume of 347189 shares. The stock had previously closed at $95.91.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on WYNN. Jefferies Financial Group reduced their price objective on shares of Wynn Resorts from $161.00 to $150.00 and set a “buy” rating for the company in a research note on Monday, April 6th. Morgan Stanley dropped their target price on shares of Wynn Resorts from $136.00 to $133.00 and set an “overweight” rating for the company in a report on Thursday, May 14th. JPMorgan Chase & Co. reduced their price target on shares of Wynn Resorts from $140.00 to $135.00 and set an “overweight” rating for the company in a research report on Friday, May 8th. Citigroup decreased their price target on Wynn Resorts from $145.00 to $132.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. Finally, Barclays dropped their price objective on Wynn Resorts from $143.00 to $139.00 and set an “overweight” rating for the company in a research note on Friday, May 8th. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $140.00.

Wynn Resorts Stock Down 1.0%

The company has a 50 day moving average of $102.00 and a 200 day moving average of $107.70. The stock has a market capitalization of $9.85 billion, a price-to-earnings ratio of 28.32, a price-to-earnings-growth ratio of 0.89 and a beta of 0.99.

Wynn Resorts (NASDAQ:WYNN) last posted its quarterly earnings results on Thursday, May 7th. The casino operator reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.18 by $0.07. The company had revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.82 billion. Wynn Resorts had a net margin of 5.14% and a negative return on equity of 42.03%. Wynn Resorts’s revenue was up 9.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.07 earnings per share. On average, research analysts forecast that Wynn Resorts, Limited will post 4.61 earnings per share for the current fiscal year.

Wynn Resorts Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Monday, May 18th were issued a $0.25 dividend. The ex-dividend date of this dividend was Monday, May 18th. This represents a $1.00 dividend on an annualized basis and a yield of 1.1%. Wynn Resorts’s dividend payout ratio is currently 29.85%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Wynn Resorts by 10.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,961 shares of the casino operator’s stock worth $665,000 after purchasing an additional 754 shares during the period. Woodline Partners LP boosted its holdings in shares of Wynn Resorts by 36.2% in the 1st quarter. Woodline Partners LP now owns 7,568 shares of the casino operator’s stock valued at $632,000 after buying an additional 2,012 shares during the period. Geneos Wealth Management Inc. grew its position in shares of Wynn Resorts by 69.0% during the 1st quarter. Geneos Wealth Management Inc. now owns 382 shares of the casino operator’s stock valued at $32,000 after buying an additional 156 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in Wynn Resorts by 13.8% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,659 shares of the casino operator’s stock worth $155,000 after acquiring an additional 201 shares during the period. Finally, Guggenheim Capital LLC lifted its holdings in Wynn Resorts by 9.5% in the second quarter. Guggenheim Capital LLC now owns 10,008 shares of the casino operator’s stock worth $937,000 after acquiring an additional 868 shares during the last quarter. 88.64% of the stock is owned by institutional investors and hedge funds.

Wynn Resorts Company Profile

Wynn Resorts, Limited (NASDAQ: WYNN) is a global developer and operator of luxury resorts and casinos, renowned for its premium hospitality offerings and integrated entertainment experiences. The company specializes in high-end hotel accommodations, gaming operations, fine dining restaurants, retail outlets, meeting and convention spaces, and live entertainment venues. Its properties are designed to cater to both leisure and business travelers seeking upscale environments and world-class service.

Founded in 2002 by hospitality entrepreneur Steve Wynn, the company opened its flagship property, Wynn Las Vegas, on the Las Vegas Strip in 2005, followed by Encore Las Vegas in 2008.