American Assets Investment Management LLC Sells 9,924 Shares of Wynn Resorts, Limited (NASDAQ:WYNN)

Key Points

• American Assets Investment Management LLC has reduced its holdings in Wynn Resorts by 33.2%, selling 9,924 shares during the first quarter, leaving it with 20,000 shares valued at approximately $1.67 million.
• Wynn Resorts reported $1.07 earnings per share for its latest quarter, missing analysts' expectations of $1.24, with revenue also falling short at $1.70 billion.
• Despite recent struggles, analysts maintain a generally positive outlook, with a consensus rating of "Moderate Buy" and a target price around $114.71 for the stock.

American Assets Investment Management LLC trimmed its holdings in Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) by 33.2% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 20,000 shares of the casino operator's stock after selling 9,924 shares during the quarter. American Assets Investment Management LLC's holdings in Wynn Resorts were worth $1,670,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in WYNN. BOKF NA raised its holdings in shares of Wynn Resorts by 3.9% during the 4th quarter. BOKF NA now owns 3,557 shares of the casino operator's stock worth $289,000 after acquiring an additional 132 shares in the last quarter. Teachers Retirement System of The State of Kentucky raised its holdings in Wynn Resorts by 1.9% during the 1st quarter. Teachers Retirement System of The State of Kentucky now owns 7,057 shares of the casino operator's stock valued at $589,000 after buying an additional 132 shares during the period. Snowden Capital Advisors LLC raised its holdings in Wynn Resorts by 5.6% during the 4th quarter. Snowden Capital Advisors LLC now owns 2,589 shares of the casino operator's stock valued at $223,000 after buying an additional 138 shares during the period. Navalign LLC raised its holdings in Wynn Resorts by 1.8% during the 1st quarter. Navalign LLC now owns 8,252 shares of the casino operator's stock valued at $689,000 after buying an additional 144 shares during the period. Finally, Grassi Investment Management raised its holdings in Wynn Resorts by 4.2% during the 1st quarter. Grassi Investment Management now owns 3,690 shares of the casino operator's stock valued at $308,000 after buying an additional 150 shares during the period. 88.64% of the stock is currently owned by institutional investors.

Wynn Resorts Trading Down 0.8%

Shares of WYNN stock opened at $107.05 on Tuesday. The stock has a 50 day moving average of $98.52 and a 200 day moving average of $89.15. The stock has a market cap of $11.19 billion, a P/E ratio of 29.74, a P/E/G ratio of 2.98 and a beta of 1.41. Wynn Resorts, Limited has a twelve month low of $65.25 and a twelve month high of $112.36.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The casino operator reported $1.07 earnings per share for the quarter, missing the consensus estimate of $1.24 by ($0.17). The company had revenue of $1.70 billion for the quarter, compared to analysts' expectations of $1.74 billion. Wynn Resorts had a net margin of 6.17% and a negative return on equity of 62.13%. The firm's revenue was down 8.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.59 earnings per share. On average, research analysts predict that Wynn Resorts, Limited will post 5.17 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Patricia Mulroy sold 2,262 shares of Wynn Resorts stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $92.12, for a total transaction of $208,375.44. Following the completion of the transaction, the director directly owned 3,066 shares in the company, valued at approximately $282,439.92. This trade represents a 42.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.52% of the company's stock.

Wall Street Analysts Forecast Growth

WYNN has been the topic of several research analyst reports. Citigroup reaffirmed a "neutral" rating and issued a $114.00 price objective (up previously from $108.00) on shares of Wynn Resorts in a research report on Wednesday, July 9th. Stifel Nicolaus set a $113.00 price objective on Wynn Resorts in a research report on Wednesday, May 7th. Bank of America raised Wynn Resorts from a "neutral" rating to a "buy" rating and set a $100.00 price objective on the stock in a research report on Wednesday, May 7th. JPMorgan Chase & Co. began coverage on Wynn Resorts in a research report on Monday, June 23rd. They set an "overweight" rating and a $109.00 price target on the stock. Finally, The Goldman Sachs Group began coverage on Wynn Resorts in a research report on Monday, July 7th. They set a "buy" rating and a $122.00 price target on the stock. Four investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $114.71.

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.

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