Hodges Capital Management Inc. Sells 179,524 Shares of Wynn Resorts, Limited $WYNN

Key Points

• Hodges Capital Management Inc. reduced its stake in Wynn Resorts by 53.1%, selling 179,524 shares and now holding 158,610 shares, which constitutes about 1.3% of its portfolio.
• Multiple hedge funds, including Barrow Hanley Mewhinney & Strauss LLC and Regal Partners Ltd., increased their holdings in Wynn Resorts, reflecting overall institutional interest with 88.64% of the stock owned by institutional investors.
• Wynn Resorts missed earnings estimates with $1.09 earnings per share and reported revenue of $1.74 billion, while analysts project a consensus price target of $124.47.

Hodges Capital Management Inc. trimmed its holdings in Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) by 53.1% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 158,610 shares of the casino operator's stock after selling 179,524 shares during the quarter. Wynn Resorts accounts for about 1.3% of Hodges Capital Management Inc.'s holdings, making the stock its 17th biggest holding. Hodges Capital Management Inc. owned approximately 0.15% of Wynn Resorts worth $13,244,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in shares of Wynn Resorts by 18.4% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,125,668 shares of the casino operator's stock worth $269,308,000 after acquiring an additional 485,204 shares during the last quarter. Regal Partners Ltd lifted its holdings 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 acquiring an additional 192,873 shares during the last quarter. Raymond James Financial Inc. lifted its holdings in shares of Wynn Resorts by 12.7% in the 1st quarter. Raymond James Financial Inc. now owns 992,022 shares of the casino operator's stock worth $82,834,000 after acquiring an additional 111,428 shares during the last quarter. DAVENPORT & Co LLC bought a new stake in shares of Wynn Resorts in the 1st quarter worth approximately $49,476,000. Finally, Nuveen LLC bought a new stake in shares of Wynn Resorts in the 1st quarter worth approximately $41,731,000. 88.64% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

WYNN has been the subject of a number of recent research reports. Mizuho boosted their price objective 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. JPMorgan Chase & Co. started coverage on shares of Wynn Resorts in a report on Monday, June 23rd. They set an "overweight" rating and a $109.00 price target for the company. Citigroup reiterated a "neutral" rating and set a $114.00 price target (up from $108.00) on shares of Wynn Resorts in a report on Wednesday, July 9th. Argus upgraded shares of Wynn Resorts from a "hold" rating to a "buy" rating and set a $145.00 price target for the company in a report on Wednesday, September 3rd. Finally, Jefferies Financial Group upped their price target on shares of Wynn Resorts from $130.00 to $133.00 and gave the company a "buy" rating in a report on Monday, August 11th. Fourteen analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Wynn Resorts currently has an average rating of "Moderate Buy" and a consensus price target of $124.47.

Wynn Resorts Price Performance

NASDAQ:WYNN opened at $123.86 on Friday. The firm's 50-day moving average price is $113.33 and its 200-day moving average price is $95.16. The company has a market capitalization of $12.88 billion, a PE ratio of 37.20, a P/E/G ratio of 6.32 and a beta of 1.37. Wynn Resorts, Limited has a 1-year low of $65.25 and a 1-year high of $128.53.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last released its earnings results on Thursday, August 7th. The casino operator reported $1.09 earnings per share for the quarter, missing analysts' consensus estimates of $1.20 by ($0.11). The business had revenue of $1.74 billion during the quarter, compared to analysts' expectations of $1.74 billion. Wynn Resorts had a negative return on equity of 56.78% and a net margin of 5.51%.The firm's quarterly revenue was up .6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.12 earnings per share. Equities analysts anticipate that Wynn Resorts, Limited will post 5.17 EPS for the current fiscal year.

Wynn Resorts Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, August 29th. Stockholders of record on Monday, August 18th were given a $0.25 dividend. The ex-dividend date of this dividend was Monday, August 18th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 0.8%. Wynn Resorts's dividend payout ratio is currently 30.03%.

Insider Buying and Selling at Wynn Resorts

In other news, Director Patricia Mulroy sold 4,438 shares of the company's stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $125.00, for a total value of $554,750.00. Following the sale, the director directly owned 3,066 shares of the company's stock, valued at $383,250. This represents a 59.14% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.52% of the stock is owned by corporate insiders.

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.

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