Sanders Morris Harris LLC Acquires New Shares in Wynn Resorts, Limited $WYNN

Key Points

• Sanders Morris Harris LLC has acquired 25,520 shares of Wynn Resorts, valued at approximately $2.39 million, making it the firm's 20th largest position.
• Wynn Resorts recently reported earnings of $1.09 per share, missing the consensus estimate by $0.11, while also declaring a quarterly dividend of $0.25 per share.
• Institutional investors hold approximately 88.64% of Wynn Resorts' shares, with several firms increasing their stakes significantly in the past quarters.

Sanders Morris Harris LLC bought a new stake in Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 25,520 shares of the casino operator's stock, valued at approximately $2,390,000. Wynn Resorts accounts for about 0.6% of Sanders Morris Harris LLC's holdings, making the stock its 20th biggest position.

Several other institutional investors also recently modified their holdings of WYNN. GAMMA Investing LLC raised its position in shares of Wynn Resorts by 10.6% in the 1st quarter. GAMMA Investing LLC now owns 3,191 shares of the casino operator's stock valued at $266,000 after acquiring an additional 306 shares during the period. Janney Montgomery Scott LLC increased its stake in Wynn Resorts by 404.8% in the first quarter. Janney Montgomery Scott LLC now owns 47,566 shares of the casino operator's stock valued at $3,972,000 after purchasing an additional 38,144 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in Wynn Resorts by 21.1% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 23,738 shares of the casino operator's stock worth $1,982,000 after purchasing an additional 4,134 shares during the period. Oppenheimer & Co. Inc. bought a new position in shares of Wynn Resorts during the first quarter worth $1,690,000. Finally, Asset Management One Co. Ltd. grew its holdings in shares of Wynn Resorts by 11.1% in the 1st quarter. Asset Management One Co. Ltd. now owns 40,324 shares of the casino operator's stock valued at $3,367,000 after buying an additional 4,015 shares during the period. 88.64% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Wynn Resorts news, Director Patricia Mulroy sold 4,438 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $125.00, for a total value of $554,750.00. Following the completion of the transaction, the director directly owned 3,066 shares in the company, valued at $383,250. This trade represents a 59.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.52% of the stock is currently owned by corporate insiders.

Wynn Resorts Stock Up 3.5%

Shares of WYNN stock opened at $121.94 on Tuesday. Wynn Resorts, Limited has a 12 month low of $65.25 and a 12 month high of $134.23. The company's fifty day simple moving average is $121.50 and its 200-day simple moving average is $102.60. The firm has a market cap of $12.68 billion, a PE ratio of 36.62, a P/E/G ratio of 6.09 and a beta of 1.31.

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

Wynn Resorts Announces Dividend

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

Analyst Ratings Changes

Several brokerages recently commented on WYNN. Barclays raised their price objective on Wynn Resorts from $101.00 to $127.00 and gave the stock an "overweight" rating in a research note on Friday, July 18th. Morgan Stanley lifted their price objective on Wynn Resorts from $113.00 to $128.00 and gave the company an "overweight" rating in a report on Thursday, September 11th. UBS Group upgraded Wynn Resorts from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $101.00 to $147.00 in a research report on Thursday, August 28th. Citigroup restated a "neutral" rating and set a $114.00 target price (up from $108.00) on shares of Wynn Resorts in a report on Wednesday, July 9th. Finally, JPMorgan Chase & Co. upped their price target on shares of Wynn Resorts from $123.00 to $136.00 and gave the company an "overweight" rating in a report on Thursday, October 16th. Thirteen equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $129.64.

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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