Wynn Resorts Sees Unusually High Options Volume (NASDAQ:WYNN)

Key Points

• Wynn Resorts saw a significant spike in call option trading, with 85,148 call options bought, marking a 579% increase from the average daily volume.
• Director Patricia Mulroy sold 2,262 shares of Wynn Resorts at an average price of $92.12, decreasing their ownership by 42.45%.
• Multiple research firms have raised their price targets for Wynn Resorts, with Jefferies Financial Group increasing their target from $130.00 to $133.00 and maintaining a "buy" rating.

Wynn Resorts, Limited (NASDAQ:WYNN - Get Free Report) saw unusually large options trading activity on Monday. Stock traders acquired 85,148 call options on the company. Thisisanincreaseofapproximately579% compared to the typical daily volume of 12,547 call options.

Wynn Resorts Trading Down 1.9%

Shares of Wynn Resorts stock traded down $2.16 during mid-day trading on Wednesday, hitting $110.34. 312,147 shares of the stock were exchanged, compared to its average volume of 2,462,139. The company has a 50-day simple moving average of $100.72 and a 200 day simple moving average of $90.08. The stock has a market capitalization of $11.47 billion, a price-to-earnings ratio of 33.13, a price-to-earnings-growth ratio of 2.99 and a beta of 1.41. Wynn Resorts has a twelve month low of $65.25 and a twelve month high of $112.57.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last released its earnings results on Thursday, August 7th. The casino operator reported $1.09 EPS for the quarter, missing the consensus estimate of $1.20 by ($0.11). The firm 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 revenue was up .6% on a year-over-year basis. During the same period in the previous year, the firm posted $1.12 earnings per share. Equities research analysts forecast that Wynn Resorts will post 5.17 earnings per share for the current fiscal year.

Wynn Resorts Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Monday, August 18th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 0.9%. The ex-dividend date is Monday, August 18th. Wynn Resorts's dividend payout ratio is presently 30.03%.

Insiders Place Their Bets

In other Wynn Resorts news, Director Patricia Mulroy sold 2,262 shares of the company's stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $92.12, for a total value of $208,375.44. Following the completion of the transaction, the director owned 3,066 shares in the company, valued at $282,439.92. This represents a 42.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.52% of the company's stock.

Hedge Funds Weigh In On Wynn Resorts

Large investors have recently added to or reduced their stakes in the business. Dagco Inc. purchased a new stake in Wynn Resorts in the 1st quarter valued at about $25,000. AlphaQuest LLC acquired a new stake in shares of Wynn Resorts in the first quarter worth approximately $25,000. Global X Japan Co. Ltd. grew its holdings in Wynn Resorts by 120.7% in the first quarter. Global X Japan Co. Ltd. now owns 320 shares of the casino operator's stock valued at $27,000 after purchasing an additional 175 shares during the period. Manchester Capital Management LLC grew its holdings in Wynn Resorts by 1,500.0% in the second quarter. Manchester Capital Management LLC now owns 320 shares of the casino operator's stock valued at $30,000 after purchasing an additional 300 shares during the period. Finally, MTM Investment Management LLC acquired a new position in Wynn Resorts during the second quarter worth approximately $31,000. 88.64% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

WYNN has been the subject of several analyst reports. Citigroup reaffirmed a "neutral" rating and set a $114.00 price objective (up from $108.00) on shares of Wynn Resorts in a research note on Wednesday, July 9th. Stifel Nicolaus increased their price target on Wynn Resorts from $113.00 to $130.00 and gave the stock a "buy" rating in a report on Friday, August 8th. UBS Group reissued a "neutral" rating and issued a $101.00 price objective (up from $83.00) on shares of Wynn Resorts in a research note on Tuesday, July 8th. Mizuho upped their price objective on shares of Wynn Resorts from $122.00 to $126.00 and gave the stock an "outperform" rating in a research report on Monday. Finally, The Goldman Sachs Group assumed coverage on shares of Wynn Resorts in a report on Monday, July 7th. They issued a "buy" rating and a $122.00 target price 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 MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $118.64.

About Wynn Resorts

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.