Wynn Resorts, Limited (NASDAQ:WYNN) Short Interest Up 44.8% in August

Key Points

• Short interest in Wynn Resorts increased by 44.8% in August, reaching a total of 6,850,000 shares, which represents approximately 8.6% of the company's stock being sold short.
• Several analysts have raised their price targets for Wynn Resorts, with Jefferies increasing their target from $130 to $133, suggesting positive market sentiment surrounding the stock.
• Wynn Resorts recently announced a quarterly dividend of $0.25 per share, which provides an annualized yield of 0.8%, highlighting the company's ongoing commitment to returning value to shareholders.

Wynn Resorts, Limited (NASDAQ:WYNN - Get Free Report) saw a large growth in short interest in the month of August. As of August 15th, there was short interest totaling 6,850,000 shares, agrowthof44.8% from the July 31st total of 4,730,000 shares. Based on an average trading volume of 2,110,000 shares, the short-interest ratio is presently 3.2 days. Approximately8.6% of the company's stock are sold short. Approximately8.6% of the company's stock are sold short. Based on an average trading volume of 2,110,000 shares, the short-interest ratio is presently 3.2 days.

Insider Activity

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Norges Bank bought a new stake in shares of Wynn Resorts during the 2nd quarter valued at $106,289,000. Palidye Holdings Caymans Ltd bought a new position in Wynn Resorts in the 2nd quarter worth about $104,629,000. Thrivent Financial for Lutherans boosted its stake in Wynn Resorts by 6,391.3% in the 2nd quarter. Thrivent Financial for Lutherans now owns 748,769 shares of the casino operator's stock worth $70,138,000 after purchasing an additional 737,234 shares in the last quarter. DAVENPORT & Co LLC bought a new position in Wynn Resorts in the 1st quarter worth about $49,476,000. Finally, Greenwich Wealth Management LLC bought a new position in Wynn Resorts in the 2nd quarter worth about $46,845,000. 88.64% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Jefferies Financial Group increased their target price 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. JPMorgan Chase & Co. assumed coverage on shares of Wynn Resorts in a research report on Monday, June 23rd. They set an "overweight" rating and a $109.00 price target for the company. Mizuho increased their price target on shares of Wynn Resorts from $122.00 to $126.00 and gave the company an "outperform" rating in a research report on Monday, August 11th. Citigroup restated a "neutral" rating and set a $114.00 price target (up previously from $108.00) on shares of Wynn Resorts in a research report on Wednesday, July 9th. Finally, Stifel Nicolaus increased their price target on shares of Wynn Resorts from $113.00 to $130.00 and gave the company a "buy" rating in a research report on Friday, August 8th. Fourteen investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Wynn Resorts currently has a consensus rating of "Moderate Buy" and a consensus price target of $123.47.

Wynn Resorts Stock Down 1.6%

WYNN opened at $120.90 on Friday. The company has a market capitalization of $12.57 billion, a price-to-earnings ratio of 36.31, a PEG ratio of 6.22 and a beta of 1.37. The firm has a 50-day moving average price of $111.62 and a 200-day moving average price of $94.32. Wynn Resorts has a twelve month low of $65.25 and a twelve month high of $128.53.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The casino operator reported $1.09 EPS for the quarter, missing analysts' consensus estimates 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 firm had revenue of $1.74 billion during the quarter, compared to the consensus estimate of $1.74 billion. During the same quarter last year, the business posted $1.12 earnings per share. Wynn Resorts's revenue was up .6% compared to the same quarter last year. On average, sell-side analysts expect that Wynn Resorts will post 5.17 earnings per share for the current fiscal year.

Wynn Resorts Dividend Announcement

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

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.

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