ARGA Investment Management LP Reduces Holdings in Wynn Resorts, Limited (NASDAQ:WYNN)

ARGA Investment Management LP lowered its position in shares of Wynn Resorts, Limited (NASDAQ:WYNN) by 21.3% during the fourth quarter, Holdings Channel reports. The firm owned 17,850 shares of the casino operator’s stock after selling 4,825 shares during the quarter. ARGA Investment Management LP’s holdings in Wynn Resorts were worth $1,538,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in WYNN. Regal Partners Ltd lifted its stake in Wynn Resorts by 24.0% in the third quarter. Regal Partners Ltd now owns 898,705 shares of the casino operator’s stock valued at $86,168,000 after buying an additional 174,005 shares during the last quarter. Wellington Management Group LLP increased its holdings in shares of Wynn Resorts by 90.6% in the 3rd quarter. Wellington Management Group LLP now owns 115,707 shares of the casino operator’s stock valued at $11,094,000 after acquiring an additional 54,995 shares during the period. Empirical Asset Management LLC purchased a new stake in Wynn Resorts in the 4th quarter valued at $903,000. Crystal Rock Capital Management acquired a new stake in Wynn Resorts during the 3rd quarter worth $719,000. Finally, Sumitomo Mitsui Trust Group Inc. grew its position in Wynn Resorts by 4.3% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 188,753 shares of the casino operator’s stock worth $18,098,000 after purchasing an additional 7,850 shares during the last quarter. 88.64% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Wells Fargo & Company reduced their target price on shares of Wynn Resorts from $125.00 to $122.00 and set an “overweight” rating for the company in a report on Tuesday, November 5th. JPMorgan Chase & Co. increased their price objective on Wynn Resorts from $101.00 to $113.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 5th. Morgan Stanley lifted their target price on Wynn Resorts from $112.00 to $115.00 and gave the company an “overweight” rating in a research note on Tuesday, October 22nd. Susquehanna increased their price target on Wynn Resorts from $92.00 to $122.00 and gave the stock a “positive” rating in a report on Friday, October 11th. Finally, Barclays dropped their price objective on shares of Wynn Resorts from $125.00 to $119.00 and set an “overweight” rating on the stock in a research note on Tuesday, November 5th. Three equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $117.23.

Wynn Resorts Stock Down 0.4 %

Shares of NASDAQ WYNN opened at $83.19 on Wednesday. The stock has a market capitalization of $9.14 billion, a price-to-earnings ratio of 10.26, a price-to-earnings-growth ratio of 2.50 and a beta of 1.76. Wynn Resorts, Limited has a 52 week low of $71.63 and a 52 week high of $110.38. The firm has a 50-day moving average price of $87.75 and a 200 day moving average price of $86.97.

Wynn Resorts (NASDAQ:WYNN) last posted its quarterly earnings results on Monday, November 4th. The casino operator reported $0.90 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.01 by ($0.11). The company had revenue of $1.69 billion for the quarter, compared to analyst estimates of $1.73 billion. Wynn Resorts had a net margin of 13.37% and a negative return on equity of 61.16%. Wynn Resorts’s revenue was up 1.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.99 earnings per share. Equities research analysts expect that Wynn Resorts, Limited will post 4.69 EPS for the current fiscal year.

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.