Steelhead Partners Lowers stake in Wynn Resorts Limited (WYNN)

Wynn Resorts Limited (WYNN) : Steelhead Partners reduced its stake in Wynn Resorts Limited by 61.27% during the most recent quarter end. The investment management company now holds a total of 3,400 shares of Wynn Resorts Limited which is valued at $287,334 after selling 5,379 shares in Wynn Resorts Limited , the firm said in a disclosure report filed with the SEC on Nov 14, 2016.Wynn Resorts Limited makes up approximately 0.46% of Steelhead Partners’s portfolio.

Other Hedge Funds, Including , Oppenheimerfunds reduced its stake in WYNN by selling 256 shares or 6.54% in the most recent quarter. The Hedge Fund company now holds 3,661 shares of WYNN which is valued at $309,391.Alps Advisors Inc boosted its stake in WYNN in the latest quarter, The investment management firm added 52,082 additional shares and now holds a total of 314,290 shares of Wynn Resorts Limited which is valued at $30,335,271. Wynn Resorts Limited makes up approx 0.27% of Alps Advisors Inc’s portfolio.Columbia Asset Management reduced its stake in WYNN by selling 1,507 shares or 15.95% in the most recent quarter. The Hedge Fund company now holds 7,943 shares of WYNN which is valued at $766,658. Wynn Resorts Limited makes up approx 0.01% of Columbia Asset Management’s portfolio.Arizona State Retirement System reduced its stake in WYNN by selling 400 shares or 2.0% in the most recent quarter. The Hedge Fund company now holds 19,555 shares of WYNN which is valued at $1,887,449. Wynn Resorts Limited makes up approx 0.03% of Arizona State Retirement System’s portfolio.

Wynn Resorts Limited opened for trading at $91.23 and hit $94 on the upside on Monday, eventually ending the session at $92.35, with a gain of 2.11% or 1.91 points. The heightened volatility saw the trading volume jump to 32,24,745 shares. Company has a market cap of $9,396 M.

On the company’s financial health, Wynn Resorts Limited reported $0.75 EPS for the quarter, missing the analyst consensus estimate by $ -0.09 based on the information available during the earnings call on Nov 2, 2016. Analyst had a consensus of $0.84. The company had revenue of $1109.80 million for the quarter, compared to analysts expectations of $1124.24 million. The company’s revenue was up 11.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.86 EPS.

Many Wall Street Analysts have commented on Wynn Resorts Limited. Shares were Reiterated by Telsey Advisory Group on Nov 3, 2016 to “Outperform” and Lowered the Price Target to $ 105 from a previous price target of $115 .Shares were Reiterated by Stifel on Nov 3, 2016 to “Hold” and Lowered the Price Target to $ 103 from a previous price target of $106 .

Wynn Resorts Limited is a developer owner and operator of destination casino resorts which integrate accommodations and amenities including fine dining premium retail offerings distinctive entertainment and convention facilities. The Company owns 72% of Wynn Macau Limited which operates an integrated resort in the Macau Special Administrative Region of the People’s Republic of China (Macau). Wynn Resorts also owns 100% of and operates an integrated resort in Las Vegas Nevada. The company operates through two segments: Macau Operations which includes Wynn Macau and Encore at Wynn Maca and Las Vegas Operations which includes Wynn Las Vegas and Encore at Wynn Las Vegas. Its Macau Operations features approximately 284000 square feet of casino space with 498 table games and 625 slot machines two hotel towers and others. Its Las Vegas Operations features approximately 186000 square feet of casino space with 232 table games 1849 slot machines two hotel towers and others.

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