Wynn Director Purchases $1.7 million In Shares

Las Vegas, NV (AHN) - Director John Moran of Wynn Resorts purchased 20,000 shares of stock on June 26, according to a Securities and Exchange Commission filing on Friday. The total cost was $1.7 million, roughly $84.80 a share.

The purchase represented the largest buy in five years, according to Thomson Reuters.

Year-to-date Wynn stock is down 29.3 percent as the gaming sector has been affected by a weakening economy, causing less travel to Las Vegas.

With Wynn shares near a 52-week low, Moran may see them as a value. According to Thomson Reuters, historically Wynn shares have an average gain of 80.4 percent in the six months following his last four stock purchases.

Analysts surveyed by Thomson Reuters on average rated the company a Buy, setting a 12-month price target of $116.

Wynn Resorts operates luxury casinos in Las Vegas and Macau.