JMP Securities Raises Red Rock Resorts (NASDAQ:RRR) Price Target to $66.00

Red Rock Resorts (NASDAQ:RRR) had its target price raised by JMP Securities from $61.00 to $66.00 in a research report released on Friday morning, Benzinga reports. The brokerage currently has a market outperform rating on the stock.

Several other analysts have also weighed in on the company. Bank of America raised their price objective on Red Rock Resorts from $52.00 to $57.00 and gave the company a buy rating in a research note on Monday, April 8th. Stifel Nicolaus increased their target price on Red Rock Resorts from $47.00 to $54.00 and gave the company a hold rating in a research report on Thursday, December 21st. Macquarie upgraded Red Rock Resorts from a neutral rating to an outperform rating and increased their target price for the company from $51.00 to $58.00 in a research report on Wednesday, January 17th. Susquehanna increased their target price on Red Rock Resorts from $52.00 to $66.00 and gave the company a positive rating in a research report on Thursday, February 8th. Finally, Barclays increased their target price on Red Rock Resorts from $60.00 to $62.00 and gave the company an overweight rating in a research report on Thursday, February 8th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Red Rock Resorts presently has a consensus rating of Moderate Buy and an average price target of $61.25.

Red Rock Resorts Stock Performance

NASDAQ:RRR opened at $57.39 on Friday. The stock’s 50-day simple moving average is $58.30 and its 200 day simple moving average is $51.13. The firm has a market capitalization of $6.04 billion, a PE ratio of 19.45, a price-to-earnings-growth ratio of 2.98 and a beta of 2.06. The company has a quick ratio of 0.76, a current ratio of 0.81 and a debt-to-equity ratio of 13.54. Red Rock Resorts has a twelve month low of $37.82 and a twelve month high of $63.28.

Red Rock Resorts (NASDAQ:RRR) last released its quarterly earnings data on Wednesday, February 7th. The company reported $0.95 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.55. The business had revenue of $462.71 million for the quarter, compared to analyst estimates of $440.75 million. Red Rock Resorts had a return on equity of 114.32% and a net margin of 10.21%. Red Rock Resorts’s revenue was up 8.8% compared to the same quarter last year. During the same period last year, the firm posted $1.00 earnings per share. On average, analysts anticipate that Red Rock Resorts will post 1.93 EPS for the current fiscal year.

Red Rock Resorts Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were given a dividend of $0.25 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.00 annualized dividend and a dividend yield of 1.74%. Red Rock Resorts’s payout ratio is 33.90%.

Insider Activity at Red Rock Resorts

In related news, CFO Stephen Lawrence Cootey sold 7,520 shares of Red Rock Resorts stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $57.74, for a total transaction of $434,204.80. Following the transaction, the chief financial officer now owns 243,808 shares of the company’s stock, valued at $14,077,473.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 54.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Bamco Inc. NY lifted its holdings in Red Rock Resorts by 10.8% during the third quarter. Bamco Inc. NY now owns 9,856,963 shares of the company’s stock worth $404,135,000 after acquiring an additional 962,841 shares during the period. FMR LLC lifted its holdings in Red Rock Resorts by 46.4% during the third quarter. FMR LLC now owns 5,249,335 shares of the company’s stock worth $215,223,000 after acquiring an additional 1,663,839 shares during the period. Diamond Hill Capital Management Inc. lifted its holdings in Red Rock Resorts by 1.9% during the third quarter. Diamond Hill Capital Management Inc. now owns 4,827,336 shares of the company’s stock worth $197,921,000 after acquiring an additional 91,798 shares during the period. Eminence Capital LP raised its stake in shares of Red Rock Resorts by 21.1% in the fourth quarter. Eminence Capital LP now owns 2,373,556 shares of the company’s stock valued at $126,582,000 after buying an additional 413,871 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Red Rock Resorts by 2.0% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 1,493,068 shares of the company’s stock valued at $49,809,000 after purchasing an additional 28,665 shares during the period. Hedge funds and other institutional investors own 47.84% of the company’s stock.

Red Rock Resorts Company Profile

Red Rock Resorts, Inc, through its interest in Station Casinos LLC, develops and operates casino and entertainment properties in the United States. The company owns and operates gaming and entertainment facilities, including Durango Casino & Resort and smaller casinos in the Las Vegas regional market.