Red Rock Resorts (NASDAQ:RRR) PT Raised to $64.00

Red Rock Resorts (NASDAQ:RRR) had its target price boosted by Truist Financial from $60.00 to $64.00 in a research note released on Thursday morning, Benzinga reports. The firm currently has a hold rating on the stock.

RRR has been the subject of several other reports. Mizuho dropped their target price on Red Rock Resorts from $69.00 to $66.00 and set a buy rating for the company in a research report on Wednesday, May 8th. Bank of America upgraded Red Rock Resorts from an underperform rating to a neutral rating and decreased their target price for the company from $57.00 to $55.00 in a report on Monday, May 13th. Barclays reduced their price target on Red Rock Resorts from $64.00 to $63.00 and set an overweight rating on the stock in a research report on Wednesday, May 8th. Wells Fargo & Company lowered their price objective on Red Rock Resorts from $66.00 to $63.00 and set an overweight rating for the company in a research report on Wednesday, May 8th. Finally, Stifel Nicolaus reduced their target price on shares of Red Rock Resorts from $61.00 to $59.00 and set a hold rating on the stock in a report on Wednesday, May 8th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Red Rock Resorts currently has a consensus rating of Moderate Buy and an average price target of $62.00.

Red Rock Resorts Trading Up 0.3 %

Shares of RRR opened at $58.99 on Thursday. Red Rock Resorts has a 52-week low of $37.82 and a 52-week high of $63.28. The stock has a market cap of $6.23 billion, a PE ratio of 20.48, a price-to-earnings-growth ratio of 2.81 and a beta of 2.04. The firm’s fifty day moving average is $53.02 and its two-hundred day moving average is $55.09. The company has a quick ratio of 0.85, a current ratio of 0.90 and a debt-to-equity ratio of 18.49.

Red Rock Resorts (NASDAQ:RRR) last released its quarterly earnings data on Tuesday, May 7th. The company reported $0.68 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.18. The company had revenue of $488.90 million during the quarter, compared to the consensus estimate of $490.49 million. Red Rock Resorts had a net margin of 9.79% and a return on equity of 98.44%. Red Rock Resorts’s quarterly revenue was up 12.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.75 EPS. Research analysts forecast that Red Rock Resorts will post 1.83 earnings per share for the current fiscal year.

Red Rock Resorts Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $1.00 annualized dividend and a yield of 1.70%. Red Rock Resorts’s dividend payout ratio is presently 34.72%.

Insider Activity

In related news, CEO Frank J. Fertitta III sold 800,000 shares of Red Rock Resorts stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $50.39, for a total transaction of $40,312,000.00. Following the completion of the transaction, the chief executive officer now directly owns 45,847,301 shares in the company, valued at approximately $2,310,245,497.39. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 53.28% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of RRR. Vaughan Nelson Investment Management L.P. lifted its holdings in Red Rock Resorts by 26.7% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,196,195 shares of the company’s stock worth $65,706,000 after buying an additional 251,855 shares in the last quarter. OFI Invest Asset Management purchased a new stake in Red Rock Resorts during the 2nd quarter worth approximately $2,358,000. Sequoia Financial Advisors LLC raised its position in shares of Red Rock Resorts by 3.8% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 8,042 shares of the company’s stock valued at $442,000 after purchasing an additional 292 shares in the last quarter. Comerica Bank grew its position in shares of Red Rock Resorts by 5.9% during the first quarter. Comerica Bank now owns 267,056 shares of the company’s stock worth $15,975,000 after buying an additional 14,959 shares in the last quarter. Finally, EJF Capital LLC increased its stake in shares of Red Rock Resorts by 19.4% in the first quarter. EJF Capital LLC now owns 23,255 shares of the company’s stock worth $1,391,000 after buying an additional 3,777 shares during the last quarter. 47.84% of the stock is currently owned by hedge funds and other institutional investors.

About Red Rock Resorts

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.