Truist Financial Cuts Red Rock Resorts (NASDAQ:RRR) Price Target to $70.00

Red Rock Resorts (NASDAQ:RRR) had its price objective decreased by Truist Financial from $80.00 to $70.00 in a research report sent to investors on Tuesday morning,Benzinga reports. Truist Financial currently has a buy rating on the stock.

A number of other equities research analysts have also recently commented on the stock. JPMorgan Chase & Co. cut their price target on shares of Red Rock Resorts from $76.00 to $73.00 and set an “overweight” rating on the stock in a report on Thursday, April 16th. Barclays increased their price target on shares of Red Rock Resorts from $65.00 to $69.00 and gave the company an “overweight” rating in a report on Friday, January 16th. Susquehanna increased their price target on shares of Red Rock Resorts from $69.00 to $77.00 and gave the company a “positive” rating in a report on Wednesday, February 11th. Morgan Stanley increased their price target on shares of Red Rock Resorts from $62.00 to $63.00 and gave the company an “equal weight” rating in a report on Wednesday, April 8th. Finally, Citizens Jmp increased their price target on shares of Red Rock Resorts from $65.00 to $68.00 and gave the company a “market outperform” rating in a report on Wednesday, January 14th. Eleven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $70.64.

Red Rock Resorts Price Performance

Shares of NASDAQ RRR opened at $55.59 on Tuesday. The company has a 50 day simple moving average of $58.30 and a two-hundred day simple moving average of $59.32. Red Rock Resorts has a fifty-two week low of $41.34 and a fifty-two week high of $68.99. The company has a debt-to-equity ratio of 10.26, a quick ratio of 0.74 and a current ratio of 0.79. The company has a market capitalization of $5.84 billion, a price-to-earnings ratio of 17.76, a P/E/G ratio of 2.47 and a beta of 1.48.

Red Rock Resorts (NASDAQ:RRR) last posted its quarterly earnings results on Tuesday, February 10th. The company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.34. Red Rock Resorts had a net margin of 9.35% and a return on equity of 58.13%. The firm had revenue of $511.78 million for the quarter, compared to analysts’ expectations of $500.90 million. During the same quarter in the prior year, the company posted $0.76 earnings per share. The business’s revenue for the quarter was up 3.2% on a year-over-year basis. Analysts expect that Red Rock Resorts will post 2.12 EPS for the current fiscal year.

Red Rock Resorts Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Monday, March 16th were issued a $0.26 dividend. The ex-dividend date was Monday, March 16th. This represents a $1.04 annualized dividend and a yield of 1.9%. Red Rock Resorts’s dividend payout ratio (DPR) is currently 33.23%.

Institutional Investors Weigh In On Red Rock Resorts

Several institutional investors and hedge funds have recently added to or reduced their stakes in RRR. AQR Capital Management LLC purchased a new stake in Red Rock Resorts in the first quarter worth approximately $308,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Red Rock Resorts by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,272 shares of the company’s stock worth $1,270,000 after purchasing an additional 1,282 shares during the last quarter. Millennium Management LLC boosted its holdings in Red Rock Resorts by 56.2% in the first quarter. Millennium Management LLC now owns 430,150 shares of the company’s stock worth $18,656,000 after purchasing an additional 154,839 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Red Rock Resorts by 4.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 106,275 shares of the company’s stock worth $4,609,000 after purchasing an additional 4,699 shares during the last quarter. Finally, American Century Companies Inc. boosted its holdings in Red Rock Resorts by 9.1% in the second quarter. American Century Companies Inc. now owns 25,884 shares of the company’s stock worth $1,347,000 after purchasing an additional 2,166 shares during the last quarter. Hedge funds and other institutional investors own 47.84% of the company’s stock.

Red Rock Resorts Company Profile

Red Rock Resorts, Inc (NASDAQ: RRR) is a publicly traded gaming and hospitality company headquartered in Summerlin, Nevada. The company owns and operates a diversified portfolio of full-service casino resorts and neighborhood gaming properties in the Las Vegas valley. Its core business activities include resort hotel accommodations, casino gaming, food and beverage operations, entertainment and convention services designed to meet the needs of both leisure and business travelers.

The company’s flagship resort, Red Rock Casino Resort & Spa, features a full range of table games, slot machines, a luxury spa, convention space, multiple signature restaurants and live entertainment venues.