Red Rock Resorts (NASDAQ:RRR) Given New $63.00 Price Target at Benchmark

Red Rock Resorts (NASDAQ:RRR) had its price objective cut by Benchmark from $67.00 to $63.00 in a report issued on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other research analysts have also commented on the stock. Wells Fargo & Company decreased their price target on shares of Red Rock Resorts from $59.00 to $55.00 and set an “equal weight” rating for the company in a report on Thursday. Weiss Ratings cut shares of Red Rock Resorts from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, April 17th. Jefferies Financial Group decreased their target price on Red Rock Resorts from $79.00 to $74.00 and set a “buy” rating for the company in a research note on Monday, April 6th. Citizens Jmp upped their target price on Red Rock Resorts from $65.00 to $68.00 and gave the company a “market outperform” rating in a report on Wednesday, January 14th. Finally, Truist Financial dropped their price target on Red Rock Resorts from $70.00 to $68.00 and set a “buy” rating on the stock in a research report on Thursday. Twelve investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $68.87.

Red Rock Resorts Stock Performance

Shares of RRR opened at $53.96 on Thursday. The stock has a market capitalization of $5.67 billion, a PE ratio of 17.35, a price-to-earnings-growth ratio of 2.49 and a beta of 1.48. The business’s fifty day moving average price is $57.42 and its 200 day moving average price is $59.23. The company has a debt-to-equity ratio of 10.26, a current ratio of 0.79 and a quick ratio of 0.74. Red Rock Resorts has a 12-month low of $41.90 and a 12-month high of $68.99.

Red Rock Resorts (NASDAQ:RRR) last released its earnings results on Wednesday, April 29th. The company reported $0.73 earnings per share for the quarter, missing the consensus estimate of $0.90 by ($0.17). The business had revenue of $507.32 million for the quarter, compared to the consensus estimate of $505.63 million. Red Rock Resorts had a net margin of 9.21% and a return on equity of 58.18%. The firm’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.75 EPS. Equities research analysts forecast that Red Rock Resorts will post 2.12 EPS for the current year.

Red Rock Resorts Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be given a $0.26 dividend. The ex-dividend date is Monday, June 15th. This represents a $1.04 annualized dividend and a yield of 1.9%. Red Rock Resorts’s dividend payout ratio is 33.23%.

Institutional Investors Weigh In On Red Rock Resorts

A number of hedge funds have recently made changes to their positions in the business. AQR Capital Management LLC acquired a new position in shares of Red Rock Resorts during the first quarter worth approximately $308,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Red Rock Resorts by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,272 shares of the company’s stock worth $1,270,000 after buying an additional 1,282 shares in the last quarter. Millennium Management LLC increased its position in Red Rock Resorts by 56.2% in the 1st quarter. Millennium Management LLC now owns 430,150 shares of the company’s stock valued at $18,656,000 after acquiring an additional 154,839 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Red Rock Resorts by 4.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 106,275 shares of the company’s stock valued at $4,609,000 after acquiring an additional 4,699 shares in the last quarter. Finally, American Century Companies Inc. raised its stake in Red Rock Resorts by 9.1% during the 2nd quarter. American Century Companies Inc. now owns 25,884 shares of the company’s stock valued at $1,347,000 after acquiring an additional 2,166 shares in the last quarter. Institutional investors own 47.84% of the company’s stock.

Trending Headlines about Red Rock Resorts

Here are the key news stories impacting Red Rock Resorts this week:

• Positive Sentiment: Q1 results beat on the bottom line: RRR reported $0.73 EPS vs. consensus ~$0.56 and revenue of $507.3M (up 1.9% YoY), showing operating resilience even with modest revenue growth. Strong margins/ROE were highlighted by the company. PR Newswire: Q1 Results
• Positive Sentiment: Management reiterated business activity in the quarter (conference call and slide deck available); some commentary flagged record or near?record revenue mix and construction activity that could support medium?term growth. Yahoo: Earnings Highlights
• Positive Sentiment: Dividend maintained: the company declared a quarterly dividend of $0.26 (annualized yield ~1.9%), which supports income investors. (Record/ex?dividend dates scheduled for June.)
• Neutral Sentiment: Revenue was essentially in line with estimates (miss by a small amount vs. some street models), so the beat was driven by expense/margin performance rather than top?line surprise. Market coverage and call transcripts are available for deeper color. Seeking Alpha: Call Transcript
• Negative Sentiment: Multiple analysts trimmed price targets the same day as the print—JPMorgan lowered to $66 (still Overweight), Citizens Jmp to $67 (Market Outperform), Benchmark to $63 (Buy), Truist to $68 (Buy) and Wells Fargo cut to $55 and set an Equal?Weight. Those downgrades/revisions reduce visible upside and likely pressured the stock despite largely positive ratings remaining. Benzinga: Analyst PT Changes
• Negative Sentiment: Heightened volume on the move: trading was well above normal, indicating active repositioning by investors after the quarter and the analyst repricing (sell pressure can amplify a modest negative headline). Market technicals (50/200?day averages) also show the stock below recent moving averages, which can add to short?term downside momentum.

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.