Red Rock Resorts (NASDAQ:RRR) Price Target Raised to $72.00

Red Rock Resorts (NASDAQ:RRR) had its price objective increased by JPMorgan Chase & Co. from $66.00 to $72.00 in a research note published on Wednesday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other equities analysts also recently commented on the company. Jefferies Financial Group reissued a “buy” rating on shares of Red Rock Resorts in a research report on Thursday, July 2nd. Citizens Jmp reduced their target price on shares of Red Rock Resorts from $71.00 to $67.00 and set a “market outperform” rating on the stock in a report on Thursday, April 30th. Wells Fargo & Company upgraded shares of Red Rock Resorts from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $55.00 to $75.00 in a research note on Tuesday. Stifel Nicolaus set a $70.00 price target on shares of Red Rock Resorts in a report on Friday, May 29th. Finally, Weiss Ratings upgraded shares of Red Rock Resorts from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, July 10th. Fourteen equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $69.81.

Red Rock Resorts Trading Down 3.0%

NASDAQ:RRR opened at $64.75 on Wednesday. Red Rock Resorts has a 12-month low of $50.52 and a 12-month high of $68.99. The firm has a market cap of $6.80 billion, a PE ratio of 20.82, a price-to-earnings-growth ratio of 5.05 and a beta of 1.35. The company has a current ratio of 0.81, a quick ratio of 0.76 and a debt-to-equity ratio of 14.42. The stock has a fifty day moving average price of $59.92 and a 200 day moving average price of $59.67.

Red Rock Resorts (NASDAQ:RRR) last issued its quarterly 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 company had revenue of $507.32 million for the quarter, compared to analysts’ expectations of $505.63 million. Red Rock Resorts had a return on equity of 61.67% and a net margin of 9.21%.Red Rock Resorts’s revenue for the quarter was up 1.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.75 EPS. Sell-side analysts anticipate that Red Rock Resorts will post 1.53 earnings per share for the current fiscal year.

Red Rock Resorts Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Monday, June 15th. Red Rock Resorts’s dividend payout ratio is currently 33.44%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Valeo Financial Advisors LLC lifted its stake in Red Rock Resorts by 4.7% during the second quarter. Valeo Financial Advisors LLC now owns 5,201 shares of the company’s stock worth $338,000 after purchasing an additional 234 shares during the last quarter. SWP Investment Management LLC acquired a new position in Red Rock Resorts in the second quarter valued at approximately $2,782,000. Empowered Funds LLC purchased a new position in Red Rock Resorts in the first quarter valued at approximately $269,000. Segall Bryant & Hamill LLC increased its stake in Red Rock Resorts by 123.6% in the first quarter. Segall Bryant & Hamill LLC now owns 36,165 shares of the company’s stock valued at $1,930,000 after purchasing an additional 19,991 shares during the last quarter. Finally, California State Teachers Retirement System raised its holdings in Red Rock Resorts by 28.0% during the first quarter. California State Teachers Retirement System now owns 59,735 shares of the company’s stock worth $3,187,000 after purchasing an additional 13,055 shares in the last quarter. Hedge funds and other institutional investors own 47.84% of the company’s stock.

About Red Rock Resorts

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.