Analysts Set Red Rock Resorts, Inc. (NASDAQ:RRR) PT at $64.42

Red Rock Resorts, Inc. (NASDAQ:RRR) has received a consensus rating of “Moderate Buy” from the fourteen research firms that are presently covering the stock, MarketBeat reports. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $64.4167.

Several research analysts recently issued reports on RRR shares. Truist Financial increased their price objective on Red Rock Resorts from $68.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, October 21st. Mizuho upped their target price on Red Rock Resorts from $62.00 to $67.00 and gave the stock an “outperform” rating in a report on Wednesday, October 29th. Citigroup started coverage on Red Rock Resorts in a research note on Thursday, November 20th. They set a “buy” rating and a $63.00 price target on the stock. Susquehanna upped their price objective on shares of Red Rock Resorts from $68.00 to $69.00 and gave the stock a “positive” rating in a research note on Wednesday, October 29th. Finally, Wells Fargo & Company initiated coverage on shares of Red Rock Resorts in a report on Tuesday, November 18th. They set an “equal weight” rating and a $58.00 target price on the stock.

Hedge Funds Weigh In On Red Rock Resorts

A number of large investors have recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Red Rock Resorts by 230.5% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 552 shares of the company’s stock valued at $29,000 after buying an additional 385 shares in the last quarter. Strs Ohio bought a new position in shares of Red Rock Resorts during the 3rd quarter worth approximately $37,000. Ameritas Advisory Services LLC purchased a new stake in Red Rock Resorts during the second quarter valued at approximately $42,000. Pandora Wealth Inc. acquired a new stake in Red Rock Resorts in the first quarter valued at approximately $43,000. Finally, US Bancorp DE boosted its stake in Red Rock Resorts by 1,664.4% in the first quarter. US Bancorp DE now owns 1,041 shares of the company’s stock valued at $45,000 after acquiring an additional 982 shares in the last quarter. 47.84% of the stock is currently owned by institutional investors.

Red Rock Resorts Trading Up 0.8%

RRR stock opened at $59.21 on Wednesday. Red Rock Resorts has a 12 month low of $35.09 and a 12 month high of $63.60. The firm’s 50-day moving average is $57.86 and its 200 day moving average is $56.32. The company has a market capitalization of $6.27 billion, a PE ratio of 18.86, a P/E/G ratio of 2.07 and a beta of 1.52. The company has a debt-to-equity ratio of 10.11, a current ratio of 0.75 and a quick ratio of 0.70.

Red Rock Resorts (NASDAQ:RRR) last released its quarterly earnings data on Tuesday, October 28th. The company reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.32. The company had revenue of $475.57 million during the quarter, compared to analysts’ expectations of $477.25 million. Red Rock Resorts had a net margin of 9.52% and a return on equity of 59.86%. The firm’s quarterly revenue was up 1.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.48 EPS. On average, research analysts anticipate that Red Rock Resorts will post 1.76 EPS for the current year.

Red Rock Resorts Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be paid a dividend of $0.26 per share. This is a boost from Red Rock Resorts’s previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date is Monday, December 15th. Red Rock Resorts’s payout ratio is 31.85%.

Red Rock Resorts announced that its board has authorized a share repurchase program on Tuesday, October 28th that authorizes the company to buyback $300.00 million in shares. This buyback authorization authorizes the company to reacquire up to 4.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

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.