Geode Capital Management LLC Has $62.33 Million Stock Position in Red Rock Resorts, Inc. $RRR

Geode Capital Management LLC lifted its position in Red Rock Resorts, Inc. (NASDAQ:RRR) by 0.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,197,789 shares of the company’s stock after buying an additional 1,116 shares during the period. Geode Capital Management LLC owned about 1.13% of Red Rock Resorts worth $62,329,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in RRR. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Red Rock Resorts by 230.5% in the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 552 shares of the company’s stock valued at $29,000 after acquiring an additional 385 shares during the period. Ameritas Advisory Services LLC bought a new position in shares of Red Rock Resorts during the 2nd quarter valued at about $42,000. Pandora Wealth Inc. acquired a new position in shares of Red Rock Resorts in the 1st quarter valued at approximately $43,000. US Bancorp DE increased its stake in Red Rock Resorts by 1,664.4% during the 1st quarter. US Bancorp DE now owns 1,041 shares of the company’s stock worth $45,000 after purchasing an additional 982 shares in the last quarter. Finally, Atlantic Union Bankshares Corp acquired a new stake in Red Rock Resorts during the 2nd quarter worth approximately $62,000. Institutional investors and hedge funds own 47.84% of the company’s stock.

Red Rock Resorts Trading Up 2.7%

Red Rock Resorts stock opened at $55.79 on Monday. The firm has a 50-day moving average of $58.22 and a 200-day moving average of $55.74. Red Rock Resorts, Inc. has a one year low of $35.09 and a one year high of $63.60. The company has a debt-to-equity ratio of 10.11, a current ratio of 0.75 and a quick ratio of 0.70. The company has a market cap of $5.91 billion, a price-to-earnings ratio of 17.77, a P/E/G ratio of 1.96 and a beta of 1.51.

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

Red Rock Resorts announced that its board has approved a stock repurchase plan on Tuesday, October 28th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 4.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

Red Rock Resorts Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be given a dividend of $0.26 per share. This is a positive change from Red Rock Resorts’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Monday, December 15th. This represents a $1.04 annualized dividend and a dividend yield of 1.9%. Red Rock Resorts’s payout ratio is presently 31.85%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Wells Fargo & Company started coverage on shares of Red Rock Resorts in a research report on Tuesday, November 18th. They set an “equal weight” rating and a $58.00 price objective for the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Red Rock Resorts in a report on Wednesday, October 8th. JMP Securities lifted their price target on Red Rock Resorts from $64.00 to $65.00 and gave the company a “market outperform” rating in a research note on Tuesday, September 16th. Susquehanna boosted their price target on Red Rock Resorts from $68.00 to $69.00 and gave the company a “positive” rating in a report on Wednesday, October 29th. Finally, Jefferies Financial Group raised Red Rock Resorts from a “hold” rating to a “buy” rating and reduced their price objective for the stock from $66.00 to $65.00 in a research report on Tuesday, November 4th. Ten research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $64.42.

Red Rock Resorts Profile

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.