Institute for Wealth Management LLC. Boosts Stock Holdings in Red Rock Resorts, Inc. $RRR

Institute for Wealth Management LLC. boosted its position in Red Rock Resorts, Inc. (NASDAQ:RRR) by 83.9% during the 2nd quarter, Holdings Channel.com reports. The firm owned 12,980 shares of the company’s stock after purchasing an additional 5,921 shares during the period. Institute for Wealth Management LLC.’s holdings in Red Rock Resorts were worth $675,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also bought and sold shares of RRR. GAMMA Investing LLC lifted its stake in Red Rock Resorts by 7,978.4% in the first quarter. GAMMA Investing LLC now owns 8,240 shares of the company’s stock valued at $357,000 after purchasing an additional 8,138 shares during the last quarter. Rhumbline Advisers lifted its stake in Red Rock Resorts by 1.3% in the first quarter. Rhumbline Advisers now owns 73,332 shares of the company’s stock valued at $3,180,000 after purchasing an additional 906 shares during the last quarter. SG Americas Securities LLC purchased a new position in Red Rock Resorts in the first quarter valued at approximately $750,000. Vaughan Nelson Investment Management L.P. lifted its stake in Red Rock Resorts by 19.2% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,602,368 shares of the company’s stock valued at $69,494,000 after purchasing an additional 258,310 shares during the last quarter. Finally, Mayfair Advisory Group LLC lifted its stake in Red Rock Resorts by 8.1% in the first quarter. Mayfair Advisory Group LLC now owns 4,861 shares of the company’s stock valued at $211,000 after purchasing an additional 364 shares during the last quarter. Hedge funds and other institutional investors own 47.84% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on RRR. JPMorgan Chase & Co. began coverage on Red Rock Resorts in a research note on Monday, June 23rd. They issued an “overweight” rating and a $62.00 price objective on the stock. Susquehanna restated a “positive” rating and set a $68.00 target price (up previously from $65.00) on shares of Red Rock Resorts in a research report on Wednesday, July 30th. Morgan Stanley increased their target price on Red Rock Resorts from $49.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 6th. Truist Financial upgraded Red Rock Resorts from a “hold” rating to a “buy” rating and increased their target price for the stock from $45.00 to $67.00 in a research report on Wednesday, July 16th. Finally, Stifel Nicolaus set a $60.00 target price on Red Rock Resorts and gave the stock a “hold” rating in a research report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Red Rock Resorts presently has an average rating of “Moderate Buy” and a consensus price target of $60.82.

Red Rock Resorts Trading Down 0.5%

Red Rock Resorts stock opened at $60.75 on Thursday. The stock has a market cap of $6.41 billion, a P/E ratio of 20.66, a PEG ratio of 2.47 and a beta of 1.47. Red Rock Resorts, Inc. has a fifty-two week low of $35.09 and a fifty-two week high of $63.60. The firm’s fifty day moving average price is $60.15 and its 200-day moving average price is $51.63. The company has a debt-to-equity ratio of 11.28, a quick ratio of 0.84 and a current ratio of 0.89.

Red Rock Resorts (NASDAQ:RRR) last released its quarterly earnings results on Tuesday, July 29th. The company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.55. The firm had revenue of $526.27 million for the quarter, compared to analysts’ expectations of $485.44 million. Red Rock Resorts had a net margin of 8.89% and a return on equity of 59.97%. The business’s quarterly revenue was up 8.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.59 earnings per share. Equities research analysts forecast that Red Rock Resorts, Inc. will post 1.76 earnings per share for the current fiscal year.

Red Rock Resorts Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were issued a $0.25 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $1.00 annualized dividend and a dividend yield of 1.6%. Red Rock Resorts’s dividend payout ratio is presently 34.01%.

Insider Transactions at Red Rock Resorts

In other news, CFO Stephen Lawrence Cootey sold 121,400 shares of the company’s stock in a transaction on Friday, August 1st. The shares were sold at an average price of $60.04, for a total value of $7,288,856.00. Following the transaction, the chief financial officer owned 260,268 shares of the company’s stock, valued at approximately $15,626,490.72. This represents a 31.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Kord Nichols sold 42,325 shares of the company’s stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $58.61, for a total transaction of $2,480,668.25. Following the completion of the transaction, the chief operating officer directly owned 129,361 shares in the company, valued at approximately $7,581,848.21. The trade was a 24.65% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 262,703 shares of company stock valued at $15,764,672. 53.81% of the stock is currently owned by company insiders.

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.