Malaga Cove Capital LLC Boosts Stock Position in Red Rock Resorts, Inc. (NASDAQ:RRR)

Malaga Cove Capital LLC lifted its stake in shares of Red Rock Resorts, Inc. (NASDAQ:RRR) by 46.8% in the fourth quarter, HoldingsChannel reports. The fund owned 13,377 shares of the company’s stock after acquiring an additional 4,263 shares during the period. Malaga Cove Capital LLC’s holdings in Red Rock Resorts were worth $619,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RRR. Barclays PLC increased its stake in Red Rock Resorts by 227.9% in the 3rd quarter. Barclays PLC now owns 78,932 shares of the company’s stock worth $4,297,000 after buying an additional 54,863 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Red Rock Resorts by 18.9% in the third quarter. JPMorgan Chase & Co. now owns 89,197 shares of the company’s stock worth $4,856,000 after acquiring an additional 14,148 shares during the period. Mayfair Advisory Group LLC grew its position in shares of Red Rock Resorts by 15.1% during the fourth quarter. Mayfair Advisory Group LLC now owns 4,497 shares of the company’s stock worth $208,000 after purchasing an additional 591 shares in the last quarter. Avior Wealth Management LLC raised its stake in Red Rock Resorts by 11.8% during the 4th quarter. Avior Wealth Management LLC now owns 8,828 shares of the company’s stock valued at $408,000 after purchasing an additional 930 shares during the period. Finally, KBC Group NV raised its stake in Red Rock Resorts by 37.1% during the 4th quarter. KBC Group NV now owns 1,996 shares of the company’s stock valued at $92,000 after purchasing an additional 540 shares during the period. 47.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

RRR has been the subject of several recent analyst reports. JMP Securities dropped their price target on Red Rock Resorts from $59.00 to $55.00 and set a “market outperform” rating for the company in a research note on Thursday, April 17th. Stifel Nicolaus dropped their target price on shares of Red Rock Resorts from $54.00 to $44.00 and set a “hold” rating for the company in a research report on Friday, May 2nd. Macquarie reaffirmed an “outperform” rating and set a $58.00 target price on shares of Red Rock Resorts in a research note on Friday, May 2nd. Susquehanna decreased their price target on shares of Red Rock Resorts from $61.00 to $52.00 and set a “positive” rating on the stock in a research note on Wednesday, April 16th. Finally, Truist Financial cut their price objective on Red Rock Resorts from $56.00 to $45.00 and set a “hold” rating for the company in a research report on Wednesday, April 23rd. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $52.64.

Red Rock Resorts Price Performance

RRR stock opened at $47.99 on Wednesday. Red Rock Resorts, Inc. has a 52 week low of $35.09 and a 52 week high of $61.73. The firm has a market capitalization of $5.09 billion, a P/E ratio of 19.12, a price-to-earnings-growth ratio of 4.32 and a beta of 1.64. The company has a fifty day simple moving average of $42.79 and a two-hundred day simple moving average of $46.95. The company has a quick ratio of 0.96, a current ratio of 1.02 and a debt-to-equity ratio of 14.28.

Red Rock Resorts (NASDAQ:RRR) last announced its earnings results on Thursday, May 1st. The company reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.47 by $0.33. The firm had revenue of $497.86 million for the quarter, compared to analysts’ expectations of $499.12 million. Red Rock Resorts had a net margin of 7.94% and a return on equity of 71.00%. The business’s revenue was up 1.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.68 EPS. Analysts anticipate that Red Rock Resorts, Inc. will post 1.76 earnings per share for the current fiscal year.

Red Rock Resorts Announces Dividend

The business also recently disclosed an annual dividend, which will be paid on Wednesday, May 21st. Stockholders of record on Wednesday, May 14th will be paid a $1.00 dividend. This represents a dividend yield of 2.29%. The ex-dividend date of this dividend is Wednesday, May 14th. Red Rock Resorts’s payout ratio is 38.76%.

Red Rock Resorts Company 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.