Red Rock Resorts (NASDAQ:RRR) Price Target Cut to $53.00 by Analysts at Morgan Stanley

Red Rock Resorts (NASDAQ:RRR) had its price objective cut by Morgan Stanley from $54.00 to $53.00 in a research note published on Monday morning, Benzinga reports. They currently have an overweight rating on the stock.

RRR has been the topic of a number of other reports. Wells Fargo & Company cut their price target on shares of Red Rock Resorts from $55.00 to $53.00 and set an overweight rating on the stock in a research report on Friday, August 4th. SpectralCast reissued a reiterates rating on shares of Red Rock Resorts in a report on Tuesday, June 27th. Susquehanna initiated coverage on Red Rock Resorts in a research note on Monday, September 11th. They issued a positive rating and a $52.00 price target for the company. Finally, StockNews.com started coverage on Red Rock Resorts in a research report on Sunday, August 20th. They issued a hold rating on the stock. Four analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $51.00.

Red Rock Resorts Trading Down 1.0 %

NASDAQ RRR opened at $44.01 on Monday. The company has a market capitalization of $4.59 billion, a price-to-earnings ratio of 11.83, a price-to-earnings-growth ratio of 11.41 and a beta of 2.16. Red Rock Resorts has a 12 month low of $33.62 and a 12 month high of $51.35. The company’s fifty day moving average price is $45.72 and its two-hundred day moving average price is $45.69. The company has a debt-to-equity ratio of 26.38, a current ratio of 0.66 and a quick ratio of 0.61.

Red Rock Resorts (NASDAQ:RRR) last announced its earnings results on Thursday, August 3rd. The company reported $0.65 EPS for the quarter, topping the consensus estimate of $0.44 by $0.21. The company had revenue of $416.13 million during the quarter, compared to analysts’ expectations of $419.60 million. Red Rock Resorts had a net margin of 13.35% and a return on equity of 276.42%. The business’s revenue for the quarter was down 1.4% on a year-over-year basis. During the same period last year, the company posted $1.27 earnings per share. As a group, research analysts predict that Red Rock Resorts will post 1.66 earnings per share for the current fiscal year.

Red Rock Resorts Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be issued a $0.25 dividend. The ex-dividend date is Thursday, September 14th. This represents a $1.00 annualized dividend and a dividend yield of 2.27%. Red Rock Resorts’s dividend payout ratio (DPR) is presently 26.88%.

Institutional Investors Weigh In On Red Rock Resorts

A number of large investors have recently made changes to their positions in RRR. Nelson Van Denburg & Campbell Wealth Management Group LLC purchased a new stake in shares of Red Rock Resorts during the first quarter worth $30,000. Sandy Spring Bank purchased a new position in Red Rock Resorts in the first quarter valued at $32,000. Lazard Asset Management LLC purchased a new position in shares of Red Rock Resorts during the fourth quarter worth about $34,000. Spotlight Asset Group Inc. purchased a new position in shares of Red Rock Resorts during the second quarter worth about $47,000. Finally, Clearstead Advisors LLC purchased a new position in shares of Red Rock Resorts during the first quarter worth about $57,000. 51.21% of the stock is currently owned by hedge funds and other institutional investors.

About Red Rock Resorts

Red Rock Resorts, Inc, through its interest in Station Holdco and Station LLC, develops and operates casino and entertainment properties in the United States. It operates through two segments, Las Vegas Operations and Native American Management. The company owns and operates 6 gaming and entertainment facilities, and 9 smaller casinos in the Las Vegas regional market.