Red Rock Resorts (NASDAQ:RRR) Price Target Raised to $65.00

Red Rock Resorts (NASDAQ:RRR) had its price objective boosted by JMP Securities from $64.00 to $65.00 in a report issued on Tuesday,Benzinga reports. JMP Securities currently has a market outperform rating on the stock.

Other analysts also recently issued reports about the company. Stifel Nicolaus set a $60.00 target price on Red Rock Resorts and gave the company a “hold” rating in a research report on Wednesday, July 30th. Barclays boosted their price target on Red Rock Resorts from $62.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, July 30th. JPMorgan Chase & Co. initiated 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. Citigroup reissued an “outperform” rating on shares of Red Rock Resorts in a report on Friday, July 18th. Finally, Morgan Stanley raised their price target on shares of Red Rock Resorts from $49.00 to $53.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 6th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $60.82.

Red Rock Resorts Stock Performance

NASDAQ RRR opened at $60.99 on Tuesday. Red Rock Resorts has a 12-month low of $35.09 and a 12-month high of $63.60. The firm has a 50-day moving average price of $59.07 and a two-hundred day moving average price of $50.66. The company has a market capitalization of $6.43 billion, a P/E ratio of 20.74, a P/E/G ratio of 2.45 and a beta of 1.46. The company has a quick ratio of 0.84, a current ratio of 0.89 and a debt-to-equity ratio of 11.28.

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, beating analysts’ consensus estimates of $0.40 by $0.55. The company had revenue of $526.27 million during the quarter, compared to the consensus estimate of $485.44 million. Red Rock Resorts had a net margin of 8.89% and a return on equity of 59.97%. The firm’s quarterly revenue was up 8.2% on a year-over-year basis. During the same period in the previous year, the business earned $0.59 earnings per share. Analysts anticipate that Red Rock Resorts will post 1.76 earnings per share for the current year.

Red Rock Resorts Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a dividend of $0.25 per share. The ex-dividend date is Monday, September 15th. This represents a $1.00 annualized dividend and a yield of 1.6%. Red Rock Resorts’s dividend payout ratio (DPR) is currently 34.01%.

Insider Buying and Selling at Red Rock Resorts

In related news, CFO Stephen Lawrence Cootey sold 121,400 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $60.04, for a total value of $7,288,856.00. Following the completion of the sale, the chief financial officer directly owned 260,268 shares in the company, valued at $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 is available at this hyperlink. Also, EVP Jeffrey T. Welch sold 56,653 shares of the firm’s stock in a transaction on Friday, August 1st. The stock was sold at an average price of $60.23, for a total value of $3,412,210.19. Following the transaction, the executive vice president directly owned 314,767 shares of the company’s stock, valued at approximately $18,958,416.41. This represents a 15.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 262,703 shares of company stock worth $15,764,672. 53.81% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Red Rock Resorts

Several institutional investors and hedge funds have recently made changes to their positions in RRR. Bamco Inc. NY lifted its stake in shares of Red Rock Resorts by 5.7% in the second quarter. Bamco Inc. NY now owns 12,269,004 shares of the company’s stock worth $638,356,000 after acquiring an additional 666,593 shares during the period. Eminence Capital LP increased its position in Red Rock Resorts by 23.4% during the 2nd quarter. Eminence Capital LP now owns 3,059,372 shares of the company’s stock valued at $159,179,000 after purchasing an additional 581,061 shares during the period. Vaughan Nelson Investment Management L.P. raised its holdings in Red Rock Resorts by 10.7% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,773,603 shares of the company’s stock worth $92,281,000 after purchasing an additional 171,235 shares during the last quarter. Balyasny Asset Management L.P. lifted its position in shares of Red Rock Resorts by 53.8% in the 2nd quarter. Balyasny Asset Management L.P. now owns 793,371 shares of the company’s stock worth $41,279,000 after purchasing an additional 277,426 shares during the period. Finally, Millennium Management LLC lifted its position in shares of Red Rock Resorts by 56.2% in the 1st quarter. Millennium Management LLC now owns 430,150 shares of the company’s stock worth $18,656,000 after purchasing an additional 154,839 shares during the period. Institutional investors and hedge funds own 47.84% of the company’s stock.

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.