Red Rock Resorts (NASDAQ:RRR) Price Target Raised to $64.00

Red Rock Resorts (NASDAQ:RRR) had its price objective increased by Truist Financial from $60.00 to $64.00 in a report issued on Thursday morning, Benzinga reports. They currently have a hold rating on the stock.

RRR has been the topic of a number of other reports. Mizuho dropped their price target on shares of Red Rock Resorts from $69.00 to $66.00 and set a buy rating on the stock in a research note on Wednesday, May 8th. Stifel Nicolaus lowered their target price on shares of Red Rock Resorts from $61.00 to $59.00 and set a hold rating on the stock in a research report on Wednesday, May 8th. JPMorgan Chase & Co. upped their target price on shares of Red Rock Resorts from $63.00 to $69.00 and gave the stock an overweight rating in a research report on Monday, April 1st. JMP Securities lowered their target price on shares of Red Rock Resorts from $66.00 to $65.00 and set a market outperform rating on the stock in a research report on Wednesday, May 8th. Finally, Barclays lowered their target price on shares of Red Rock Resorts from $64.00 to $63.00 and set an overweight rating on the stock in a research report on Wednesday, May 8th. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $62.00.

Red Rock Resorts Trading Up 0.3 %

Shares of Red Rock Resorts stock opened at $58.99 on Thursday. Red Rock Resorts has a 52-week low of $37.82 and a 52-week high of $63.28. The company has a quick ratio of 0.85, a current ratio of 0.90 and a debt-to-equity ratio of 18.49. The company’s 50-day simple moving average is $53.02 and its 200-day simple moving average is $55.06. The firm has a market cap of $6.23 billion, a price-to-earnings ratio of 20.48, a price-to-earnings-growth ratio of 2.80 and a beta of 2.04.

Red Rock Resorts (NASDAQ:RRR) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.50 by $0.18. Red Rock Resorts had a net margin of 9.79% and a return on equity of 98.44%. The business had revenue of $488.90 million for the quarter, compared to analyst estimates of $490.49 million. During the same period in the previous year, the business posted $0.75 earnings per share. The business’s revenue was up 12.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Red Rock Resorts will post 1.83 earnings per share for the current year.

Red Rock Resorts Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.70%. The ex-dividend date of this dividend was Friday, June 14th. Red Rock Resorts’s payout ratio is 34.72%.

Insider Activity at Red Rock Resorts

In related news, CEO Frank J. Fertitta III sold 800,000 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The shares were sold at an average price of $50.39, for a total transaction of $40,312,000.00. Following the transaction, the chief executive officer now owns 45,847,301 shares of the company’s stock, valued at $2,310,245,497.39. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 53.28% of the company’s stock.

Hedge Funds Weigh In On Red Rock Resorts

Institutional investors and hedge funds have recently modified their holdings of the company. Covestor Ltd lifted its stake in shares of Red Rock Resorts by 16,666.7% during the first quarter. Covestor Ltd now owns 503 shares of the company’s stock valued at $30,000 after buying an additional 500 shares during the period. Headlands Technologies LLC purchased a new position in Red Rock Resorts during the first quarter worth approximately $78,000. Virtu Financial LLC purchased a new position in Red Rock Resorts during the fourth quarter worth approximately $212,000. Core Wealth Partners LLC purchased a new position in Red Rock Resorts during the fourth quarter worth approximately $213,000. Finally, SG Americas Securities LLC purchased a new position in Red Rock Resorts during the first quarter worth approximately $236,000. Hedge funds and other institutional investors 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.