Seven Eight Capital LP Acquires New Position in Red Rock Resorts, Inc. (NASDAQ:RRR)

Seven Eight Capital LP acquired a new stake in Red Rock Resorts, Inc. (NASDAQ:RRR) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 5,007 shares of the company’s stock, valued at approximately $300,000.

Other hedge funds have also added to or reduced their stakes in the company. Covestor Ltd increased its stake in Red Rock Resorts by 16,666.7% in the first quarter. Covestor Ltd now owns 503 shares of the company’s stock valued at $30,000 after acquiring an additional 500 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of Red Rock Resorts during the first quarter worth $78,000. Virtu Financial LLC bought a new stake in shares of Red Rock Resorts during the fourth quarter worth $212,000. Core Wealth Partners LLC bought a new stake in shares of Red Rock Resorts during the fourth quarter worth $213,000. Finally, SG Americas Securities LLC bought a new stake in shares of Red Rock Resorts during the first quarter worth $236,000. 47.84% of the stock is owned by institutional investors.

Red Rock Resorts Price Performance

Shares of NASDAQ RRR opened at $56.76 on Thursday. The firm’s 50-day moving average price is $53.49 and its 200-day moving average price is $55.24. Red Rock Resorts, Inc. has a 1-year low of $37.82 and a 1-year high of $63.28. The firm has a market capitalization of $5.99 billion, a P/E ratio of 19.56, a P/E/G ratio of 2.89 and a beta of 2.04. The company has a current ratio of 0.90, a quick ratio of 0.85 and a debt-to-equity ratio of 18.49.

Red Rock Resorts (NASDAQ:RRR) last announced its quarterly earnings data on Tuesday, July 23rd. The company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.16. The firm had revenue of $486.40 million for the quarter, compared to analyst estimates of $475.80 million. Red Rock Resorts had a net margin of 9.21% and a return on equity of 87.05%. The business’s quarterly revenue was up 16.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.65 earnings per share. Equities research analysts anticipate that Red Rock Resorts, Inc. will post 1.83 earnings per share for the current fiscal year.

Red Rock Resorts Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $1.00 annualized dividend and a dividend yield of 1.76%. Red Rock Resorts’s payout ratio is currently 34.72%.

Insider Transactions at Red Rock Resorts

In other news, CEO Frank J. Fertitta III sold 800,000 shares of the firm’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 completion of the sale, the chief executive officer now owns 45,847,301 shares in the company, valued at approximately $2,310,245,497.39. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 53.28% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have weighed in on RRR. Macquarie boosted their target price on shares of Red Rock Resorts from $62.00 to $65.00 and gave the stock an “outperform” rating in a research note on Wednesday. JPMorgan Chase & Co. boosted their target price on shares of Red Rock Resorts from $62.00 to $69.00 and gave the company an “overweight” rating in a report on Wednesday. Susquehanna boosted their target price on shares of Red Rock Resorts from $63.00 to $70.00 and gave the company a “positive” rating in a report on Wednesday. Morgan Stanley boosted their target price on shares of Red Rock Resorts from $53.00 to $54.00 and gave the company an “equal weight” rating in a report on Friday, July 12th. Finally, Wells Fargo & Company lowered shares of Red Rock Resorts from an “overweight” rating to an “equal weight” rating and boosted their target price for the company from $63.00 to $64.00 in a report on Wednesday. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, Red Rock Resorts has an average rating of “Moderate Buy” and a consensus target price of $63.33.

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.