Principal Financial Group Inc. Cuts Stock Position in Red Rock Resorts, Inc. (NASDAQ:RRR)

Principal Financial Group Inc. trimmed its holdings in shares of Red Rock Resorts, Inc. (NASDAQ:RRR) by 54.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,652 shares of the company’s stock after selling 6,725 shares during the period. Principal Financial Group Inc.’s holdings in Red Rock Resorts were worth $310,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the stock. Capital World Investors acquired a new stake in shares of Red Rock Resorts in the fourth quarter valued at about $24,897,000. Eminence Capital LP raised its stake in shares of Red Rock Resorts by 21.1% during the fourth quarter. Eminence Capital LP now owns 2,373,556 shares of the company’s stock valued at $126,582,000 after purchasing an additional 413,871 shares during the period. Vaughan Nelson Investment Management L.P. lifted its position in shares of Red Rock Resorts by 26.7% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,196,195 shares of the company’s stock worth $65,706,000 after purchasing an additional 251,855 shares in the last quarter. Norges Bank purchased a new position in shares of Red Rock Resorts in the fourth quarter valued at $12,880,000. Finally, Vanguard Group Inc. grew its holdings in Red Rock Resorts by 4.3% during the 1st quarter. Vanguard Group Inc. now owns 5,136,942 shares of the company’s stock valued at $307,292,000 after purchasing an additional 209,593 shares in the last quarter. 47.84% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

RRR has been the topic of a number of recent analyst reports. Barclays boosted their price objective on shares of Red Rock Resorts from $63.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Truist Financial cut their price target on Red Rock Resorts from $64.00 to $63.00 and set a “hold” rating on the stock in a research note on Wednesday, July 24th. Macquarie raised their price objective on Red Rock Resorts from $62.00 to $65.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. JPMorgan Chase & Co. lifted their price objective on Red Rock Resorts from $62.00 to $69.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Finally, Wells Fargo & Company cut Red Rock Resorts from an “overweight” rating to an “equal weight” rating and increased their target price for the company from $63.00 to $64.00 in a research note on Wednesday, July 24th. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Red Rock Resorts presently has a consensus rating of “Moderate Buy” and a consensus target price of $63.50.

Red Rock Resorts Stock Performance

Red Rock Resorts stock opened at $54.20 on Friday. The company has a market cap of $5.72 billion, a PE ratio of 18.82, a P/E/G ratio of 5.34 and a beta of 2.04. Red Rock Resorts, Inc. has a 12 month low of $37.82 and a 12 month high of $63.28. The company has a fifty day moving average price of $56.26 and a two-hundred day moving average price of $55.39. The company has a debt-to-equity ratio of 15.15, a current ratio of 0.94 and a quick ratio of 0.89.

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 analysts’ consensus estimates of $0.43 by $0.16. Red Rock Resorts had a net margin of 9.21% and a return on equity of 83.84%. The business had revenue of $486.40 million during the quarter, compared to the consensus estimate of $475.80 million. During the same quarter in the prior year, the firm earned $0.65 EPS. The company’s revenue for the quarter was up 16.9% compared to the same quarter last year. Research analysts expect that Red Rock Resorts, Inc. will post 1.62 earnings per share for the current year.

Red Rock Resorts Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $1.00 dividend on an annualized basis and a yield of 1.85%. Red Rock Resorts’s dividend payout ratio is currently 34.72%.

Insiders Place Their Bets

In related news, COO Kord Nichols sold 49,464 shares of Red Rock Resorts stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $58.00, for a total value of $2,868,912.00. Following the sale, the chief operating officer now directly owns 71,946 shares in the company, valued at approximately $4,172,868. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Red Rock Resorts news, CEO Frank J. Fertitta III purchased 67,000 shares of the stock in a transaction dated Thursday, August 1st. The shares were bought at an average cost of $54.49 per share, with a total value of $3,650,830.00. Following the completion of the acquisition, the chief executive officer now owns 45,914,301 shares of the company’s stock, valued at $2,501,870,261.49. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, COO Kord Nichols sold 49,464 shares of Red Rock Resorts stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $58.00, for a total transaction of $2,868,912.00. Following the sale, the chief operating officer now owns 71,946 shares in the company, valued at $4,172,868. The disclosure for this sale can be found here. Insiders have purchased 200,000 shares of company stock valued at $10,426,000 over the last three months. Company insiders own 53.28% of the company’s stock.

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.