Red Rock Resorts (NASDAQ:RRR) PT Lowered to $58.00 at Wells Fargo & Company

Red Rock Resorts (NASDAQ:RRR) had its price objective reduced by Wells Fargo & Company from $64.00 to $58.00 in a research note published on Thursday morning, Benzinga reports. They currently have an equal weight rating on the stock.

RRR has been the subject of a number of other research reports. Truist Financial lowered their target price on Red Rock Resorts from $64.00 to $63.00 and set a “hold” rating for the company in a research note on Wednesday, July 24th. Macquarie lifted their price objective on shares of Red Rock Resorts from $62.00 to $65.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Barclays upped their target price on shares of Red Rock Resorts from $63.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. JPMorgan Chase & Co. lifted their price target on shares of Red Rock Resorts from $62.00 to $69.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 24th. Finally, Susquehanna boosted their price objective on shares of Red Rock Resorts from $63.00 to $70.00 and gave the stock a “positive” rating in a report on Wednesday, July 24th. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $63.00.

Red Rock Resorts Trading Down 0.6 %

Shares of RRR stock opened at $52.26 on Thursday. The company has a quick ratio of 0.89, a current ratio of 0.94 and a debt-to-equity ratio of 15.15. Red Rock Resorts has a fifty-two week low of $37.82 and a fifty-two week high of $63.28. The firm’s 50 day moving average price is $54.62 and its two-hundred day moving average price is $54.68. The stock has a market cap of $5.52 billion, a price-to-earnings ratio of 18.53, a price-to-earnings-growth ratio of 5.48 and a beta of 2.04.

Red Rock Resorts (NASDAQ:RRR) last posted its earnings results 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. 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 for the quarter, compared to analyst estimates of $475.80 million. During the same quarter in the previous year, the business posted $0.65 EPS. The business’s quarterly revenue was up 16.9% on a year-over-year basis. On average, analysts anticipate that Red Rock Resorts will post 1.66 EPS for the current year.

Red Rock Resorts Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were given a dividend of $0.25 per share. The ex-dividend date was Monday, September 16th. This represents a $1.00 annualized dividend and a dividend yield of 1.91%. Red Rock Resorts’s payout ratio is 35.46%.

Insider Buying and Selling

In other news, VP Lorenzo J. Fertitta purchased 33,000 shares of the stock in a transaction dated Monday, August 5th. The stock was acquired at an average cost of $49.77 per share, for a total transaction of $1,642,410.00. Following the acquisition, the vice president now owns 47,546,301 shares of the company’s stock, valued at $2,366,379,400.77. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. In other Red Rock Resorts news, VP Lorenzo J. Fertitta purchased 33,000 shares of Red Rock Resorts stock in a transaction dated Monday, August 5th. The shares were bought at an average cost of $49.77 per share, for a total transaction of $1,642,410.00. Following the transaction, the vice president now owns 47,546,301 shares in the company, valued at $2,366,379,400.77. This represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Kord Nichols sold 49,464 shares of the business’s 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 directly owns 71,946 shares of the company’s stock, valued at approximately $4,172,868. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders bought 200,000 shares of company stock worth $10,426,000. Corporate insiders own 53.28% of the company’s stock.

Institutional Trading of Red Rock Resorts

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Bamco Inc. NY boosted its position in Red Rock Resorts by 0.5% during the 1st quarter. Bamco Inc. NY now owns 10,409,100 shares of the company’s stock valued at $622,672,000 after purchasing an additional 50,246 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Red Rock Resorts by 4.3% during the first quarter. Vanguard Group Inc. now owns 5,136,942 shares of the company’s stock valued at $307,292,000 after acquiring an additional 209,593 shares during the period. Eminence Capital LP boosted its holdings in shares of Red Rock Resorts by 23.7% during the second quarter. Eminence Capital LP now owns 1,952,754 shares of the company’s stock valued at $107,265,000 after acquiring an additional 374,128 shares during the period. Vaughan Nelson Investment Management L.P. grew 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 acquiring an additional 251,855 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in shares of Red Rock Resorts by 6.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 404,153 shares of the company’s stock worth $22,200,000 after acquiring an additional 24,992 shares during the period. 47.84% of the stock is currently owned by institutional investors and hedge funds.

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.