Red Rock Resorts (NASDAQ:RRR) Shares Gap Down Following Analyst Downgrade

Red Rock Resorts, Inc. (NASDAQ:RRR)’s share price gapped down before the market opened on Friday after Macquarie lowered their price target on the stock from $65.00 to $64.00. The stock had previously closed at $55.66, but opened at $52.20. Macquarie currently has an outperform rating on the stock. Red Rock Resorts shares last traded at $51.21, with a volume of 170,164 shares changing hands.

Several other equities analysts have also recently weighed in on RRR. Susquehanna increased their price target on Red Rock Resorts from $63.00 to $70.00 and gave the company a “positive” rating in a report on Wednesday, July 24th. JPMorgan Chase & Co. boosted their price target on Red Rock Resorts from $62.00 to $69.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Truist Financial dropped their price objective on shares of Red Rock Resorts from $63.00 to $58.00 and set a “hold” rating on the stock in a report on Wednesday, October 23rd. Barclays decreased their price target on shares of Red Rock Resorts from $65.00 to $62.00 and set an “overweight” rating on the stock in a research report on Friday. Finally, Wells Fargo & Company cut their price objective on shares of Red Rock Resorts from $64.00 to $58.00 and set an “equal weight” rating for the company in a research report on Thursday, October 17th. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $62.25.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bamco Inc. NY boosted its holdings in shares of 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 last quarter. Vanguard Group Inc. lifted its position in shares of Red Rock Resorts by 4.3% in the first quarter. Vanguard Group Inc. now owns 5,136,942 shares of the company’s stock worth $307,292,000 after buying an additional 209,593 shares in the last quarter. Eminence Capital LP boosted its stake in 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 buying an additional 374,128 shares during the last quarter. Vaughan Nelson Investment Management L.P. grew its holdings in Red Rock Resorts by 26.7% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,196,195 shares of the company’s stock valued at $65,706,000 after buying an additional 251,855 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Red Rock Resorts by 6.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 404,153 shares of the company’s stock valued at $22,200,000 after buying an additional 24,992 shares in the last quarter. 47.84% of the stock is currently owned by institutional investors.

Red Rock Resorts Stock Down 4.3 %

The company has a debt-to-equity ratio of 15.15, a quick ratio of 0.89 and a current ratio of 0.94. The firm has a market capitalization of $5.63 billion, a PE ratio of 19.73, a PEG ratio of 5.96 and a beta of 2.04. The company has a fifty day moving average price of $53.71 and a 200-day moving average price of $53.93.

Red Rock Resorts Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $1.00 annualized dividend and a yield of 1.88%. Red Rock Resorts’s dividend payout ratio (DPR) is currently 37.04%.

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.