Red Rock Resorts, Inc. (NASDAQ:RRR) Holdings Reduced by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company reduced its stake in Red Rock Resorts, Inc. (NASDAQ:RRR) by 1.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 28,230 shares of the company’s stock after selling 438 shares during the period. The Manufacturers Life Insurance Company’s holdings in Red Rock Resorts were worth $1,537,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Sequoia Financial Advisors LLC increased its stake in Red Rock Resorts by 3.8% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 8,042 shares of the company’s stock valued at $442,000 after buying an additional 292 shares during the period. OFI Invest Asset Management bought a new position in shares of Red Rock Resorts during the 2nd quarter worth about $2,358,000. Vaughan Nelson Investment Management L.P. lifted its holdings in shares of 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 worth $65,706,000 after acquiring an additional 251,855 shares during the period. Institute for Wealth Management LLC. lifted its holdings in shares of Red Rock Resorts by 57.8% during the 2nd quarter. Institute for Wealth Management LLC. now owns 11,804 shares of the company’s stock worth $648,000 after acquiring an additional 4,322 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in shares of 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 worth $22,200,000 after acquiring an additional 24,992 shares during the period. 47.84% of the stock is owned by institutional investors and hedge funds.

Red Rock Resorts Stock Performance

NASDAQ RRR opened at $49.36 on Wednesday. The company has a current ratio of 1.02, a quick ratio of 0.96 and a debt-to-equity ratio of 14.28. The firm’s fifty day moving average price is $51.82 and its two-hundred day moving average price is $53.60. Red Rock Resorts, Inc. has a 1 year low of $46.19 and a 1 year high of $63.28. The firm has a market capitalization of $5.21 billion, a P/E ratio of 18.28, a price-to-earnings-growth ratio of 6.69 and a beta of 2.01.

Red Rock Resorts Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.03%. The ex-dividend date of this dividend is Monday, December 16th. Red Rock Resorts’s payout ratio is presently 37.04%.

Wall Street Analysts Forecast Growth

RRR has been the subject of a number of recent analyst reports. Mizuho cut shares of Red Rock Resorts from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $57.00 to $44.00 in a research report on Monday, November 25th. JMP Securities reiterated a “market outperform” rating and set a $65.00 price target on shares of Red Rock Resorts in a research report on Monday, October 14th. Truist Financial reduced 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 research note on Wednesday, October 23rd. Morgan Stanley lifted their price target on shares of Red Rock Resorts from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 4th. Finally, Barclays cut 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 note on Friday, November 8th. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Red Rock Resorts has an average rating of “Moderate Buy” and a consensus price target of $60.42.

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.