Principal Financial Group Inc. Reduces Holdings in Red Rock Resorts, Inc. (NASDAQ:RRR)

Principal Financial Group Inc. lessened its stake in shares of Red Rock Resorts, Inc. (NASDAQ:RRR) by 30.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,943 shares of the company’s stock after selling 1,709 shares during the quarter. Principal Financial Group Inc.’s holdings in Red Rock Resorts were worth $215,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Quarry LP raised its stake in shares of Red Rock Resorts by 479.4% in the third quarter. Quarry LP now owns 1,124 shares of the company’s stock valued at $61,000 after acquiring an additional 930 shares in the last quarter. US Bancorp DE grew its holdings in shares of Red Rock Resorts by 2,223.9% during the third quarter. US Bancorp DE now owns 1,557 shares of the company’s stock worth $85,000 after buying an additional 1,490 shares during the last quarter. Point72 DIFC Ltd acquired a new position in shares of Red Rock Resorts in the second quarter valued at approximately $98,000. nVerses Capital LLC raised its stake in shares of Red Rock Resorts by 28.6% during the third quarter. nVerses Capital LLC now owns 3,600 shares of the company’s stock worth $196,000 after purchasing an additional 800 shares during the last quarter. Finally, Mayfair Advisory Group LLC acquired a new position in shares of Red Rock Resorts during the third quarter worth about $218,000. Hedge funds and other institutional investors own 47.84% of the company’s stock.

Red Rock Resorts Price Performance

Red Rock Resorts stock opened at $45.40 on Tuesday. The company has a market cap of $4.80 billion, a price-to-earnings ratio of 16.81, a PEG ratio of 6.69 and a beta of 2.01. The company has a debt-to-equity ratio of 14.28, a quick ratio of 0.96 and a current ratio of 1.02. The firm has a 50 day moving average price of $49.52 and a 200 day moving average price of $53.03. Red Rock Resorts, Inc. has a 1 year low of $43.64 and a 1 year high of $63.28.

Red Rock Resorts Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were issued a $0.25 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $1.00 dividend on an annualized basis and a yield of 2.20%. Red Rock Resorts’s dividend payout ratio is currently 37.04%.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. JMP Securities restated a “market outperform” rating and issued a $65.00 price target on shares of Red Rock Resorts in a research note on Monday, October 14th. Mizuho downgraded Red Rock Resorts from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $57.00 to $44.00 in a research note on Monday, November 25th. Barclays lowered their price objective 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. Truist Financial reduced their target price on 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. Finally, Macquarie cut their price target on Red Rock Resorts from $65.00 to $64.00 and set an “outperform” rating for the company in a report on Friday, November 8th. Seven analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $59.69.

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.