Truist Financial Cuts Red Rock Resorts (NASDAQ:RRR) Price Target to $49.00

Red Rock Resorts (NASDAQ:RRR) had its price target trimmed by Truist Financial from $56.00 to $49.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a hold rating on the stock.

A number of other research analysts have also recently weighed in on the stock. Macquarie reduced their price target on shares of Red Rock Resorts from $65.00 to $64.00 and set an “outperform” rating on the stock in a research report on Friday, November 8th. Mizuho lowered shares of Red Rock Resorts from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $57.00 to $44.00 in a report on Monday, November 25th. Barclays lowered their price target on Red Rock Resorts from $65.00 to $62.00 and set an “overweight” rating for the company in a report on Friday, November 8th. Wells Fargo & Company reduced their price objective on Red Rock Resorts from $64.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 17th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $65.00 target price on shares of Red Rock Resorts in a research note on Monday, October 14th. Seven analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $58.38.

Red Rock Resorts Stock Performance

NASDAQ RRR opened at $46.74 on Tuesday. The company has a debt-to-equity ratio of 14.28, a current ratio of 1.02 and a quick ratio of 0.96. Red Rock Resorts has a 1-year low of $42.46 and a 1-year high of $63.28. The firm has a market capitalization of $4.94 billion, a P/E ratio of 17.31, a P/E/G ratio of 4.75 and a beta of 2.01. The business’s 50-day simple moving average is $48.32 and its 200-day simple moving average is $52.59.

Red Rock Resorts Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th were paid a dividend of $0.25 per share. The ex-dividend date was Monday, December 16th. This represents a $1.00 dividend on an annualized basis and a yield of 2.14%. Red Rock Resorts’s dividend payout ratio (DPR) is presently 37.04%.

Hedge Funds Weigh In On Red Rock Resorts

A number of institutional investors have recently made changes to their positions in RRR. Long Pond Capital LP acquired a new stake in shares of Red Rock Resorts during the second quarter worth approximately $21,987,000. Eminence Capital LP boosted its stake in Red Rock Resorts by 23.7% during the 2nd 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 last quarter. Sequoia Financial Advisors LLC grew its holdings in Red Rock Resorts by 4,050.3% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 333,769 shares of the company’s stock worth $18,170,000 after acquiring an additional 325,727 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Red Rock Resorts by 239.0% in the 3rd quarter. Wellington Management Group LLP now owns 185,018 shares of the company’s stock worth $10,072,000 after purchasing an additional 130,434 shares during the last quarter. Finally, Bamco Inc. NY increased its position in shares of Red Rock Resorts by 1.0% in the 3rd quarter. Bamco Inc. NY now owns 10,623,284 shares of the company’s stock worth $578,332,000 after purchasing an additional 106,509 shares during the last quarter. 47.84% of the stock is owned by institutional investors and hedge funds.

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.