Coronation Fund Managers Ltd. Has $5.64 Million Holdings in Red Rock Resorts, Inc. (NASDAQ:RRR)

Coronation Fund Managers Ltd. cut its position in shares of Red Rock Resorts, Inc. (NASDAQ:RRR) by 1.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 102,682 shares of the company’s stock after selling 1,831 shares during the quarter. Coronation Fund Managers Ltd. owned 0.10% of Red Rock Resorts worth $5,640,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Covestor Ltd raised its holdings in shares of Red Rock Resorts by 16,666.7% during the first quarter. Covestor Ltd now owns 503 shares of the company’s stock valued at $30,000 after acquiring an additional 500 shares during the period. Headlands Technologies LLC acquired a new stake in Red Rock Resorts during the 1st quarter valued at $78,000. Point72 DIFC Ltd purchased a new stake in shares of Red Rock Resorts in the second quarter valued at $98,000. nVerses Capital LLC acquired a new stake in shares of Red Rock Resorts in the second quarter worth $154,000. Finally, Virtu Financial LLC purchased a new position in shares of Red Rock Resorts during the fourth quarter valued at $212,000. 47.84% of the stock is currently owned by institutional investors and hedge funds.

Red Rock Resorts Price Performance

Shares of NASDAQ:RRR opened at $54.12 on Wednesday. The stock has a market capitalization of $5.72 billion, a P/E ratio of 18.79, a P/E/G ratio of 5.47 and a beta of 2.04. The business has a 50-day moving average of $55.09 and a two-hundred day moving average of $55.12. Red Rock Resorts, Inc. has a fifty-two week low of $37.82 and a fifty-two week high of $63.28. The company has a debt-to-equity ratio of 15.15, a current ratio of 0.94 and a quick ratio of 0.89.

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, topping the consensus estimate of $0.43 by $0.16. Red Rock Resorts had a return on equity of 83.84% and a net margin of 9.21%. The firm had revenue of $486.40 million during the quarter, compared to analyst estimates of $475.80 million. During the same period in the previous year, the company earned $0.65 EPS. The company’s revenue for the quarter was up 16.9% on a year-over-year basis. On average, equities research analysts predict that Red Rock Resorts, Inc. will post 1.66 EPS for the current fiscal year.

Red Rock Resorts Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.85%. The ex-dividend date of this dividend was Monday, September 16th. Red Rock Resorts’s dividend payout ratio is currently 34.72%.

Insider Activity at Red Rock Resorts

In other Red Rock Resorts news, COO Kord Nichols sold 49,464 shares of the business’s stock in a transaction on 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 completion of the transaction, the chief operating officer now owns 71,946 shares of the company’s stock, valued at approximately $4,172,868. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Red Rock Resorts news, VP Lorenzo J. Fertitta acquired 33,000 shares of Red Rock Resorts stock in a transaction dated Monday, August 5th. The stock was bought at an average cost of $49.77 per share, with a total value of $1,642,410.00. Following the completion of the transaction, the vice president now owns 47,546,301 shares of the company’s stock, valued at $2,366,379,400.77. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Kord Nichols sold 49,464 shares of the firm’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $58.00, for a total transaction of $2,868,912.00. Following the completion of the sale, the chief operating officer now owns 71,946 shares in the company, valued at approximately $4,172,868. The disclosure for this sale can be found here. In the last three months, insiders have bought 200,000 shares of company stock worth $10,426,000. 53.28% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on RRR shares. Morgan Stanley increased their price objective on Red Rock Resorts from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 4th. Wells Fargo & Company cut shares of Red Rock Resorts from an “overweight” rating to an “equal weight” rating and raised their price target for the stock from $63.00 to $64.00 in a report on Wednesday, July 24th. Susquehanna boosted their price objective on shares of Red Rock Resorts from $63.00 to $70.00 and gave the company a “positive” rating in a research report on Wednesday, July 24th. Truist Financial cut their target price on shares of Red Rock Resorts from $64.00 to $63.00 and set a “hold” rating for the company in a research report on Wednesday, July 24th. Finally, Barclays boosted their price target on shares of Red Rock Resorts from $63.00 to $65.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Red Rock Resorts presently has a consensus rating of “Moderate Buy” and a consensus target price of $63.50.

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.