Red Rock Resorts (NASDAQ:RRR) Price Target Raised to $68.00

Red Rock Resorts (NASDAQ:RRR) had its price objective hoisted by Citizens Jmp from $65.00 to $68.00 in a research note released on Wednesday,Benzinga reports. Citizens Jmp currently has a market outperform rating on the stock.

A number of other research firms also recently weighed in on RRR. Zacks Research downgraded shares of Red Rock Resorts from a “strong-buy” rating to a “hold” rating in a report on Friday, October 10th. Wells Fargo & Company initiated coverage on Red Rock Resorts in a research report on Tuesday, November 18th. They issued an “equal weight” rating and a $58.00 price target for the company. UBS Group set a $73.00 price objective on Red Rock Resorts in a research note on Wednesday, December 24th. Truist Financial set a $75.00 price objective on Red Rock Resorts in a research report on Tuesday. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Red Rock Resorts in a research note on Wednesday, October 8th. Eleven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $66.43.

Red Rock Resorts Stock Down 0.8%

Shares of RRR opened at $63.03 on Wednesday. The company has a debt-to-equity ratio of 10.11, a current ratio of 0.75 and a quick ratio of 0.70. The stock has a market capitalization of $6.67 billion, a price-to-earnings ratio of 20.07, a price-to-earnings-growth ratio of 2.71 and a beta of 1.50. Red Rock Resorts has a 1 year low of $35.09 and a 1 year high of $64.69. The business’s 50 day simple moving average is $60.01 and its 200-day simple moving average is $59.01.

Red Rock Resorts (NASDAQ:RRR) last posted its earnings results on Tuesday, October 28th. The company reported $0.68 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.32. The firm had revenue of $475.57 million during the quarter, compared to analyst estimates of $477.25 million. Red Rock Resorts had a net margin of 9.52% and a return on equity of 59.86%. Red Rock Resorts’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same period last year, the firm posted $0.48 earnings per share. As a group, equities analysts expect that Red Rock Resorts will post 1.76 earnings per share for the current fiscal year.

Red Rock Resorts Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 1.7%. This is a boost from Red Rock Resorts’s previous quarterly dividend of $0.25. The ex-dividend date was Monday, December 15th. Red Rock Resorts’s dividend payout ratio (DPR) is presently 33.12%.

Red Rock Resorts declared that its board has initiated a share buyback plan on Tuesday, October 28th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the company to buy up to 4.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of Red Rock Resorts

Institutional investors and hedge funds have recently made changes to their positions in the business. Bamco Inc. NY increased its stake in Red Rock Resorts by 5.7% in the 2nd quarter. Bamco Inc. NY now owns 12,269,004 shares of the company’s stock worth $638,356,000 after buying an additional 666,593 shares during the period. Vanguard Group Inc. boosted its position in Red Rock Resorts by 6.7% in the 3rd quarter. Vanguard Group Inc. now owns 5,564,421 shares of the company’s stock valued at $339,764,000 after buying an additional 349,822 shares during the period. Eminence Capital LP grew its stake in Red Rock Resorts by 23.4% in the 2nd quarter. Eminence Capital LP now owns 3,059,372 shares of the company’s stock worth $159,179,000 after acquiring an additional 581,061 shares in the last quarter. Vaughan Nelson Investment Management L.P. increased its position in shares of Red Rock Resorts by 10.7% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,773,603 shares of the company’s stock worth $92,281,000 after acquiring an additional 171,235 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its position in shares of Red Rock Resorts by 2,248.2% during the third quarter. Arrowstreet Capital Limited Partnership now owns 1,354,644 shares of the company’s stock worth $82,715,000 after acquiring an additional 1,296,956 shares during the period. 47.84% of the stock is currently owned by institutional investors.

Red Rock Resorts Company Profile

Red Rock Resorts, Inc (NASDAQ: RRR) is a publicly traded gaming and hospitality company headquartered in Summerlin, Nevada. The company owns and operates a diversified portfolio of full-service casino resorts and neighborhood gaming properties in the Las Vegas valley. Its core business activities include resort hotel accommodations, casino gaming, food and beverage operations, entertainment and convention services designed to meet the needs of both leisure and business travelers.

The company’s flagship resort, Red Rock Casino Resort & Spa, features a full range of table games, slot machines, a luxury spa, convention space, multiple signature restaurants and live entertainment venues.