Sei Investments Co. Buys 8,928 Shares of Red Rock Resorts, Inc. $RRR

Sei Investments Co. raised its position in shares of Red Rock Resorts, Inc. (NASDAQ:RRR) by 39.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 31,754 shares of the company’s stock after purchasing an additional 8,928 shares during the quarter. Sei Investments Co.’s holdings in Red Rock Resorts were worth $1,694,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Salomon & Ludwin LLC purchased a new position in shares of Red Rock Resorts in the fourth quarter worth $25,000. Kestra Advisory Services LLC purchased a new position in Red Rock Resorts during the fourth quarter valued at $27,000. Rockefeller Capital Management L.P. increased its holdings in Red Rock Resorts by 1,924.0% in the 4th quarter. Rockefeller Capital Management L.P. now owns 506 shares of the company’s stock valued at $31,000 after acquiring an additional 481 shares during the last quarter. PNC Financial Services Group Inc. increased its holdings in Red Rock Resorts by 98.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,474 shares of the company’s stock valued at $91,000 after acquiring an additional 733 shares during the last quarter. Finally, Canada Pension Plan Investment Board purchased a new stake in Red Rock Resorts in the 2nd quarter worth $94,000. 47.84% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. Susquehanna cut their target price on shares of Red Rock Resorts from $77.00 to $70.00 and set a “positive” rating for the company in a report on Thursday, April 30th. Bank of America upped their price target on shares of Red Rock Resorts from $60.00 to $70.00 and gave the company a “neutral” rating in a research note on Monday, July 20th. Stifel Nicolaus set a $74.00 price objective on shares of Red Rock Resorts in a research report on Wednesday, August 5th. Barclays lifted their price objective on shares of Red Rock Resorts from $72.00 to $73.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 5th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Red Rock Resorts from $66.00 to $72.00 and gave the stock an “overweight” rating in a report on Wednesday, July 15th. Fourteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $71.88.

Insider Transactions at Red Rock Resorts

In other news, President Scott Kreeger sold 31,159 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $61.78, for a total transaction of $1,925,003.02. Following the transaction, the president directly owned 203,881 shares in the company, valued at $12,595,768.18. The trade was a 13.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 54.34% of the stock is currently owned by company insiders.

Red Rock Resorts Price Performance

NASDAQ RRR opened at $61.29 on Tuesday. The company has a debt-to-equity ratio of 14.42, a quick ratio of 0.76 and a current ratio of 0.81. The firm’s 50 day moving average price is $62.98 and its 200-day moving average price is $59.82. Red Rock Resorts, Inc. has a 52-week low of $50.52 and a 52-week high of $68.99. The company has a market cap of $6.44 billion, a PE ratio of 21.66, a P/E/G ratio of 4.58 and a beta of 1.36.

Red Rock Resorts (NASDAQ:RRR) last announced its earnings results on Tuesday, August 4th. The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.16. Red Rock Resorts had a return on equity of 55.65% and a net margin of 8.43%.The company had revenue of $510.26 million for the quarter, compared to analyst estimates of $500.08 million. During the same period in the prior year, the company posted $0.95 EPS. The firm’s quarterly revenue was down 3.0% compared to the same quarter last year. Sell-side analysts forecast that Red Rock Resorts, Inc. will post 1.5 EPS for the current fiscal year.

Red Rock Resorts Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be issued a $0.26 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.04 dividend on an annualized basis and a yield of 1.7%. Red Rock Resorts’s dividend payout ratio (DPR) is presently 36.75%.

Red Rock Resorts 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.