Red Rock Resorts, Inc. $RRR Shares Bought by JPMorgan Chase & Co.

JPMorgan Chase & Co. increased its holdings in Red Rock Resorts, Inc. (NASDAQ:RRR) by 92.9% during the third quarter, Holdings Channel reports. The firm owned 180,185 shares of the company’s stock after purchasing an additional 86,770 shares during the period. JPMorgan Chase & Co.’s holdings in Red Rock Resorts were worth $11,002,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Red Rock Resorts in the third quarter valued at $4,961,000. Capital Fund Management S.A. bought a new stake in shares of Red Rock Resorts during the 2nd quarter worth $1,441,000. Diametric Capital LP bought a new stake in shares of Red Rock Resorts during the 2nd quarter worth $3,786,000. Cookson Peirce & Co. Inc. acquired a new position in shares of Red Rock Resorts in the 3rd quarter worth $1,203,000. Finally, Creative Planning raised its position in shares of Red Rock Resorts by 26.4% during the second quarter. Creative Planning now owns 26,406 shares of the company’s stock worth $1,374,000 after purchasing an additional 5,518 shares during the period. 47.84% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RRR has been the subject of several analyst reports. Truist Financial reaffirmed a “buy” rating and set a $80.00 target price (up from $75.00) on shares of Red Rock Resorts in a report on Wednesday, February 11th. Barclays boosted their price objective on Red Rock Resorts from $65.00 to $69.00 and gave the stock an “overweight” rating in a report on Friday, January 16th. Morgan Stanley set a $62.00 price objective on shares of Red Rock Resorts in a research note on Thursday, February 12th. Jefferies Financial Group reissued a “buy” rating and issued a $79.00 target price on shares of Red Rock Resorts in a research report on Wednesday, February 11th. Finally, UBS Group set a $73.00 price target on shares of Red Rock Resorts in a report on Wednesday, December 24th. Eleven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Red Rock Resorts has a consensus rating of “Moderate Buy” and an average target price of $70.86.

Red Rock Resorts Stock Performance

Shares of NASDAQ RRR opened at $53.89 on Friday. The business’s 50-day moving average price is $61.04 and its two-hundred day moving average price is $60.01. The company has a debt-to-equity ratio of 10.26, a current ratio of 0.79 and a quick ratio of 0.74. Red Rock Resorts, Inc. has a one year low of $35.09 and a one year high of $68.99. The company has a market capitalization of $5.66 billion, a P/E ratio of 17.22, a price-to-earnings-growth ratio of 2.24 and a beta of 1.46.

Red Rock Resorts (NASDAQ:RRR) last posted its quarterly earnings results on Tuesday, February 10th. The company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.34. The company had revenue of $511.78 million during the quarter, compared to the consensus estimate of $500.90 million. Red Rock Resorts had a return on equity of 58.13% and a net margin of 9.35%.The business’s quarterly revenue was up 3.2% on a year-over-year basis. During the same period last year, the business earned $0.76 EPS. Analysts anticipate that Red Rock Resorts, Inc. will post 1.76 earnings per share for the current fiscal year.

Red Rock Resorts Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 16th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 1.9%. The ex-dividend date of this dividend is Monday, March 16th. Red Rock Resorts’s dividend payout ratio (DPR) is presently 33.23%.

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.