Orvieto Partners L.P. Makes New $2.67 Million Investment in Red Rock Resorts, Inc. $RRR

Orvieto Partners L.P. purchased a new stake in Red Rock Resorts, Inc. (NASDAQ:RRR) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 50,000 shares of the company’s stock, valued at approximately $2,668,000. Red Rock Resorts comprises about 2.3% of Orvieto Partners L.P.’s portfolio, making the stock its 16th largest holding.

Other institutional investors and hedge funds also recently bought and sold shares of the company. AQR Capital Management LLC bought a new stake in shares of Red Rock Resorts in the 1st quarter worth about $308,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Red Rock Resorts by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,272 shares of the company’s stock worth $1,270,000 after purchasing an additional 1,282 shares during the last quarter. Millennium Management LLC boosted its position in Red Rock Resorts by 56.2% in the 1st quarter. Millennium Management LLC now owns 430,150 shares of the company’s stock valued at $18,656,000 after buying an additional 154,839 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Red Rock Resorts by 4.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 106,275 shares of the company’s stock valued at $4,609,000 after purchasing an additional 4,699 shares during the period. Finally, American Century Companies Inc. lifted its holdings in shares of Red Rock Resorts by 9.1% in the 2nd quarter. American Century Companies Inc. now owns 25,884 shares of the company’s stock worth $1,347,000 after buying an additional 2,166 shares during the period. 47.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on RRR shares. Bank of America increased their target price on shares of Red Rock Resorts from $60.00 to $70.00 and gave the stock a “neutral” rating in a report on Monday. UBS Group set a $75.00 price target on shares of Red Rock Resorts in a report on Thursday, July 2nd. Morgan Stanley set a $61.00 price objective on Red Rock Resorts in a report on Wednesday. The Goldman Sachs Group reissued a “buy” rating and issued a $73.00 price objective on shares of Red Rock Resorts in a research report on Wednesday, July 15th. Finally, Truist Financial upped their target price on Red Rock Resorts from $68.00 to $75.00 and gave the company a “buy” rating in a research report on Monday. Fourteen equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $71.24.

Red Rock Resorts Price Performance

Shares of RRR opened at $62.78 on Friday. The company has a market capitalization of $6.59 billion, a P/E ratio of 20.19, a P/E/G ratio of 4.69 and a beta of 1.35. The business’s 50-day moving average is $60.87 and its two-hundred day moving average is $59.69. The company has a debt-to-equity ratio of 14.42, a quick ratio of 0.76 and a current ratio of 0.81. Red Rock Resorts, Inc. has a fifty-two week low of $50.52 and a fifty-two week high of $68.99.

Red Rock Resorts (NASDAQ:RRR) last posted its earnings results on Wednesday, April 29th. The company reported $0.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.90 by ($0.17). The firm had revenue of $507.32 million during the quarter, compared to analyst estimates of $505.63 million. Red Rock Resorts had a net margin of 9.21% and a return on equity of 61.67%. The business’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.75 earnings per share. Research analysts predict that Red Rock Resorts, Inc. will post 1.52 earnings per share for the current year.

Red Rock Resorts Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 1.7%. The ex-dividend date was Monday, June 15th. Red Rock Resorts’s payout ratio is presently 33.44%.

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.