Truist Financial Trims Red Rock Resorts (NASDAQ:RRR) Target Price to $63.00

Red Rock Resorts (NASDAQ:RRR) had its price objective reduced by Truist Financial from $64.00 to $63.00 in a report issued on Wednesday, Benzinga reports. They currently have a hold rating on the stock.

RRR has been the topic of a number of other research reports. Bank of America upgraded shares of Red Rock Resorts from an underperform rating to a neutral rating and dropped their target price for the company from $57.00 to $55.00 in a report on Monday, May 13th. JPMorgan Chase & Co. boosted their target price on shares of Red Rock Resorts from $63.00 to $69.00 and gave the company an overweight rating in a report on Monday, April 1st. Morgan Stanley boosted their target price on shares of Red Rock Resorts from $53.00 to $54.00 and gave the company an equal weight rating in a report on Friday, July 12th. Barclays dropped their price target on shares of Red Rock Resorts from $64.00 to $63.00 and set an overweight rating on the stock in a research note on Wednesday, May 8th. Finally, Wells Fargo & Company cut shares of Red Rock Resorts from an overweight rating to an equal weight rating and upped their price target for the stock from $63.00 to $64.00 in a research note on Wednesday. Six analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $63.33.

Red Rock Resorts Stock Performance

NASDAQ:RRR opened at $57.76 on Wednesday. The stock has a market cap of $6.10 billion, a P/E ratio of 20.06, a price-to-earnings-growth ratio of 4.23 and a beta of 2.04. The firm’s fifty day simple moving average is $53.72 and its 200 day simple moving average is $55.29. Red Rock Resorts has a twelve month low of $37.82 and a twelve month high of $63.28. The company has a quick ratio of 0.85, a current ratio of 0.90 and a debt-to-equity ratio of 18.49.

Red Rock Resorts (NASDAQ:RRR) last announced its earnings results on Tuesday, July 23rd. The company reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.16. Red Rock Resorts had a net margin of 9.21% and a return on equity of 87.05%. The firm had revenue of $486.40 million for the quarter, compared to analysts’ expectations of $475.80 million. During the same quarter in the previous year, the business posted $0.65 EPS. The company’s quarterly revenue was up 16.9% on a year-over-year basis. As a group, research analysts predict that Red Rock Resorts will post 1.76 EPS for the current year.

Red Rock Resorts Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.73%. The ex-dividend date of this dividend is Monday, September 16th. Red Rock Resorts’s payout ratio is currently 34.72%.

Insider Activity

In other Red Rock Resorts news, Vice President Lorenzo J. Fertitta purchased 800,000 shares of Red Rock Resorts stock in a transaction dated Monday, May 13th. The stock was purchased at an average price of $50.39 per share, with a total value of $40,312,000.00. Following the transaction, the insider now directly owns 47,447,301 shares of the company’s stock, valued at $2,390,869,497.39. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders own 53.28% of the company’s stock.

Institutional Investors Weigh In On Red Rock Resorts

Several hedge funds and other institutional investors have recently made changes to their positions in RRR. Legato Capital Management LLC grew its stake in shares of Red Rock Resorts by 139.9% during the 2nd quarter. Legato Capital Management LLC now owns 12,868 shares of the company’s stock valued at $707,000 after acquiring an additional 7,503 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Red Rock Resorts by 6.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 404,153 shares of the company’s stock valued at $22,200,000 after acquiring an additional 24,992 shares during the period. Institute for Wealth Management LLC. grew its stake in shares of Red Rock Resorts by 57.8% during the 2nd quarter. Institute for Wealth Management LLC. now owns 11,804 shares of the company’s stock valued at $648,000 after acquiring an additional 4,322 shares during the period. Vaughan Nelson Investment Management L.P. grew its stake in shares of Red Rock Resorts by 26.7% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,196,195 shares of the company’s stock valued at $65,706,000 after acquiring an additional 251,855 shares during the period. Finally, OFI Invest Asset Management purchased a new stake in Red Rock Resorts during the 2nd quarter valued at $2,358,000. Hedge funds and other institutional investors own 47.84% of the company’s stock.

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.