Red Rock Resorts (NASDAQ:RRR) Rating Lowered to Equal Weight at Wells Fargo & Company

Wells Fargo & Company cut shares of Red Rock Resorts (NASDAQ:RRR) from an overweight rating to an equal weight rating in a research report sent to investors on Wednesday, Marketbeat.com reports. They currently have $64.00 price target on the stock, up from their prior price target of $63.00.

Several other brokerages also recently weighed in on RRR. Morgan Stanley lifted their price target 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. JPMorgan Chase & Co. boosted their price objective on Red Rock Resorts from $63.00 to $69.00 and gave the company an overweight rating in a research report on Monday, April 1st. Barclays lowered their price target on Red Rock Resorts from $64.00 to $63.00 and set an overweight rating on the stock in a report on Wednesday, May 8th. Stifel Nicolaus cut their price objective on shares of Red Rock Resorts from $61.00 to $59.00 and set a hold rating for the company in a report on Wednesday, May 8th. Finally, Bank of America upgraded shares of Red Rock Resorts from an underperform rating to a neutral rating and dropped their target price for the stock from $57.00 to $55.00 in a research report on Monday, May 13th. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $63.33.

Red Rock Resorts Stock Up 2.2 %

RRR opened at $57.76 on Wednesday. Red Rock Resorts has a 1-year low of $37.82 and a 1-year high of $63.28. The firm’s 50 day simple moving average is $53.72 and its two-hundred day simple moving average is $55.29. The company has a current ratio of 0.90, a quick ratio of 0.85 and a debt-to-equity ratio of 18.49. The company has a market capitalization of $6.10 billion, a PE ratio of 20.06, a PEG ratio of 4.23 and a beta of 2.04.

Red Rock Resorts (NASDAQ:RRR) last released its earnings results on Tuesday, July 23rd. The company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.16. The company had revenue of $486.40 million for the quarter, compared to the consensus estimate of $475.80 million. Red Rock Resorts had a return on equity of 87.05% and a net margin of 9.21%. Red Rock Resorts’s quarterly revenue was up 16.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.65 earnings per share. As a group, equities analysts forecast that Red Rock Resorts will post 1.76 EPS for the current year.

Red Rock Resorts Dividend Announcement

The firm also recently announced 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 dividend payout ratio is 34.72%.

Insider Buying and Selling

In other news, CEO Frank J. Fertitta III sold 800,000 shares of the business’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $50.39, for a total transaction of $40,312,000.00. Following the transaction, the chief executive officer now owns 45,847,301 shares of the company’s stock, valued at approximately $2,310,245,497.39. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 53.28% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Red Rock Resorts

Hedge funds have recently added to or reduced their stakes in the company. Covestor Ltd raised its holdings in shares of Red Rock Resorts by 16,666.7% in the first quarter. Covestor Ltd now owns 503 shares of the company’s stock worth $30,000 after buying an additional 500 shares during the period. Headlands Technologies LLC purchased a new stake in Red Rock Resorts in the first quarter worth $78,000. Virtu Financial LLC bought a new stake in shares of Red Rock Resorts during the fourth quarter worth $212,000. Core Wealth Partners LLC purchased a new stake in shares of Red Rock Resorts during the fourth quarter valued at $213,000. Finally, SG Americas Securities LLC bought a new position in shares of Red Rock Resorts in the first quarter worth about $236,000. 47.84% of the stock is currently owned by institutional investors.

About Red Rock Resorts

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.