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

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

RRR has been the topic of a number of other reports. Barclays reduced their target price on shares of Red Rock Resorts from $64.00 to $63.00 and set an overweight rating on the stock in a research report on Wednesday, May 8th. JPMorgan Chase & Co. increased their price objective 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. Stifel Nicolaus cut their price objective on shares of Red Rock Resorts from $61.00 to $59.00 and set a hold rating on the stock in a report on Wednesday, May 8th. Mizuho cut their price objective on shares of Red Rock Resorts from $69.00 to $66.00 and set a buy rating on the stock 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 cut their price objective for the company from $57.00 to $55.00 in a report on Monday, May 13th. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $63.33.

Red Rock Resorts Price Performance

NASDAQ:RRR opened at $57.76 on Wednesday. The firm has a market cap of $6.10 billion, a PE ratio of 20.06, a price-to-earnings-growth ratio of 4.23 and a beta of 2.04. Red Rock Resorts has a 12 month low of $37.82 and a 12 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. The company’s 50-day moving average price is $53.72 and its two-hundred day moving average price is $55.29.

Red Rock Resorts (NASDAQ:RRR) last announced its earnings results on Tuesday, July 23rd. The company reported $0.59 earnings per share (EPS) for the quarter, topping 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 company had revenue of $486.40 million for the quarter, compared to analyst estimates of $475.80 million. During the same period in the prior year, the business earned $0.65 earnings per share. Red Rock Resorts’s quarterly revenue was up 16.9% on a year-over-year basis. On average, equities analysts anticipate that Red Rock Resorts will post 1.76 EPS for the current fiscal year.

Red Rock Resorts Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be issued a dividend of $0.25 per share. The ex-dividend date is Monday, September 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.73%. Red Rock Resorts’s payout ratio is 34.72%.

Insider Buying and Selling

In related news, CEO Frank J. Fertitta III sold 800,000 shares of the firm’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $50.39, for a total transaction of $40,312,000.00. Following the sale, the chief executive officer now directly owns 45,847,301 shares in the company, valued at $2,310,245,497.39. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 53.28% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Red Rock Resorts

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vaughan Nelson Investment Management L.P. acquired a new stake in Red Rock Resorts in the 4th quarter valued at $40,331,000. Valeo Financial Advisors LLC bought a new position in shares of Red Rock Resorts in the 4th quarter valued at about $255,000. VELA Investment Management LLC bought a new position in shares of Red Rock Resorts in the 4th quarter valued at about $256,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Red Rock Resorts by 7.8% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,071 shares of the company’s stock worth $644,000 after buying an additional 870 shares during the period. Finally, Avior Wealth Management LLC boosted its holdings in shares of Red Rock Resorts by 4.3% during the 4th quarter. Avior Wealth Management LLC now owns 9,941 shares of the company’s stock worth $530,000 after buying an additional 408 shares during the period. 47.84% of the stock is currently owned by institutional investors and hedge funds.

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.