Malaga Cove Capital LLC Has $501,000 Stock Position in Red Rock Resorts, Inc. (NASDAQ:RRR)

Malaga Cove Capital LLC grew its holdings in Red Rock Resorts, Inc. (NASDAQ:RRR) by 54.5% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 9,114 shares of the company’s stock after acquiring an additional 3,215 shares during the quarter. Malaga Cove Capital LLC’s holdings in Red Rock Resorts were worth $501,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Edgestream Partners L.P. bought a new position in Red Rock Resorts during the 1st quarter worth $1,238,000. Charles Schwab Investment Management Inc. increased its position in shares of Red Rock Resorts by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 540,756 shares of the company’s stock worth $28,839,000 after purchasing an additional 15,629 shares during the period. BNP Paribas Financial Markets raised its stake in Red Rock Resorts by 35.5% in the first quarter. BNP Paribas Financial Markets now owns 32,080 shares of the company’s stock valued at $1,919,000 after purchasing an additional 8,402 shares in the last quarter. Capital World Investors bought a new stake in Red Rock Resorts during the fourth quarter worth about $24,897,000. Finally, Vaughan Nelson Investment Management L.P. lifted its position in Red Rock Resorts by 24.9% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 944,340 shares of the company’s stock worth $56,491,000 after purchasing an additional 188,095 shares during the period. 47.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Red Rock Resorts

In related news, COO Kord Nichols sold 49,464 shares of Red Rock Resorts stock in a transaction on Monday, July 29th. The shares were sold at an average price of $58.00, for a total transaction of $2,868,912.00. Following the completion of the transaction, the chief operating officer now owns 71,946 shares of the company’s stock, valued at $4,172,868. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Red Rock Resorts news, COO Kord Nichols sold 49,464 shares of Red Rock Resorts stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $58.00, for a total value of $2,868,912.00. Following the completion of the sale, the chief operating officer now directly owns 71,946 shares in the company, valued at $4,172,868. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Lorenzo J. Fertitta purchased 33,000 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were acquired at an average price of $54.49 per share, for a total transaction of $1,798,170.00. Following the completion of the acquisition, the vice president now directly owns 47,480,301 shares in the company, valued at approximately $2,587,201,601.49. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 200,000 shares of company stock worth $10,426,000. Company insiders own 53.28% of the company’s stock.

Analysts Set New Price Targets

RRR has been the topic of a number of recent analyst reports. Barclays lifted their price objective on shares of Red Rock Resorts from $63.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Stifel Nicolaus boosted their price target on Red Rock Resorts from $59.00 to $62.00 and gave the stock a “hold” rating in a report on Wednesday, July 24th. Bank of America upgraded Red Rock Resorts from an “underperform” rating to a “neutral” rating and dropped their price objective for the stock from $57.00 to $55.00 in a research report on Monday, May 13th. Morgan Stanley lifted their target price on Red Rock Resorts from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 4th. Finally, Macquarie increased their target price on shares of Red Rock Resorts from $62.00 to $65.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $63.50.

Red Rock Resorts Stock Performance

Shares of Red Rock Resorts stock opened at $54.70 on Tuesday. The stock has a market cap of $5.78 billion, a price-to-earnings ratio of 18.99, a P/E/G ratio of 5.50 and a beta of 2.04. Red Rock Resorts, Inc. has a twelve month low of $37.82 and a twelve month high of $63.28. The company’s fifty day moving average is $56.29 and its 200 day moving average is $55.46. The company has a quick ratio of 0.89, a current ratio of 0.94 and a debt-to-equity ratio of 15.15.

Red Rock Resorts (NASDAQ:RRR) last released its quarterly 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 return on equity of 83.84% and a net margin of 9.21%. The firm had revenue of $486.40 million for the quarter, compared to analyst estimates of $475.80 million. During the same quarter in the previous year, the company posted $0.65 EPS. The business’s revenue was up 16.9% on a year-over-year basis. Sell-side analysts forecast that Red Rock Resorts, Inc. will post 1.62 EPS for the current year.

Red Rock Resorts Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders 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 annualized dividend and a yield of 1.83%. Red Rock Resorts’s payout ratio is 34.72%.

Red Rock Resorts 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.