Institute for Wealth Management LLC. Lowers Stock Position in Red Rock Resorts, Inc. (NASDAQ:RRR)

Institute for Wealth Management LLC. reduced its stake in shares of Red Rock Resorts, Inc. (NASDAQ:RRR) by 41.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,859 shares of the company’s stock after selling 4,820 shares during the period. Institute for Wealth Management LLC.’s holdings in Red Rock Resorts were worth $317,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Hantz Financial Services Inc. raised its stake in Red Rock Resorts by 3.4% during the 4th quarter. Hantz Financial Services Inc. now owns 272,884 shares of the company’s stock valued at $12,618,000 after purchasing an additional 9,002 shares during the period. KBC Group NV raised its stake in Red Rock Resorts by 37.1% during the 4th quarter. KBC Group NV now owns 1,996 shares of the company’s stock valued at $92,000 after purchasing an additional 540 shares during the period. Avior Wealth Management LLC raised its stake in Red Rock Resorts by 11.8% during the 4th quarter. Avior Wealth Management LLC now owns 8,828 shares of the company’s stock valued at $408,000 after purchasing an additional 930 shares during the period. Mayfair Advisory Group LLC raised its stake in Red Rock Resorts by 15.1% during the 4th quarter. Mayfair Advisory Group LLC now owns 4,497 shares of the company’s stock valued at $208,000 after purchasing an additional 591 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in Red Rock Resorts by 18.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 89,197 shares of the company’s stock valued at $4,856,000 after purchasing an additional 14,148 shares during the period. Institutional investors own 47.84% of the company’s stock.

Red Rock Resorts Price Performance

Shares of Red Rock Resorts stock opened at $49.05 on Friday. The stock has a 50 day moving average price of $47.42 and a 200-day moving average price of $51.92. Red Rock Resorts, Inc. has a one year low of $42.46 and a one year high of $63.28. The company has a debt-to-equity ratio of 14.28, a quick ratio of 0.96 and a current ratio of 1.02. The stock has a market cap of $5.18 billion, a price-to-earnings ratio of 18.17, a price-to-earnings-growth ratio of 5.16 and a beta of 2.01.

Red Rock Resorts (NASDAQ:RRR) last posted its quarterly earnings data on Thursday, November 7th. The company reported $0.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.37 by $0.11. Red Rock Resorts had a return on equity of 73.20% and a net margin of 8.59%. The company had revenue of $468.02 million during the quarter, compared to analysts’ expectations of $460.73 million. During the same quarter in the previous year, the business earned $0.60 EPS. Equities analysts expect that Red Rock Resorts, Inc. will post 1.44 EPS for the current year.

Red Rock Resorts Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 16th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.04%. The ex-dividend date of this dividend was Monday, December 16th. Red Rock Resorts’s payout ratio is currently 37.04%.

Analyst Ratings Changes

RRR has been the topic of a number of research reports. Macquarie reduced their price objective on Red Rock Resorts from $65.00 to $64.00 and set an “outperform” rating on the stock in a research note on Friday, November 8th. Truist Financial reduced their price objective on Red Rock Resorts from $56.00 to $49.00 and set a “hold” rating on the stock in a research note on Tuesday, January 14th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $51.00 price objective (down previously from $64.00) on shares of Red Rock Resorts in a research note on Friday, January 3rd. Wells Fargo & Company reduced their price objective on Red Rock Resorts from $64.00 to $58.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 17th. Finally, JMP Securities reduced their price objective on Red Rock Resorts from $61.00 to $57.00 and set a “market outperform” rating on the stock in a research note on Thursday, January 16th. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $58.08.

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.