Red Rock Resorts (NASDAQ:RRR) Given New $58.00 Price Target at Wells Fargo & Company

Red Rock Resorts (NASDAQ:RRR) had its target price decreased by Wells Fargo & Company from $64.00 to $58.00 in a research note released on Thursday, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

A number of other equities analysts also recently issued reports on RRR. JPMorgan Chase & Co. increased their price target on Red Rock Resorts from $62.00 to $69.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Truist Financial cut their target price on shares of Red Rock Resorts from $64.00 to $63.00 and set a “hold” rating on the stock in a research report on Wednesday, July 24th. Susquehanna upped their price target on shares of Red Rock Resorts from $63.00 to $70.00 and gave the stock a “positive” rating in a research report on Wednesday, July 24th. JMP Securities reissued a “market outperform” rating and set a $65.00 price objective on shares of Red Rock Resorts in a report on Monday. Finally, Macquarie upped their target price on Red Rock Resorts from $62.00 to $65.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $63.00.

Red Rock Resorts Trading Up 0.6 %

NASDAQ RRR opened at $52.59 on Thursday. Red Rock Resorts has a 12 month low of $37.82 and a 12 month high of $63.28. The company’s 50-day moving average price is $54.67 and its 200-day moving average price is $54.79. The stock has a market cap of $5.55 billion, a PE ratio of 18.65, a PEG ratio of 5.48 and a beta of 2.04. The company has a current ratio of 0.94, a quick ratio of 0.89 and a debt-to-equity ratio of 15.15.

Red Rock Resorts (NASDAQ:RRR) last announced its quarterly earnings results on Tuesday, July 23rd. The company reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.43 by $0.16. The firm had revenue of $486.40 million during the quarter, compared to analyst estimates of $475.80 million. Red Rock Resorts had a return on equity of 83.84% and a net margin of 9.21%. Red Rock Resorts’s quarterly revenue was up 16.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.65 earnings per share. Equities research analysts forecast that Red Rock Resorts will post 1.66 earnings per share for the current year.

Red Rock Resorts Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $1.00 dividend on an annualized basis and a yield of 1.90%. Red Rock Resorts’s payout ratio is 35.46%.

Insider Activity at Red Rock Resorts

In related news, COO Kord Nichols sold 49,464 shares of Red Rock Resorts stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $58.00, for a total transaction of $2,868,912.00. Following the completion of the sale, the chief operating officer now owns 71,946 shares of the company’s stock, valued at $4,172,868. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related 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 transaction of $2,868,912.00. Following the completion of the transaction, the chief operating officer now directly owns 71,946 shares in the company, valued at approximately $4,172,868. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Frank J. Fertitta III acquired 67,000 shares of the stock in a transaction on Thursday, August 1st. The stock was bought at an average price of $54.49 per share, for a total transaction of $3,650,830.00. Following the transaction, the chief executive officer now owns 45,914,301 shares in the company, valued at approximately $2,501,870,261.49. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 200,000 shares of company stock valued at $10,426,000 in the last ninety days. Company insiders own 53.28% of the company’s stock.

Institutional Investors Weigh In On Red Rock Resorts

Several hedge funds have recently modified their holdings of the company. Bamco Inc. NY raised its holdings in Red Rock Resorts by 0.5% in the 1st quarter. Bamco Inc. NY now owns 10,409,100 shares of the company’s stock worth $622,672,000 after purchasing an additional 50,246 shares during the period. Vanguard Group Inc. lifted its position in shares of Red Rock Resorts by 4.3% during the 1st quarter. Vanguard Group Inc. now owns 5,136,942 shares of the company’s stock valued at $307,292,000 after buying an additional 209,593 shares in the last quarter. Eminence Capital LP grew its stake in Red Rock Resorts by 23.7% in the 2nd quarter. Eminence Capital LP now owns 1,952,754 shares of the company’s stock valued at $107,265,000 after acquiring an additional 374,128 shares during the period. Vaughan Nelson Investment Management L.P. increased its holdings in Red Rock Resorts by 26.7% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,196,195 shares of the company’s stock worth $65,706,000 after acquiring an additional 251,855 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position in Red Rock Resorts by 6.6% during the second quarter. Bank of New York Mellon Corp now owns 404,153 shares of the company’s stock worth $22,200,000 after acquiring an additional 24,992 shares during the period. 47.84% of the stock is owned by hedge funds and other 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.