Red Rock Resorts (NASDAQ:RRR) Downgraded to “Neutral” Rating by Mizuho

Mizuho cut shares of Red Rock Resorts (NASDAQ:RRR) from an outperform rating to a neutral rating in a research report sent to investors on Monday, Marketbeat reports. The brokerage currently has $44.00 price objective on the stock, down from their previous price objective of $57.00.

Several other research analysts also recently commented on the company. Barclays reduced their target price on Red Rock Resorts from $65.00 to $62.00 and set an “overweight” rating on the stock in a report on Friday, November 8th. Macquarie decreased their target price on Red Rock Resorts from $65.00 to $64.00 and set an “outperform” rating on the stock in a report on Friday, November 8th. Truist Financial cut their price target on Red Rock Resorts from $63.00 to $58.00 and set a “hold” rating for the company in a report on Wednesday, October 23rd. 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, October 14th. Finally, Morgan Stanley boosted their target price on shares of Red Rock Resorts from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 4th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.42.

Red Rock Resorts Price Performance

NASDAQ:RRR opened at $49.86 on Monday. The company has a quick ratio of 0.96, a current ratio of 1.02 and a debt-to-equity ratio of 14.28. The firm has a market cap of $5.27 billion, a PE ratio of 18.47, a price-to-earnings-growth ratio of 6.26 and a beta of 2.04. Red Rock Resorts has a 12 month low of $43.38 and a 12 month high of $63.28. The company’s 50-day moving average price is $52.55 and its two-hundred day moving average price is $53.61.

Red Rock Resorts Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.01%. The ex-dividend date of this dividend is Monday, December 16th. Red Rock Resorts’s payout ratio is 37.04%.

Hedge Funds Weigh In On Red Rock Resorts

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Long Pond Capital LP bought a new position in Red Rock Resorts during the second quarter worth about $21,987,000. Eminence Capital LP lifted its holdings in shares of Red Rock Resorts by 23.7% during the 2nd quarter. Eminence Capital LP now owns 1,952,754 shares of the company’s stock valued at $107,265,000 after purchasing an additional 374,128 shares in the last quarter. Sequoia Financial Advisors LLC grew its position in shares of Red Rock Resorts by 4,050.3% in the 3rd quarter. Sequoia Financial Advisors LLC now owns 333,769 shares of the company’s stock valued at $18,170,000 after purchasing an additional 325,727 shares during the period. Hantz Financial Services Inc. bought a new stake in Red Rock Resorts during the 2nd quarter worth approximately $14,384,000. Finally, Vaughan Nelson Investment Management L.P. raised its holdings in Red Rock Resorts by 26.7% during 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 buying an additional 251,855 shares during the period. Institutional investors own 47.84% of the company’s stock.

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.