Franklin Resources Inc. Sells 37,884 Shares of Red Rock Resorts, Inc. (NASDAQ:RRR)

Franklin Resources Inc. decreased its position in shares of Red Rock Resorts, Inc. (NASDAQ:RRR) by 3.8% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 958,195 shares of the company’s stock after selling 37,884 shares during the quarter. Franklin Resources Inc.’s holdings in Red Rock Resorts were worth $50,545,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Quarry LP grew its stake in Red Rock Resorts by 479.4% in the 3rd quarter. Quarry LP now owns 1,124 shares of the company’s stock valued at $61,000 after buying an additional 930 shares in the last quarter. US Bancorp DE boosted its holdings in shares of Red Rock Resorts by 2,223.9% in the third quarter. US Bancorp DE now owns 1,557 shares of the company’s stock worth $85,000 after acquiring an additional 1,490 shares during the period. Point72 DIFC Ltd purchased a new position in shares of Red Rock Resorts in the second quarter valued at $98,000. nVerses Capital LLC bought a new stake in shares of Red Rock Resorts during the 2nd quarter valued at $154,000. Finally, Ritholtz Wealth Management purchased a new stake in Red Rock Resorts during the 3rd quarter worth about $215,000. Hedge funds and other institutional investors own 47.84% of the company’s stock.

Red Rock Resorts Trading Down 1.5 %

Shares of RRR stock opened at $48.06 on Wednesday. The business has a 50-day moving average price of $51.30 and a two-hundred day moving average price of $53.58. Red Rock Resorts, Inc. has a 12-month low of $47.18 and a 12-month high of $63.28. 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 $5.08 billion, a P/E ratio of 17.80, a price-to-earnings-growth ratio of 6.69 and a beta of 2.00.

Red Rock Resorts Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.08%. The ex-dividend date is Monday, December 16th. Red Rock Resorts’s dividend payout ratio (DPR) is presently 37.04%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. Barclays reduced their target price on Red Rock Resorts from $65.00 to $62.00 and set an “overweight” rating for the company in a report on Friday, November 8th. Truist Financial reduced their price objective on shares of Red Rock Resorts from $63.00 to $58.00 and set a “hold” rating for the company in a research note on Wednesday, October 23rd. JMP Securities reiterated a “market outperform” rating and issued a $65.00 target price on shares of Red Rock Resorts in a research note on Monday, October 14th. Mizuho lowered shares of Red Rock Resorts from an “outperform” rating to a “neutral” rating and reduced their price target for the company from $57.00 to $44.00 in a research report on Monday, November 25th. Finally, Wells Fargo & Company lowered 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 report on Thursday, October 17th. 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, Red Rock Resorts has a consensus rating of “Moderate Buy” and a consensus price target of $60.42.

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.