Spark Investment Management LLC Has $1.12 Million Stake in Red Rock Resorts, Inc. (NASDAQ:RRR)
Spark Investment Management LLC lowered its position in shares of Red Rock Resorts, Inc. (NASDAQ:RRR) by 65.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 47,600 shares of the company’s stock after selling 88,400 shares during the period. Spark Investment Management LLC’s holdings in Red Rock Resorts were worth $1,120,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of RRR. Creative Planning increased its position in shares of Red Rock Resorts by 14,324.5% in the first quarter. Creative Planning now owns 28,849 shares of the company’s stock worth $640,000 after buying an additional 28,649 shares during the last quarter. Oppenheimer Asset Management Inc. bought a new position in shares of Red Rock Resorts during the first quarter worth about $684,000. Bank of New York Mellon Corp increased its position in shares of Red Rock Resorts by 9.9% in the first quarter. Bank of New York Mellon Corp now owns 387,420 shares of the company’s stock worth $8,593,000 after buying an additional 34,778 shares during the last quarter. Oxford Asset Management bought a new position in shares of Red Rock Resorts during the first quarter worth about $1,558,000. Finally, KRV Capital LP bought a new position in shares of Red Rock Resorts during the first quarter worth about $8,428,000. 58.14% of the stock is currently owned by institutional investors and hedge funds.
Red Rock Resorts, Inc. (NASDAQ:RRR) opened at 22.83 on Thursday. The firm’s 50-day moving average is $23.80 and its 200-day moving average is $23.20. The stock’s market capitalization is $1.50 billion. Red Rock Resorts, Inc. has a 12 month low of $20.58 and a 12 month high of $24.94.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 31st. Shareholders of record on Tuesday, August 15th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Friday, August 11th. This represents a $0.40 dividend on an annualized basis and a yield of 1.75%. Red Rock Resorts’s payout ratio is 45.46%.
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RRR has been the topic of a number of research analyst reports. Zacks Investment Research downgraded shares of Red Rock Resorts from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 5th. Stifel Nicolaus reissued a “buy” rating and set a $27.00 price objective on shares of Red Rock Resorts in a research report on Friday, July 14th. Finally, Bank of America Corporation reissued a “buy” rating and set a $26.00 price objective (up from $24.50) on shares of Red Rock Resorts in a research report on Monday, June 5th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and ten have assigned a buy rating to the company’s stock. Red Rock Resorts currently has a consensus rating of “Buy” and a consensus target price of $26.14.
Red Rock Resorts Company Profile
Red Rock Resorts, Inc is a gaming, development and management company. The Company’s segments include Las Vegas operations, Native American management, and Corporate and other. The Las Vegas operations segment includes all of its Las Vegas area casino properties and the Native American management segment includes its Native American management arrangements.
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