Eminence Capital LP Has $159.18 Million Position in Red Rock Resorts, Inc. $RRR

Eminence Capital LP boosted its holdings in Red Rock Resorts, Inc. (NASDAQ:RRR) by 23.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,059,372 shares of the company’s stock after acquiring an additional 581,061 shares during the period. Red Rock Resorts accounts for 1.9% of Eminence Capital LP’s holdings, making the stock its 23rd biggest position. Eminence Capital LP owned about 2.89% of Red Rock Resorts worth $159,179,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. US Bancorp DE raised its position in shares of Red Rock Resorts by 1,664.4% in the first quarter. US Bancorp DE now owns 1,041 shares of the company’s stock valued at $45,000 after purchasing an additional 982 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of Red Rock Resorts by 51.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,854 shares of the company’s stock worth $124,000 after buying an additional 965 shares during the period. Nuveen LLC acquired a new position in Red Rock Resorts in the 1st quarter valued at about $11,025,000. Versor Investments LP raised its holdings in Red Rock Resorts by 57.6% in the 1st quarter. Versor Investments LP now owns 9,612 shares of the company’s stock valued at $417,000 after acquiring an additional 3,512 shares during the period. Finally, Wellington Management Group LLP lifted its position in Red Rock Resorts by 29.0% during the first quarter. Wellington Management Group LLP now owns 111,201 shares of the company’s stock worth $4,823,000 after acquiring an additional 24,971 shares during the last quarter. 47.84% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

RRR has been the topic of several research reports. Susquehanna upped their target price on Red Rock Resorts from $68.00 to $69.00 and gave the company a “positive” rating in a research report on Wednesday, October 29th. Weiss Ratings restated a “hold (c+)” rating on shares of Red Rock Resorts in a research note on Wednesday, October 8th. Wells Fargo & Company started coverage on Red Rock Resorts in a report on Tuesday, November 18th. They issued an “equal weight” rating and a $58.00 price objective on the stock. Zacks Research cut Red Rock Resorts from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. Finally, Stifel Nicolaus set a $68.00 target price on shares of Red Rock Resorts and gave the company a “buy” rating in a research report on Monday, November 3rd. One analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Red Rock Resorts has a consensus rating of “Moderate Buy” and a consensus price target of $64.42.

Red Rock Resorts Price Performance

Shares of NASDAQ RRR opened at $60.97 on Friday. The business has a fifty day moving average price of $57.34 and a two-hundred day moving average price of $56.83. The stock has a market capitalization of $6.45 billion, a PE ratio of 19.42, a P/E/G ratio of 2.15 and a beta of 1.52. The company has a debt-to-equity ratio of 10.11, a current ratio of 0.75 and a quick ratio of 0.70. Red Rock Resorts, Inc. has a fifty-two week low of $35.09 and a fifty-two week high of $63.60.

Red Rock Resorts (NASDAQ:RRR) last released its earnings results on Tuesday, October 28th. The company reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.32. Red Rock Resorts had a return on equity of 59.86% and a net margin of 9.52%.The company had revenue of $475.57 million for the quarter, compared to analyst estimates of $477.25 million. During the same period in the prior year, the firm posted $0.48 EPS. Red Rock Resorts’s quarterly revenue was up 1.6% on a year-over-year basis. As a group, equities analysts predict that Red Rock Resorts, Inc. will post 1.76 earnings per share for the current fiscal year.

Red Rock Resorts Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 15th will be paid a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Monday, December 15th. This is a positive change from Red Rock Resorts’s previous quarterly dividend of $0.25. Red Rock Resorts’s payout ratio is currently 31.85%.

Red Rock Resorts declared that its board has initiated a stock buyback plan on Tuesday, October 28th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the company to reacquire up to 4.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.

Red Rock Resorts 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.