Principal Financial Group Inc. Acquires 55,845 Shares of Red Rock Resorts, Inc. $RRR

Principal Financial Group Inc. increased its holdings in Red Rock Resorts, Inc. (NASDAQ:RRR) by 24.1% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 287,633 shares of the company’s stock after purchasing an additional 55,845 shares during the period. Principal Financial Group Inc. owned approximately 0.27% of Red Rock Resorts worth $15,348,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Salomon & Ludwin LLC purchased a new position in Red Rock Resorts in the 4th quarter worth $25,000. Kestra Advisory Services LLC purchased a new stake in Red Rock Resorts during the fourth quarter valued at about $27,000. Rockefeller Capital Management L.P. boosted its position in Red Rock Resorts by 1,924.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 506 shares of the company’s stock valued at $31,000 after buying an additional 481 shares during the period. GAMMA Investing LLC grew its stake in shares of Red Rock Resorts by 53.8% during the fourth quarter. GAMMA Investing LLC now owns 752 shares of the company’s stock valued at $47,000 after buying an additional 263 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its stake in shares of Red Rock Resorts by 98.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,474 shares of the company’s stock valued at $91,000 after buying an additional 733 shares during the last quarter. Institutional investors own 47.84% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on RRR. Barclays lifted their price objective on Red Rock Resorts from $65.00 to $72.00 and gave the stock an “overweight” rating in a report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $72.00 price target on shares of Red Rock Resorts in a research report on Thursday, April 30th. Weiss Ratings raised Red Rock Resorts from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, July 10th. Stifel Nicolaus set a $70.00 price target on Red Rock Resorts in a research note on Friday, May 29th. Finally, Wells Fargo & Company upgraded Red Rock Resorts from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $55.00 to $75.00 in a research report on Tuesday, July 14th. Fourteen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Red Rock Resorts has an average rating of “Moderate Buy” and a consensus price target of $71.24.

Red Rock Resorts Stock Down 1.7%

NASDAQ RRR opened at $62.78 on Friday. Red Rock Resorts, Inc. has a 1 year low of $50.52 and a 1 year high of $68.99. The stock has a market capitalization of $6.59 billion, a PE ratio of 20.19, a PEG ratio of 4.69 and a beta of 1.35. The company has a debt-to-equity ratio of 14.42, a current ratio of 0.81 and a quick ratio of 0.76. The business’s 50-day moving average is $60.87 and its 200 day moving average is $59.69.

Red Rock Resorts (NASDAQ:RRR) last released its quarterly earnings results on Wednesday, April 29th. The company reported $0.73 EPS for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.17). Red Rock Resorts had a net margin of 9.21% and a return on equity of 61.67%. The business had revenue of $507.32 million for the quarter, compared to the consensus estimate of $505.63 million. During the same period in the previous year, the company earned $0.75 EPS. The company’s revenue for the quarter was up 1.9% on a year-over-year basis. Sell-side analysts forecast that Red Rock Resorts, Inc. will post 1.52 earnings per share for the current year.

Red Rock Resorts Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date was Monday, June 15th. Red Rock Resorts’s dividend payout ratio is currently 33.44%.

About Red Rock Resorts

Red Rock Resorts, Inc (NASDAQ: RRR) is a publicly traded gaming and hospitality company headquartered in Summerlin, Nevada. The company owns and operates a diversified portfolio of full-service casino resorts and neighborhood gaming properties in the Las Vegas valley. Its core business activities include resort hotel accommodations, casino gaming, food and beverage operations, entertainment and convention services designed to meet the needs of both leisure and business travelers.

The company’s flagship resort, Red Rock Casino Resort & Spa, features a full range of table games, slot machines, a luxury spa, convention space, multiple signature restaurants and live entertainment venues.