Red Rock Resorts (NASDAQ:RRR) Stock Gets Price Target Cut from Citizens Jmp

Red Rock Resorts (NASDAQ:RRR) had its price target cut by Citizens Jmp from $71.00 to $70.00 in a research note issued to investors on Wednesday morning,Benzinga reports. They currently have a market outperform rating on the stock.

A number of other research analysts have also recently issued reports on the stock. Truist Financial increased their target price on shares of Red Rock Resorts from $68.00 to $75.00 and gave the company a “buy” rating in a report on Monday, July 20th. Stifel Nicolaus set a $74.00 price target on Red Rock Resorts in a research note on Wednesday, August 5th. Morgan Stanley lowered their price target on Red Rock Resorts from $61.00 to $59.00 and set an “equal weight” rating on the stock in a report on Monday, October 19th. Capital One Financial upgraded Red Rock Resorts to a “buy” rating in a report on Wednesday, September 9th. Finally, Texas Capital raised Red Rock Resorts to a “strong-buy” rating in a research note on Wednesday, September 9th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, Red Rock Resorts presently has a consensus rating of “Moderate Buy” and a consensus target price of $69.35.

Red Rock Resorts Price Performance

Shares of RRR traded up $0.26 during trading hours on Wednesday, reaching $48.22. The company had a trading volume of 957,459 shares, compared to its average volume of 727,304. The firm has a 50 day simple moving average of $51.53 and a 200-day simple moving average of $57.85. The company has a current ratio of 0.68, a quick ratio of 0.63 and a debt-to-equity ratio of 12.33. The company has a market capitalization of $5.06 billion, a price-to-earnings ratio of 24.35, a PEG ratio of 4.25 and a beta of 1.42. Red Rock Resorts has a 12-month low of $46.29 and a 12-month high of $68.99.

Red Rock Resorts (NASDAQ:RRR) last announced its quarterly earnings data on Tuesday, November 3rd. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of $0.45 by ($0.62). The company had revenue of $488.70 million during the quarter, compared to analyst estimates of $478.13 million. Red Rock Resorts had a net margin of 8.43% and a return on equity of 56.19%. The firm’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same quarter last year, the business earned $0.68 EPS. Research analysts expect that Red Rock Resorts will post 1.56 earnings per share for the current year.

Red Rock Resorts Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, December 31st. Investors of record on Tuesday, December 15th will be given a $0.26 dividend. The ex-dividend date is Tuesday, December 15th. This represents a $1.04 annualized dividend and a dividend yield of 2.2%. Red Rock Resorts’s payout ratio is currently 52.53%.

Hedge Funds Weigh In On Red Rock Resorts

Several hedge funds have recently added to or reduced their stakes in RRR. Diamond Hill Capital Management LLC Investment Advisor acquired a new position in Red Rock Resorts during the second quarter worth about $120,743,000. Dimensional Fund Advisors LP grew its position in shares of Red Rock Resorts by 1.2% in the first quarter. Dimensional Fund Advisors LP now owns 487,538 shares of the company’s stock valued at $26,013,000 after purchasing an additional 5,685 shares during the last quarter. Renaissance Technologies LLC grew its position in shares of Red Rock Resorts by 204.7% in the first quarter. Renaissance Technologies LLC now owns 300,400 shares of the company’s stock valued at $16,029,000 after purchasing an additional 201,800 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Red Rock Resorts by 24.1% in the first quarter. Principal Financial Group Inc. now owns 287,633 shares of the company’s stock valued at $15,348,000 after purchasing an additional 55,845 shares during the last quarter. Finally, Swiss National Bank increased its stake in shares of Red Rock Resorts by 1.0% during the 1st quarter. Swiss National Bank now owns 100,800 shares of the company’s stock worth $5,379,000 after purchasing an additional 1,000 shares in the last quarter. 47.84% of the stock is currently owned by hedge funds and other institutional investors.

Red Rock Resorts Company Profile

Red Rock Resorts, Inc is a gaming, entertainment and hospitality company based in Las Vegas, Nevada. Through its principal operating subsidiary, Station Casinos, the company develops, owns and operates casino resorts and other gaming properties, primarily serving the Las Vegas locals market.

Its portfolio includes destination-style properties such as Red Rock Casino Resort & Spa, Green Valley Ranch Resort Spa and Casino, and Durango Casino & Resort, along with neighborhood casinos including Palace Station, Boulder Station, Santa Fe Station and several Wildfire locations.