Red Rock Resorts, Inc. $RRR Stake Lessened by Westfield Capital Management Co. LP

Westfield Capital Management Co. LP decreased its position in shares of Red Rock Resorts, Inc. (NASDAQ:RRR) by 14.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,147,417 shares of the company’s stock after selling 192,469 shares during the period. Westfield Capital Management Co. LP owned 1.09% of Red Rock Resorts worth $70,061,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Red Rock Resorts by 230.5% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 552 shares of the company’s stock valued at $29,000 after purchasing an additional 385 shares in the last quarter. Strs Ohio acquired a new stake in shares of Red Rock Resorts in the third quarter valued at $37,000. Atlantic Union Bankshares Corp bought a new position in Red Rock Resorts during the second quarter valued at about $62,000. Canada Pension Plan Investment Board bought a new position in Red Rock Resorts during the second quarter valued at about $94,000. Finally, Russell Investments Group Ltd. grew its holdings in Red Rock Resorts by 1,385.7% during the second quarter. Russell Investments Group Ltd. now owns 1,872 shares of the company’s stock worth $97,000 after acquiring an additional 1,746 shares during the period. 47.84% of the stock is currently owned by institutional investors and hedge funds.

Red Rock Resorts Stock Down 0.4%

RRR stock opened at $61.52 on Thursday. The company has a debt-to-equity ratio of 10.26, a current ratio of 0.79 and a quick ratio of 0.70. The firm has a market capitalization of $6.51 billion, a P/E ratio of 19.65, a P/E/G ratio of 2.55 and a beta of 1.49. Red Rock Resorts, Inc. has a 52-week low of $35.09 and a 52-week high of $68.99. The company’s 50 day simple moving average is $62.76 and its 200-day simple moving average is $60.39.

Red Rock Resorts (NASDAQ:RRR) last posted its quarterly earnings data on Tuesday, February 10th. The company reported $0.75 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.34. Red Rock Resorts had a net margin of 9.35% and a return on equity of 58.13%. The firm had revenue of $511.78 million for the quarter, compared to analysts’ expectations of $500.90 million. During the same period in the previous year, the company posted $0.76 EPS. The company’s quarterly revenue was up 3.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Red Rock Resorts, Inc. will post 1.76 EPS for the current year.

Red Rock Resorts Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 16th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Monday, March 16th. Red Rock Resorts’s payout ratio is presently 33.23%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on RRR shares. Barclays upped their price target on shares of Red Rock Resorts from $65.00 to $69.00 and gave the company an “overweight” rating in a report on Friday, January 16th. Truist Financial reiterated a “buy” rating and issued a $80.00 target price (up from $75.00) on shares of Red Rock Resorts in a report on Wednesday, February 11th. UBS Group set a $73.00 target price on shares of Red Rock Resorts in a research note on Wednesday, December 24th. Citigroup raised their target price on shares of Red Rock Resorts from $63.00 to $76.00 and gave the stock a “buy” rating in a report on Thursday, February 12th. Finally, Morgan Stanley set a $62.00 price target on Red Rock Resorts in a report on Thursday, February 12th. Eleven investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $71.15.

Red Rock Resorts Profile

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.