Key Points
- Red Rock Resorts President Scott Kreeger sold 31,159 shares at an average price of $61.78, totaling approximately $1.93 million. His remaining direct ownership fell 13.26% to 203,881 shares.
- The company beat quarterly expectations, reporting adjusted earnings of $0.67 per share versus the $0.51 consensus and revenue of $510.26 million, though revenue declined 3% year over year.
- Red Rock announced a quarterly dividend of $0.26 per share, equivalent to a 1.7% yield, while analysts maintained a generally positive outlook with a consensus “Moderate Buy” rating and an average price target of $71.88.
Red Rock Resorts, Inc. (NASDAQ:RRR - Get Free Report) President Scott Kreeger sold 31,159 shares of Red Rock Resorts stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $61.78, for a total value of $1,925,003.02. Following the completion of the sale, the president directly owned 203,881 shares in the company, valued at $12,595,768.18. This represents a 13.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.
Red Rock Resorts Stock Down 1.0%
Shares of RRR opened at $61.29 on Tuesday. The stock has a 50 day moving average price of $62.98 and a 200 day moving average price of $59.82. Red Rock Resorts, Inc. has a one year low of $50.52 and a one year high of $68.99. The company has a debt-to-equity ratio of 14.42, a quick ratio of 0.76 and a current ratio of 0.81. The stock has a market capitalization of $6.44 billion, a price-to-earnings ratio of 21.66, a PEG ratio of 4.58 and a beta of 1.36.
Red Rock Resorts (NASDAQ:RRR - Get Free Report) last announced its quarterly earnings data on Tuesday, August 4th. The company reported $0.67 earnings per share for the quarter, beating analysts' consensus estimates of $0.51 by $0.16. Red Rock Resorts had a return on equity of 55.65% and a net margin of 8.43%.The company had revenue of $510.26 million for the quarter, compared to analyst estimates of $500.08 million. During the same quarter last year, the firm posted $0.95 EPS. The firm's revenue for the quarter was down 3.0% on a year-over-year basis. Equities research analysts forecast that Red Rock Resorts, Inc. will post 1.5 earnings per share for the current fiscal year.
Red Rock Resorts Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Tuesday, September 15th. Red Rock Resorts's dividend payout ratio is 36.75%.
Institutional Investors Weigh In On Red Rock Resorts
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bamco Inc. NY grew its holdings in shares of Red Rock Resorts by 2.0% during the 4th quarter. Bamco Inc. NY now owns 12,519,892 shares of the company's stock worth $775,607,000 after purchasing an additional 250,725 shares during the period. Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in shares of Red Rock Resorts during the 2nd quarter worth about $120,743,000. State Street Corp raised its holdings in Red Rock Resorts by 62.1% in the 4th quarter. State Street Corp now owns 1,814,812 shares of the company's stock valued at $112,428,000 after buying an additional 695,575 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in Red Rock Resorts by 2,248.2% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,354,644 shares of the company's stock valued at $82,715,000 after buying an additional 1,296,956 shares during the period. Finally, Fuller & Thaler Asset Management Inc. lifted its position in Red Rock Resorts by 7.4% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,207,404 shares of the company's stock valued at $74,799,000 after buying an additional 82,849 shares during the last quarter. Hedge funds and other institutional investors own 47.84% of the company's stock.
Wall Street Analysts Forecast Growth
A number of research firms recently weighed in on RRR. Citizens Jmp boosted their price target on shares of Red Rock Resorts from $69.00 to $71.00 and gave the stock a "market outperform" rating in a research report on Wednesday, August 5th. Truist Financial increased their price objective 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. JPMorgan Chase & Co. raised their target price on shares of Red Rock Resorts from $66.00 to $72.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 15th. Citigroup restated a "buy" rating on shares of Red Rock Resorts in a report on Wednesday, August 5th. Finally, Susquehanna dropped their price target on Red Rock Resorts from $77.00 to $70.00 and set a "positive" rating for the company in a research report on Thursday, April 30th. Fourteen research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Red Rock Resorts has an average rating of "Moderate Buy" and an average target price of $71.88.
View Our Latest Research Report on Red Rock Resorts
About Red Rock Resorts
(
Get Free Report)
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.
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