Point72 Asset Management L.P. Acquires Shares of 343,300 Red Rock Resorts Inc (NASDAQ:RRR)

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Point72 Asset Management L.P. acquired a new stake in Red Rock Resorts Inc (NASDAQ:RRR) during the third quarter, HoldingsChannel.com reports. The fund acquired 343,300 shares of the company’s stock, valued at approximately $6,971,000.

Other large investors have also recently made changes to their positions in the company. Cohen & Steers Inc. grew its position in shares of Red Rock Resorts by 16.6% in the 2nd quarter. Cohen & Steers Inc. now owns 4,267,738 shares of the company’s stock valued at $91,671,000 after buying an additional 607,780 shares during the last quarter. Verition Fund Management LLC lifted its stake in shares of Red Rock Resorts by 24.7% in the second quarter. Verition Fund Management LLC now owns 18,700 shares of the company’s stock valued at $402,000 after purchasing an additional 3,700 shares during the period. Janus Henderson Group PLC acquired a new stake in shares of Red Rock Resorts in the second quarter valued at about $4,493,000. JPMorgan Chase & Co. lifted its stake in shares of Red Rock Resorts by 9.6% in the second quarter. JPMorgan Chase & Co. now owns 4,129,439 shares of the company’s stock valued at $88,329,000 after purchasing an additional 362,197 shares during the period. Finally, State of New Jersey Common Pension Fund D acquired a new stake in shares of Red Rock Resorts in the third quarter valued at about $2,089,000. 61.57% of the stock is currently owned by institutional investors.

In related news, Director Lorenzo J. Fertitta bought 9,540 shares of the stock in a transaction that occurred on Wednesday, October 2nd. The stock was purchased at an average cost of $19.48 per share, for a total transaction of $185,839.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Frank J. Fertitta III bought 10,170 shares of the stock in a transaction that occurred on Monday, October 7th. The stock was bought at an average price of $19.50 per share, with a total value of $198,315.00. The disclosure for this purchase can be found here. Insiders own 40.19% of the company’s stock.

Several analysts recently commented on RRR shares. Nomura reduced their price objective on shares of Red Rock Resorts from $36.00 to $26.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Deutsche Bank reiterated a “buy” rating and issued a $25.00 price objective on shares of Red Rock Resorts in a research note on Thursday, November 21st. Union Gaming Research cut shares of Red Rock Resorts from a “buy” rating to a “hold” rating and reduced their price objective for the company from $25.00 to $22.00 in a research note on Wednesday, November 6th. Stifel Nicolaus set a $22.00 price objective on shares of Red Rock Resorts and gave the company a “hold” rating in a research note on Wednesday, August 7th. Finally, ValuEngine upgraded shares of Red Rock Resorts from a “hold” rating to a “buy” rating in a research note on Monday, November 25th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $25.57.

Shares of RRR opened at $23.40 on Monday. The company has a current ratio of 0.96, a quick ratio of 0.90 and a debt-to-equity ratio of 3.85. The stock has a market cap of $2.75 billion, a P/E ratio of 17.86 and a beta of 2.08. The company has a 50-day moving average of $21.89 and a two-hundred day moving average of $21.38. Red Rock Resorts Inc has a 12-month low of $16.76 and a 12-month high of $29.80.

Red Rock Resorts (NASDAQ:RRR) last announced its earnings results on Tuesday, November 5th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.11 by $0.04. The company had revenue of $465.86 million during the quarter, compared to analysts’ expectations of $469.74 million. Red Rock Resorts had a net margin of 0.04% and a return on equity of 7.58%. As a group, analysts forecast that Red Rock Resorts Inc will post 0.05 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Shareholders of record on Friday, December 13th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date of this dividend is Thursday, December 12th. Red Rock Resorts’s payout ratio is currently 30.53%.

Red Rock Resorts Profile

Red Rock Resorts, Inc, through its interest in Station Holdco and Station LLC, engages in casino entertainment, and gaming and entertainment businesses in the United States. It operates through two segments, Las Vegas operations and Native American management. The company develops, manages, and operates casino entertainment properties; and owns and operates 10 gaming and entertainment facilities, and 10 smaller casinos in the Las Vegas regional market.

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Want to see what other hedge funds are holding RRR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Red Rock Resorts Inc (NASDAQ:RRR).

Institutional Ownership by Quarter for Red Rock Resorts (NASDAQ:RRR)

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