Macquarie Boosts Red Rock Resorts (NASDAQ:RRR) Price Target to $65.00

Red Rock Resorts (NASDAQ:RRR) had its price target raised by Macquarie from $62.00 to $65.00 in a research report released on Wednesday, Benzinga reports. They currently have an outperform rating on the stock.

RRR has been the subject of a number of other research reports. Stifel Nicolaus cut their target price on shares of Red Rock Resorts from $61.00 to $59.00 and set a hold rating for the company in a research report on Wednesday, May 8th. JPMorgan Chase & Co. lifted their target price on shares of Red Rock Resorts from $63.00 to $69.00 and gave the stock an overweight rating in a research report on Monday, April 1st. Susquehanna lifted their target price on shares of Red Rock Resorts from $63.00 to $70.00 and gave the stock a positive rating in a research report on Wednesday. JMP Securities cut their target price on shares of Red Rock Resorts from $66.00 to $65.00 and set a market outperform rating for the company in a research report on Wednesday, May 8th. Finally, Morgan Stanley boosted their price objective on shares of Red Rock Resorts from $53.00 to $54.00 and gave the company an equal weight rating in a research report on Friday, July 12th. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $63.33.

Red Rock Resorts Price Performance

Shares of NASDAQ RRR opened at $57.76 on Wednesday. Red Rock Resorts has a twelve month low of $37.82 and a twelve month high of $63.28. The firm has a market cap of $6.10 billion, a P/E ratio of 20.06, a PEG ratio of 4.23 and a beta of 2.04. The company has a 50 day moving average of $53.72 and a 200 day moving average of $55.29. The company has a quick ratio of 0.85, a current ratio of 0.90 and a debt-to-equity ratio of 18.49.

Red Rock Resorts (NASDAQ:RRR) last announced its quarterly earnings data on Tuesday, July 23rd. The company reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.43 by $0.16. Red Rock Resorts had a net margin of 9.21% and a return on equity of 87.05%. The company had revenue of $486.40 million during the quarter, compared to analyst estimates of $475.80 million. During the same period in the previous year, the business earned $0.65 EPS. The firm’s revenue for the quarter was up 16.9% on a year-over-year basis. As a group, research analysts expect that Red Rock Resorts will post 1.76 EPS for the current fiscal year.

Red Rock Resorts Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.73%. The ex-dividend date is Monday, September 16th. Red Rock Resorts’s payout ratio is currently 34.72%.

Insiders Place Their Bets

In other Red Rock Resorts news, CEO Frank J. Fertitta III sold 800,000 shares of the business’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $50.39, for a total value of $40,312,000.00. Following the sale, the chief executive officer now owns 45,847,301 shares in the company, valued at approximately $2,310,245,497.39. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 53.28% of the company’s stock.

Institutional Trading of Red Rock Resorts

Several hedge funds have recently bought and sold shares of RRR. Vaughan Nelson Investment Management L.P. purchased a new stake in Red Rock Resorts in the 4th quarter worth $40,331,000. Valeo Financial Advisors LLC purchased a new stake in shares of Red Rock Resorts during the 4th quarter valued at about $255,000. VELA Investment Management LLC purchased a new stake in shares of Red Rock Resorts during the 4th quarter valued at about $256,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Red Rock Resorts by 7.8% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,071 shares of the company’s stock valued at $644,000 after buying an additional 870 shares in the last quarter. Finally, Avior Wealth Management LLC raised its position in shares of Red Rock Resorts by 4.3% during the 4th quarter. Avior Wealth Management LLC now owns 9,941 shares of the company’s stock valued at $530,000 after buying an additional 408 shares in the last quarter. Hedge funds and other institutional investors own 47.84% of the company’s stock.

About Red Rock Resorts

Red Rock Resorts, Inc, through its interest in Station Casinos LLC, develops and operates casino and entertainment properties in the United States. The company owns and operates gaming and entertainment facilities, including Durango Casino & Resort and smaller casinos in the Las Vegas regional market.