Vaughan Nelson Investment Management L.P. Buys 251,855 Shares of Red Rock Resorts, Inc. (NASDAQ:RRR)

Vaughan Nelson Investment Management L.P. grew its position in shares of Red Rock Resorts, Inc. (NASDAQ:RRR) by 26.7% in the 2nd quarter, Holdings Channel reports. The firm owned 1,196,195 shares of the company’s stock after acquiring an additional 251,855 shares during the quarter. Vaughan Nelson Investment Management L.P.’s holdings in Red Rock Resorts were worth $65,706,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Bamco Inc. NY lifted its stake in shares of Red Rock Resorts by 0.5% in the 1st quarter. Bamco Inc. NY now owns 10,409,100 shares of the company’s stock valued at $622,672,000 after purchasing an additional 50,246 shares during the period. Vanguard Group Inc. lifted its stake in Red Rock Resorts by 4.3% in the first quarter. Vanguard Group Inc. now owns 5,136,942 shares of the company’s stock valued at $307,292,000 after buying an additional 209,593 shares during the period. Eminence Capital LP boosted its holdings in shares of Red Rock Resorts by 21.1% during the 4th quarter. Eminence Capital LP now owns 2,373,556 shares of the company’s stock worth $126,582,000 after buying an additional 413,871 shares in the last quarter. Westfield Capital Management Co. LP grew its position in shares of Red Rock Resorts by 2.4% during the 4th quarter. Westfield Capital Management Co. LP now owns 1,386,676 shares of the company’s stock worth $73,951,000 after buying an additional 32,427 shares during the period. Finally, Franklin Resources Inc. increased its stake in shares of Red Rock Resorts by 7.9% in the 4th quarter. Franklin Resources Inc. now owns 1,019,614 shares of the company’s stock valued at $54,376,000 after acquiring an additional 74,566 shares in the last quarter. Institutional investors and hedge funds own 47.84% of the company’s stock.

Insiders Place Their Bets

In other Red Rock Resorts news, VP Lorenzo J. Fertitta bought 33,000 shares of Red Rock Resorts stock in a transaction dated Thursday, August 1st. The stock was bought at an average cost of $54.49 per share, with a total value of $1,798,170.00. Following the completion of the acquisition, the vice president now directly owns 47,480,301 shares in the company, valued at approximately $2,587,201,601.49. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Frank J. Fertitta III purchased 67,000 shares of Red Rock Resorts stock in a transaction that occurred on Monday, August 5th. The stock was bought at an average price of $49.77 per share, for a total transaction of $3,334,590.00. Following the completion of the transaction, the chief executive officer now owns 46,048,301 shares in the company, valued at $2,291,823,940.77. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Lorenzo J. Fertitta acquired 33,000 shares of the stock in a transaction on Thursday, August 1st. The stock was bought at an average cost of $54.49 per share, for a total transaction of $1,798,170.00. Following the transaction, the vice president now owns 47,480,301 shares of the company’s stock, valued at approximately $2,587,201,601.49. The disclosure for this purchase can be found here. In the last ninety days, insiders bought 200,000 shares of company stock valued at $10,426,000. Corporate insiders own 53.28% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on RRR. Bank of America raised shares of Red Rock Resorts from an “underperform” rating to a “neutral” rating and cut their target price for the stock from $57.00 to $55.00 in a research note on Monday, May 13th. Barclays increased their price objective on shares of Red Rock Resorts from $63.00 to $65.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Mizuho decreased their target price on Red Rock Resorts from $69.00 to $66.00 and set a “buy” rating for the company in a research report on Wednesday, May 8th. Stifel Nicolaus upped their price target on Red Rock Resorts from $59.00 to $62.00 and gave the stock a “hold” rating in a research note on Wednesday, July 24th. Finally, Truist Financial reduced their price objective on Red Rock Resorts from $64.00 to $63.00 and set a “hold” rating for the company in a research note on Wednesday, July 24th. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Red Rock Resorts presently has an average rating of “Moderate Buy” and an average price target of $63.33.

Red Rock Resorts Stock Down 0.2 %

Shares of RRR stock traded down $0.12 during trading hours on Friday, reaching $55.60. The company had a trading volume of 310,454 shares, compared to its average volume of 631,643. The company has a market cap of $5.87 billion, a price-to-earnings ratio of 19.31, a price-to-earnings-growth ratio of 5.33 and a beta of 2.04. The company has a debt-to-equity ratio of 15.15, a current ratio of 0.94 and a quick ratio of 0.89. Red Rock Resorts, Inc. has a 12 month low of $37.82 and a 12 month high of $63.28. The business has a fifty day simple moving average of $55.02 and a 200-day simple moving average of $55.53.

Red Rock Resorts (NASDAQ:RRR) last issued its quarterly earnings data on Tuesday, July 23rd. The company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.16. The business had revenue of $486.40 million for the quarter, compared to analysts’ expectations of $475.80 million. Red Rock Resorts had a return on equity of 83.84% and a net margin of 9.21%. The business’s revenue was up 16.9% on a year-over-year basis. During the same period last year, the business earned $0.65 EPS. On average, research analysts expect that Red Rock Resorts, Inc. will post 1.66 earnings per share for the current fiscal year.

Red Rock Resorts Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.80%. The ex-dividend date is Monday, September 16th. Red Rock Resorts’s dividend payout ratio (DPR) is presently 34.72%.

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.