Harvest Portfolios Group Inc. Sells 946 Shares of Red Rock Resorts, Inc. $RRR

Harvest Portfolios Group Inc. trimmed its position in Red Rock Resorts, Inc. (NASDAQ:RRR) by 8.0% in the second quarter, HoldingsChannel.com reports. The firm owned 10,912 shares of the company’s stock after selling 946 shares during the period. Harvest Portfolios Group Inc.’s holdings in Red Rock Resorts were worth $568,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Ameritas Advisory Services LLC acquired a new stake in Red Rock Resorts during the second quarter worth $42,000. Pandora Wealth Inc. bought a new position in shares of Red Rock Resorts during the 1st quarter worth about $43,000. US Bancorp DE lifted its holdings in shares of Red Rock Resorts by 1,664.4% during the 1st quarter. US Bancorp DE now owns 1,041 shares of the company’s stock worth $45,000 after acquiring an additional 982 shares during the period. Atlantic Union Bankshares Corp acquired a new stake in shares of Red Rock Resorts during the 2nd quarter valued at about $62,000. Finally, New Age Alpha Advisors LLC bought a new stake in Red Rock Resorts in the first quarter valued at about $89,000. 47.84% of the stock is owned by institutional investors.

Insider Activity at Red Rock Resorts

In other news, COO Kord Nichols sold 37,075 shares of the firm’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $61.03, for a total value of $2,262,687.25. Following the completion of the sale, the chief operating officer directly owned 87,036 shares in the company, valued at approximately $5,311,807.08. This trade represents a 29.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders sold a total of 84,650 shares of company stock worth $5,063,606 in the last quarter. 53.81% of the stock is currently owned by corporate insiders.

Red Rock Resorts Price Performance

Shares of Red Rock Resorts stock opened at $57.83 on Friday. The stock has a market capitalization of $6.10 billion, a price-to-earnings ratio of 18.42, a P/E/G ratio of 1.94 and a beta of 1.51. The firm’s 50-day moving average price is $59.24 and its two-hundred day moving average price is $54.60. The company has a current ratio of 0.89, a quick ratio of 0.84 and a debt-to-equity ratio of 11.28. Red Rock Resorts, Inc. has a 1-year low of $35.09 and a 1-year high of $63.60.

Red Rock Resorts (NASDAQ:RRR) last announced its earnings results on Tuesday, October 28th. The company reported $0.68 EPS for the quarter, topping the consensus estimate of $0.36 by $0.32. The business had revenue of $475.57 million for the quarter, compared to the consensus estimate of $477.25 million. Red Rock Resorts had a return on equity of 60.15% and a net margin of 9.52%.Red Rock Resorts’s revenue was up 1.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.48 EPS. On average, equities analysts predict that Red Rock Resorts, Inc. will post 1.76 earnings per share for the current fiscal year.

Red Rock Resorts declared that its Board of Directors has initiated a stock buyback program on Tuesday, October 28th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 4.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

Red Rock Resorts Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be paid a $0.26 dividend. This is an increase from Red Rock Resorts’s previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Monday, December 15th. Red Rock Resorts’s payout ratio is presently 31.85%.

Wall Street Analyst Weigh In

A number of research analysts have commented on RRR shares. Jefferies Financial Group upgraded shares of Red Rock Resorts from a “hold” rating to a “buy” rating and cut their price target for the stock from $66.00 to $65.00 in a research note on Tuesday. JMP Securities upped their price objective on Red Rock Resorts from $64.00 to $65.00 and gave the company a “market outperform” rating in a research note on Tuesday, September 16th. Barclays increased their target price on Red Rock Resorts from $62.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, July 30th. Macquarie boosted their price target on Red Rock Resorts from $67.00 to $68.00 and gave the company an “outperform” rating in a research note on Wednesday, October 29th. Finally, Stifel Nicolaus set a $68.00 price target on Red Rock Resorts and gave the company a “buy” rating in a research report on Monday, November 3rd. Ten equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $65.20.

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.