Edgestream Partners L.P. Invests $1.24 Million in Red Rock Resorts, Inc. (NASDAQ:RRR)

Edgestream Partners L.P. purchased a new stake in shares of Red Rock Resorts, Inc. (NASDAQ:RRR) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 20,691 shares of the company’s stock, valued at approximately $1,238,000.

A number of other hedge funds also recently bought and sold shares of the business. Institute for Wealth Management LLC. raised its stake in Red Rock Resorts by 4.2% during the fourth quarter. Institute for Wealth Management LLC. now owns 7,557 shares of the company’s stock valued at $403,000 after purchasing an additional 308 shares in the last quarter. Avior Wealth Management LLC raised its stake in Red Rock Resorts by 4.3% during the fourth quarter. Avior Wealth Management LLC now owns 9,941 shares of the company’s stock valued at $530,000 after purchasing an additional 408 shares in the last quarter. Truist Financial Corp increased its position in Red Rock Resorts by 2.4% during the fourth quarter. Truist Financial Corp now owns 26,837 shares of the company’s stock valued at $1,431,000 after acquiring an additional 627 shares during the last quarter. ProShare Advisors LLC increased its position in Red Rock Resorts by 8.5% during the first quarter. ProShare Advisors LLC now owns 8,559 shares of the company’s stock valued at $512,000 after acquiring an additional 674 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in Red Rock Resorts by 7.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,071 shares of the company’s stock valued at $644,000 after acquiring an additional 870 shares during the last quarter. Hedge funds and other institutional investors own 47.84% of the company’s stock.

Red Rock Resorts Trading Down 0.8 %

RRR traded down $0.46 on Tuesday, hitting $58.54. The company had a trading volume of 137,988 shares, compared to its average volume of 445,409. The firm has a market cap of $6.18 billion, a P/E ratio of 20.49, a PEG ratio of 2.81 and a beta of 2.04. The company has a current ratio of 0.90, a quick ratio of 0.85 and a debt-to-equity ratio of 18.49. The company’s fifty day moving average price is $53.19 and its 200 day moving average price is $55.16. Red Rock Resorts, Inc. has a 1 year low of $37.82 and a 1 year high of $63.28.

Red Rock Resorts (NASDAQ:RRR) last announced its quarterly earnings data on Tuesday, May 7th. The company reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.18. The business had revenue of $488.90 million during the quarter, compared to the consensus estimate of $490.49 million. Red Rock Resorts had a return on equity of 98.44% and a net margin of 9.79%. The business’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same period in the previous year, the company posted $0.75 earnings per share. As a group, equities analysts expect that Red Rock Resorts, Inc. will post 1.83 earnings per share for the current year.

Red Rock Resorts Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 14th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.71%. The ex-dividend date was Friday, June 14th. Red Rock Resorts’s dividend payout ratio is currently 34.72%.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. 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. Mizuho cut their price objective on shares of Red Rock Resorts from $69.00 to $66.00 and set a “buy” rating on the stock in a research report on Wednesday, May 8th. JPMorgan Chase & Co. boosted their price objective on shares of Red Rock Resorts from $63.00 to $69.00 and gave the company an “overweight” rating in a research report on Monday, April 1st. Bank of America upgraded shares of Red Rock Resorts from an “underperform” rating to a “neutral” rating and cut their price target for the stock from $57.00 to $55.00 in a report on Monday, May 13th. Finally, Barclays cut their price target on shares of Red Rock Resorts from $64.00 to $63.00 and set an “overweight” rating on the stock in a report on Wednesday, May 8th. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $62.00.

Insider Buying and Selling at Red Rock Resorts

In other news, CEO Frank J. Fertitta III sold 800,000 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $50.39, for a total transaction of $40,312,000.00. Following the completion of the sale, the chief executive officer now owns 45,847,301 shares in the company, valued at $2,310,245,497.39. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 53.28% of the stock is owned by company insiders.

Red Rock Resorts Company Profile

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.