MQS Management LLC Buys New Position in Red Rock Resorts, Inc. (NASDAQ:RRR)

MQS Management LLC bought a new stake in shares of Red Rock Resorts, Inc. (NASDAQ:RRR) in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 7,614 shares of the company’s stock, valued at approximately $455,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Institute for Wealth Management LLC. raised its holdings in Red Rock Resorts by 4.2% in the fourth quarter. Institute for Wealth Management LLC. now owns 7,557 shares of the company’s stock worth $403,000 after purchasing an additional 308 shares in the last quarter. Avior Wealth Management LLC raised its holdings in Red Rock Resorts by 4.3% in the fourth quarter. Avior Wealth Management LLC now owns 9,941 shares of the company’s stock worth $530,000 after purchasing an additional 408 shares in the last quarter. Covestor Ltd raised its holdings in Red Rock Resorts by 16,666.7% in the first quarter. Covestor Ltd now owns 503 shares of the company’s stock worth $30,000 after purchasing an additional 500 shares in the last quarter. Truist Financial Corp grew its stake in shares of Red Rock Resorts by 2.4% in the fourth quarter. Truist Financial Corp now owns 26,837 shares of the company’s stock worth $1,431,000 after acquiring an additional 627 shares during the last quarter. Finally, ProShare Advisors LLC grew its stake in shares of Red Rock Resorts by 8.5% in the first quarter. ProShare Advisors LLC now owns 8,559 shares of the company’s stock worth $512,000 after acquiring an additional 674 shares during the last quarter. Institutional investors own 47.84% of the company’s stock.

Insider Buying and Selling at Red Rock Resorts

In other news, CEO Frank J. Fertitta III sold 800,000 shares of Red Rock Resorts stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $50.39, for a total value of $40,312,000.00. Following the completion of the transaction, 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 document filed with the SEC, which is available through the SEC website. 53.28% of the stock is currently owned by company insiders.

Red Rock Resorts Price Performance

RRR traded up $0.17 on Thursday, hitting $56.49. 614,333 shares of the company’s stock traded hands, compared to its average volume of 457,515. The company’s 50 day simple moving average is $53.59 and its 200-day simple moving average is $55.24. The firm has a market cap of $5.97 billion, a price-to-earnings ratio of 19.61, a P/E/G ratio of 2.89 and a beta of 2.04. Red Rock Resorts, Inc. has a one year low of $37.82 and a one year high of $63.28. The company has a current ratio of 0.90, a quick ratio of 0.85 and a debt-to-equity ratio of 18.49.

Red Rock Resorts (NASDAQ:RRR) last issued its earnings results on Tuesday, July 23rd. The company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.16. The company had revenue of $486.40 million for the quarter, compared to the consensus estimate of $475.80 million. Red Rock Resorts had a return on equity of 87.05% and a net margin of 9.21%. The firm’s quarterly revenue was up 16.9% on a year-over-year basis. During the same quarter last year, the company earned $0.65 EPS. As a group, research analysts anticipate that Red Rock Resorts, Inc. will post 1.83 EPS for the current year.

Red Rock Resorts Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders 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 1.77%. The ex-dividend date of this dividend is Monday, September 16th. Red Rock Resorts’s dividend payout ratio is presently 34.72%.

Analysts Set New Price Targets

RRR has been the topic of a number of recent research reports. Wells Fargo & Company cut Red Rock Resorts from an “overweight” rating to an “equal weight” rating and increased their target price for the stock from $63.00 to $64.00 in a research note on Wednesday. Susquehanna increased their price objective on Red Rock Resorts from $63.00 to $70.00 and gave the company a “positive” rating in a research report on Wednesday. JPMorgan Chase & Co. increased their price objective on Red Rock Resorts from $62.00 to $69.00 and gave the company an “overweight” rating in a research report on Wednesday. Truist Financial dropped their price objective on Red Rock Resorts from $64.00 to $63.00 and set a “hold” rating on the stock in a research report on Wednesday. Finally, Mizuho dropped their price objective on 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. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Red Rock Resorts currently has a consensus rating of “Moderate Buy” and an average price target of $63.33.

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.