Red Rock Resorts (NASDAQ:RRR) Price Target Raised to $56.00 at Morgan Stanley

Red Rock Resorts (NASDAQ:RRR) had its price target lifted by Morgan Stanley from $54.00 to $56.00 in a report published on Wednesday morning, Benzinga reports. They currently have an equal weight rating on the stock.

Several other research firms have also recently weighed in on RRR. JPMorgan Chase & Co. increased their target price on shares of Red Rock Resorts from $62.00 to $69.00 and gave the company an overweight rating in a research note on Wednesday, July 24th. Susquehanna lifted their price objective on Red Rock Resorts from $63.00 to $70.00 and gave the stock a positive rating in a report on Wednesday, July 24th. Mizuho lowered 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. Barclays raised their target price on Red Rock Resorts from $63.00 to $65.00 and gave the stock an overweight rating in a research report on Wednesday, July 24th. Finally, Stifel Nicolaus boosted their price target on shares of Red Rock Resorts from $59.00 to $62.00 and gave the company a hold rating in a report on Wednesday, July 24th. Six research 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 target price of $63.50.

Red Rock Resorts Stock Down 4.0 %

RRR opened at $55.04 on Wednesday. The business has a 50 day moving average of $56.27 and a 200-day moving average of $55.49. The stock has a market capitalization of $5.81 billion, a price-to-earnings ratio of 19.11, a P/E/G ratio of 5.63 and a beta of 2.04. The company has a current ratio of 0.94, a quick ratio of 0.89 and a debt-to-equity ratio of 15.15. Red Rock Resorts has a 1-year low of $37.82 and a 1-year high of $63.28.

Red Rock Resorts (NASDAQ:RRR) last issued its quarterly earnings results on Tuesday, July 23rd. The company reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.16. The firm had revenue of $486.40 million during the quarter, compared to the consensus estimate of $475.80 million. Red Rock Resorts had a net margin of 9.21% and a return on equity of 83.84%. The business’s revenue was up 16.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.65 EPS. As a group, sell-side analysts anticipate that Red Rock Resorts will post 1.66 earnings per share for the current year.

Red Rock Resorts Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.82%. The ex-dividend date is Monday, September 16th. Red Rock Resorts’s dividend payout ratio (DPR) is currently 34.72%.

Insider Activity at Red Rock Resorts

In other Red Rock Resorts news, COO Kord Nichols sold 49,464 shares of the company’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $58.00, for a total transaction of $2,868,912.00. Following the sale, the chief operating officer now directly owns 71,946 shares of the company’s stock, valued at $4,172,868. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Red Rock Resorts news, CEO Frank J. Fertitta III bought 67,000 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were bought at an average price of $54.49 per share, for a total transaction of $3,650,830.00. Following the completion of the acquisition, the chief executive officer now owns 45,914,301 shares of the company’s stock, valued at $2,501,870,261.49. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Kord Nichols sold 49,464 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $58.00, for a total transaction of $2,868,912.00. Following the transaction, the chief operating officer now owns 71,946 shares in the company, valued at $4,172,868. The disclosure for this sale can be found here. Insiders bought 200,000 shares of company stock valued at $10,426,000 in the last ninety days. Insiders own 53.28% of the company’s stock.

Institutional Trading of Red Rock Resorts

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. New York State Common Retirement Fund boosted its holdings in Red Rock Resorts by 11.7% in the fourth quarter. New York State Common Retirement Fund now owns 21,206 shares of the company’s stock valued at $1,131,000 after acquiring an additional 2,226 shares during the last quarter. Truist Financial Corp boosted its stake in shares of Red Rock Resorts by 2.4% in the 4th quarter. Truist Financial Corp now owns 26,837 shares of the company’s stock valued at $1,431,000 after purchasing an additional 627 shares during the last quarter. Russell Investments Group Ltd. grew its position in shares of Red Rock Resorts by 21.3% during the 4th quarter. Russell Investments Group Ltd. now owns 21,686 shares of the company’s stock worth $1,157,000 after buying an additional 3,810 shares during the period. Victory Capital Management Inc. raised its stake in shares of Red Rock Resorts by 0.7% during the fourth quarter. Victory Capital Management Inc. now owns 248,881 shares of the company’s stock worth $13,273,000 after buying an additional 1,632 shares during the last quarter. Finally, Natixis Advisors L.P. acquired a new position in Red Rock Resorts in the fourth quarter valued at approximately $6,595,000. Institutional investors and hedge funds own 47.84% of the company’s stock.

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.