Red Rock Resorts Inc (NASDAQ:RRR) – Equities researchers at SunTrust Banks reduced their Q4 2019 earnings estimates for Red Rock Resorts in a research report issued on Tuesday, November 5th. SunTrust Banks analyst B. Jonas now expects that the company will post earnings per share of $0.09 for the quarter, down from their prior estimate of $0.14. SunTrust Banks also issued estimates for Red Rock Resorts’ FY2020 earnings at $0.56 EPS and FY2021 earnings at $0.42 EPS.
RRR has been the subject of a number of other reports. Stifel Nicolaus set a $22.00 target price on shares of Red Rock Resorts and gave the company a “hold” rating in a research note on Wednesday, August 7th. BidaskClub raised shares of Red Rock Resorts from a “sell” rating to a “hold” rating in a research note on Wednesday, October 16th. Union Gaming Research lowered shares of Red Rock Resorts from a “buy” rating to a “hold” rating and lowered their target price for the company from $25.00 to $22.00 in a research note on Wednesday. Nomura lowered their target price on shares of Red Rock Resorts from $36.00 to $26.00 and set a “buy” rating for the company in a research note on Tuesday, August 27th. Finally, Deutsche Bank reissued a “buy” rating and set a $25.00 target price on shares of Red Rock Resorts in a research note on Wednesday. Six research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $25.57.
Several hedge funds have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC raised its holdings in shares of Red Rock Resorts by 1,848.4% in the third quarter. Tower Research Capital LLC TRC now owns 1,812 shares of the company’s stock valued at $37,000 after acquiring an additional 1,719 shares in the last quarter. SG Americas Securities LLC bought a new position in Red Rock Resorts in the third quarter worth about $286,000. First Trust Advisors LP raised its holdings in Red Rock Resorts by 105.7% in the third quarter. First Trust Advisors LP now owns 39,419 shares of the company’s stock worth $800,000 after purchasing an additional 20,252 shares in the last quarter. California Public Employees Retirement System raised its holdings in Red Rock Resorts by 71.9% in the third quarter. California Public Employees Retirement System now owns 129,218 shares of the company’s stock worth $2,624,000 after purchasing an additional 54,034 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. raised its holdings in Red Rock Resorts by 5.8% in the third quarter. Diamond Hill Capital Management Inc. now owns 7,283,512 shares of the company’s stock worth $147,892,000 after purchasing an additional 399,811 shares in the last quarter. Hedge funds and other institutional investors own 65.72% of the company’s stock.
In other news, Director Frank J. Fertitta III acquired 233,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was purchased at an average cost of $18.65 per share, for a total transaction of $4,354,775.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Lorenzo J. Fertitta acquired 12,500 shares of the firm’s stock in a transaction that occurred on Wednesday, August 21st. The stock was purchased at an average price of $19.60 per share, with a total value of $245,000.00. The disclosure for this purchase can be found here. Insiders have bought 1,027,509 shares of company stock valued at $19,197,896 over the last three months. Insiders own 40.19% of the company’s stock.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 27th. Stockholders of record on Friday, December 13th will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.86%. The ex-dividend date is Thursday, December 12th. Red Rock Resorts’s dividend payout ratio is currently 30.53%.
Red Rock Resorts Company Profile
Red Rock Resorts, Inc, through its interest in Station Holdco and Station LLC, engages in casino entertainment, and gaming and entertainment businesses in the United States. It operates through two segments, Las Vegas operations and Native American management. The company develops, manages, and operates casino entertainment properties; and owns and operates 10 gaming and entertainment facilities, and 10 smaller casinos in the Las Vegas regional market.
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