Red Rock Resorts, Inc. $RRR Shares Sold by Malaga Cove Capital LLC

Malaga Cove Capital LLC reduced its position in Red Rock Resorts, Inc. (NASDAQ:RRR) by 4.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,691 shares of the company’s stock after selling 1,092 shares during the period. Malaga Cove Capital LLC’s holdings in Red Rock Resorts were worth $1,233,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in RRR. Ameritas Advisory Services LLC acquired a new position in shares of Red Rock Resorts in the second quarter worth about $42,000. Pandora Wealth Inc. acquired a new stake in shares of Red Rock Resorts during the first quarter worth approximately $43,000. US Bancorp DE boosted its stake in Red Rock Resorts by 1,664.4% during the 1st quarter. US Bancorp DE now owns 1,041 shares of the company’s stock valued at $45,000 after acquiring an additional 982 shares during the last quarter. Atlantic Union Bankshares Corp bought a new position in shares of Red Rock Resorts during the second quarter worth about $62,000. Finally, New Age Alpha Advisors LLC acquired a new position in Red Rock Resorts in the first quarter worth about $89,000. Hedge funds and other institutional investors own 47.84% of the company’s stock.

Insider Buying and Selling at Red Rock Resorts

In related news, COO Kord Nichols sold 37,075 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief operating officer directly owned 87,036 shares of the company’s stock, valued at approximately $5,311,807.08. This trade represents a 29.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders sold a total of 84,650 shares of company stock valued at $5,063,606 over the last ninety days. 53.81% of the stock is owned by insiders.

Red Rock Resorts Price Performance

Shares of NASDAQ:RRR opened at $55.23 on Friday. The company has a market cap of $5.83 billion, a P/E ratio of 17.59, a price-to-earnings-growth ratio of 1.92 and a beta of 1.51. The company’s fifty day moving average is $59.32 and its two-hundred day moving average is $54.48. The company has a quick ratio of 0.84, a current ratio of 0.89 and a debt-to-equity ratio of 11.28. Red Rock Resorts, Inc. has a 12-month low of $35.09 and a 12-month high of $63.60.

Red Rock Resorts (NASDAQ:RRR) last announced its quarterly earnings data on Tuesday, October 28th. The company reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.32. The firm had revenue of $475.57 million during 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%.The business’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.48 EPS. Equities analysts expect that Red Rock Resorts, Inc. will post 1.76 earnings per share for the current fiscal year.

Red Rock Resorts announced that its board has initiated a stock buyback program on Tuesday, October 28th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the company to repurchase up to 4.9% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management 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. Investors of record on Monday, December 15th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Monday, December 15th. This is a boost from Red Rock Resorts’s previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a yield of 1.9%. Red Rock Resorts’s payout ratio is 31.85%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Zacks Research cut shares of Red Rock Resorts from a “strong-buy” rating to a “hold” rating in a report on Friday, October 10th. Citigroup reaffirmed an “outperform” rating on shares of Red Rock Resorts in a report on Tuesday, September 16th. Truist Financial lifted their target price on Red Rock Resorts from $68.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, October 21st. Jefferies Financial Group raised Red Rock Resorts from a “hold” rating to a “buy” rating and lowered their price target for the company from $66.00 to $65.00 in a report on Tuesday. Finally, Susquehanna raised their target price on shares of Red Rock Resorts from $68.00 to $69.00 and gave the company a “positive” rating in a research note on Wednesday, October 29th. Ten equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $65.20.

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.