Red Rock Resorts, Inc. $RRR Shares Sold by Diamond Hill Capital Management Inc.

Diamond Hill Capital Management Inc. reduced its position in Red Rock Resorts, Inc. (NASDAQ:RRR) by 26.4% in the 3rd quarter, Holdings Channel reports. The fund owned 2,448,751 shares of the company’s stock after selling 878,314 shares during the period. Diamond Hill Capital Management Inc.’s holdings in Red Rock Resorts were worth $149,521,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in RRR. Smartleaf Asset Management LLC boosted its position in shares of Red Rock Resorts by 4,203.6% in the third quarter. Smartleaf Asset Management LLC now owns 2,410 shares of the company’s stock worth $151,000 after acquiring an additional 2,354 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Red Rock Resorts during the third quarter worth approximately $4,961,000. Envestnet Asset Management Inc. raised its stake in Red Rock Resorts by 12.5% during the third quarter. Envestnet Asset Management Inc. now owns 16,394 shares of the company’s stock worth $1,001,000 after purchasing an additional 1,828 shares during the period. State of Wyoming acquired a new position in shares of Red Rock Resorts in the 3rd quarter valued at $321,000. Finally, Principal Financial Group Inc. acquired a new position in shares of Red Rock Resorts in the 3rd quarter valued at $220,000. 47.84% of the stock is owned by institutional investors and hedge funds.

Red Rock Resorts Stock Performance

Red Rock Resorts stock opened at $65.45 on Friday. Red Rock Resorts, Inc. has a 12-month low of $35.09 and a 12-month high of $65.62. The company has a debt-to-equity ratio of 10.11, a current ratio of 0.75 and a quick ratio of 0.70. The company has a market capitalization of $6.93 billion, a price-to-earnings ratio of 20.84, a price-to-earnings-growth ratio of 2.79 and a beta of 1.49. The firm’s fifty day moving average price is $61.63 and its 200 day moving average price is $59.80.

Red Rock Resorts announced that its Board of Directors has authorized a share repurchase plan on Tuesday, October 28th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the company to reacquire up to 4.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

RRR has been the subject of a number of research analyst reports. Susquehanna increased their target price on Red Rock Resorts from $68.00 to $69.00 and gave the stock a “positive” rating in a research report on Wednesday, October 29th. Barclays raised their price objective on Red Rock Resorts from $65.00 to $69.00 and gave the stock an “overweight” rating in a report on Friday, January 16th. Truist Financial set a $75.00 target price on Red Rock Resorts in a report on Tuesday, January 13th. Wells Fargo & Company started coverage on shares of Red Rock Resorts in a report on Tuesday, November 18th. They issued an “equal weight” rating and a $58.00 price target on the stock. Finally, Jefferies Financial Group reiterated a “buy” rating on shares of Red Rock Resorts in a research note on Wednesday, December 24th. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Red Rock Resorts has an average rating of “Moderate Buy” and an average price target of $66.50.

Red Rock Resorts Profile

Red Rock Resorts, Inc (NASDAQ: RRR) is a publicly traded gaming and hospitality company headquartered in Summerlin, Nevada. The company owns and operates a diversified portfolio of full-service casino resorts and neighborhood gaming properties in the Las Vegas valley. Its core business activities include resort hotel accommodations, casino gaming, food and beverage operations, entertainment and convention services designed to meet the needs of both leisure and business travelers.

The company’s flagship resort, Red Rock Casino Resort & Spa, features a full range of table games, slot machines, a luxury spa, convention space, multiple signature restaurants and live entertainment venues.