Red Rock Resorts (NASDAQ:RRR) President Sells $1,925,003.02 in Stock

Red Rock Resorts, Inc. (NASDAQ:RRR) President Scott Kreeger sold 31,159 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $61.78, for a total value of $1,925,003.02. Following the completion of the sale, the president directly owned 203,881 shares of the company’s stock, valued at $12,595,768.18. The trade was a 13.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Red Rock Resorts Stock Performance

NASDAQ:RRR opened at $63.09 on Thursday. The firm has a market capitalization of $6.63 billion, a PE ratio of 22.29, a PEG ratio of 5.33 and a beta of 1.36. The stock’s fifty day moving average is $63.22 and its 200 day moving average is $59.83. Red Rock Resorts, Inc. has a fifty-two week low of $50.52 and a fifty-two week high of $68.99. The company has a debt-to-equity ratio of 14.42, a quick ratio of 0.76 and a current ratio of 0.81.

Red Rock Resorts (NASDAQ:RRR) last posted its quarterly earnings data on Tuesday, August 4th. The company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.16. Red Rock Resorts had a net margin of 8.43% and a return on equity of 55.65%. The business had revenue of $510.26 million for the quarter, compared to analysts’ expectations of $500.08 million. During the same quarter in the previous year, the business posted $0.95 earnings per share. The business’s revenue was down 3.0% compared to the same quarter last year. On average, sell-side analysts anticipate that Red Rock Resorts, Inc. will post 1.5 earnings per share for the current year.

Red Rock Resorts Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.26 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.6%. Red Rock Resorts’s dividend payout ratio is currently 36.75%.

Hedge Funds Weigh In On Red Rock Resorts

Several institutional investors have recently bought and sold shares of the business. Salomon & Ludwin LLC purchased a new position in shares of Red Rock Resorts in the 4th quarter valued at $25,000. Kestra Advisory Services LLC purchased a new stake in shares of Red Rock Resorts during the 4th quarter worth $27,000. Rockefeller Capital Management L.P. lifted its stake in shares of Red Rock Resorts by 1,924.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 506 shares of the company’s stock worth $31,000 after purchasing an additional 481 shares during the last quarter. PNC Financial Services Group Inc. boosted its position in Red Rock Resorts by 98.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,474 shares of the company’s stock valued at $91,000 after purchasing an additional 733 shares in the last quarter. Finally, Canada Pension Plan Investment Board bought a new stake in Red Rock Resorts during the second quarter valued at about $94,000. 47.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have commented on RRR. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $73.00 price objective on shares of Red Rock Resorts in a research report on Wednesday, July 15th. Citizens Jmp lifted their price objective on shares of Red Rock Resorts from $69.00 to $71.00 and gave the company a “market outperform” rating in a report on Wednesday, August 5th. Bank of America upped their target price on shares of Red Rock Resorts from $60.00 to $70.00 and gave the stock a “neutral” rating in a research note on Monday, July 20th. Benchmark raised their target price on shares of Red Rock Resorts from $63.00 to $78.00 and gave the stock a “buy” rating in a research report on Tuesday, July 21st. Finally, Barclays lifted their price target on shares of Red Rock Resorts from $72.00 to $73.00 and gave the company an “overweight” rating in a research note on Wednesday, August 5th. Fourteen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $71.88.

Red Rock Resorts Company 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.