Analysts Set Red Rock Resorts, Inc. (NASDAQ:RRR) Target Price at $63.30

Shares of Red Rock Resorts, Inc. (NASDAQ:RRR) have been assigned an average rating of “Moderate Buy” from the thirteen analysts that are covering the stock, MarketBeat Ratings reports. Four analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 1 year target price among brokerages that have covered the stock in the last year is $63.80.

RRR has been the topic of several research analyst reports. Macquarie lifted their price target on Red Rock Resorts from $67.00 to $68.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 29th. Zacks Research lowered Red Rock Resorts from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Red Rock Resorts in a research report on Wednesday, October 8th. Mizuho lifted their target price on Red Rock Resorts from $62.00 to $67.00 and gave the company an “outperform” rating in a research note on Wednesday, October 29th. Finally, Morgan Stanley lifted their target price on Red Rock Resorts from $49.00 to $53.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 6th.

Insider Buying and Selling at Red Rock Resorts

In related news, COO Kord Nichols sold 37,075 shares of Red Rock Resorts 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 sale, the chief operating officer directly owned 87,036 shares in the company, valued at $5,311,807.08. The trade was a 29.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders sold 84,650 shares of company stock valued at $5,063,606 in the last quarter. 53.28% of the stock is owned by insiders.

Institutional Investors Weigh In On Red Rock Resorts

Hedge funds and other institutional investors have recently made changes to their positions in the business. Malaga Cove Capital LLC grew its position in Red Rock Resorts by 85.3% during the first quarter. Malaga Cove Capital LLC now owns 24,783 shares of the company’s stock valued at $1,075,000 after acquiring an additional 11,406 shares during the period. KBC Group NV grew its position in Red Rock Resorts by 44.6% during the first quarter. KBC Group NV now owns 2,887 shares of the company’s stock valued at $125,000 after acquiring an additional 891 shares during the period. Dark Forest Capital Management LP grew its position in Red Rock Resorts by 604.9% during the first quarter. Dark Forest Capital Management LP now owns 121,228 shares of the company’s stock valued at $5,258,000 after acquiring an additional 104,030 shares during the period. Nuveen LLC purchased a new stake in Red Rock Resorts during the first quarter valued at about $11,025,000. Finally, Crystal Rock Capital Management grew its position in Red Rock Resorts by 9.0% during the first quarter. Crystal Rock Capital Management now owns 72,025 shares of the company’s stock valued at $3,124,000 after acquiring an additional 5,925 shares during the period. Hedge funds and other institutional investors own 47.84% of the company’s stock.

Red Rock Resorts Trading Up 1.4%

RRR opened at $54.07 on Friday. The firm has a market cap of $5.70 billion, a price-to-earnings ratio of 17.22, a price-to-earnings-growth ratio of 1.85 and a beta of 1.51. Red Rock Resorts has a 52 week low of $35.09 and a 52 week high of $63.60. The business’s 50 day moving average is $59.81 and its two-hundred day moving average is $54.38. 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 (NASDAQ:RRR) last released its quarterly earnings results on Tuesday, October 28th. The company reported $0.68 EPS for the quarter, topping the consensus estimate of $0.36 by $0.32. The company had revenue of $475.57 million for the quarter, compared to analyst estimates of $477.25 million. Red Rock Resorts had a return on equity of 60.15% and a net margin of 9.52%.The firm’s revenue was up 1.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.48 earnings per share. On average, research analysts predict that Red Rock Resorts will post 1.76 EPS for the current year.

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

Red Rock Resorts Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 15th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.9%. This is a boost from Red Rock Resorts’s previous quarterly dividend of $0.25. The ex-dividend date is Monday, December 15th. Red Rock Resorts’s dividend payout ratio (DPR) is presently 31.85%.

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.