Dynamic Technology Lab Private Ltd Makes New Investment in Red Rock Resorts, Inc. $RRR

Dynamic Technology Lab Private Ltd acquired a new stake in Red Rock Resorts, Inc. (NASDAQ:RRR) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 14,331 shares of the company’s stock, valued at approximately $745,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Eminence Capital LP lifted its position in Red Rock Resorts by 20.5% during the first quarter. Eminence Capital LP now owns 2,478,311 shares of the company’s stock valued at $107,484,000 after buying an additional 421,723 shares in the last quarter. Nuveen LLC acquired a new position in shares of Red Rock Resorts during the 1st quarter valued at $11,025,000. Vaughan Nelson Investment Management L.P. lifted its holdings in shares of Red Rock Resorts by 10.7% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,773,603 shares of the company’s stock valued at $92,281,000 after acquiring an additional 171,235 shares in the last quarter. Millennium Management LLC boosted its position in Red Rock Resorts by 56.2% during the 1st quarter. Millennium Management LLC now owns 430,150 shares of the company’s stock worth $18,656,000 after purchasing an additional 154,839 shares during the period. Finally, Trexquant Investment LP increased its holdings in Red Rock Resorts by 116.8% in the 1st quarter. Trexquant Investment LP now owns 247,242 shares of the company’s stock valued at $10,723,000 after purchasing an additional 133,208 shares in the last quarter. Institutional investors and hedge funds own 47.84% of the company’s stock.

Red Rock Resorts Price Performance

RRR stock opened at $55.79 on Friday. The stock’s 50 day moving average is $58.22 and its two-hundred day moving average is $55.66. Red Rock Resorts, Inc. has a 52-week low of $35.09 and a 52-week high of $63.60. The company has a market capitalization of $5.91 billion, a PE ratio of 17.77, a P/E/G ratio of 1.96 and a beta of 1.51. The company has a quick ratio of 0.70, a current ratio of 0.75 and a debt-to-equity ratio of 10.11.

Red Rock Resorts (NASDAQ:RRR) last released its earnings results on Tuesday, October 28th. The company reported $0.68 EPS for the quarter, beating the consensus estimate of $0.36 by $0.32. Red Rock Resorts had a return on equity of 59.86% and a net margin of 9.52%.The company had revenue of $475.57 million during the quarter, compared to analysts’ expectations of $477.25 million. During the same period in the prior year, the business posted $0.48 EPS. The business’s revenue was up 1.6% on a year-over-year basis. Analysts predict that Red Rock Resorts, Inc. will post 1.76 earnings per share for the current fiscal year.

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

Red Rock Resorts Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be issued a dividend of $0.26 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a $1.04 annualized dividend and a yield of 1.9%. This is an increase from Red Rock Resorts’s previous quarterly dividend of $0.25. Red Rock Resorts’s dividend payout ratio (DPR) is 31.85%.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Jefferies Financial Group upgraded Red Rock Resorts from a “hold” rating to a “buy” rating and reduced their price objective for the stock from $66.00 to $65.00 in a research note on Tuesday, November 4th. Morgan Stanley boosted their price target on Red Rock Resorts from $49.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 6th. Truist Financial increased their price objective on shares of Red Rock Resorts from $68.00 to $70.00 and gave the company a “buy” rating in a research report on Tuesday, October 21st. Zacks Research cut shares of Red Rock Resorts from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. Finally, JMP Securities upped their target price on shares of Red Rock Resorts from $64.00 to $65.00 and gave the company a “market outperform” rating in a research note on Tuesday, September 16th. Ten equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Red Rock Resorts currently has an average rating of “Moderate Buy” and a consensus target price of $64.42.

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.