JPMorgan Chase & Co. Boosts Position in Red Rock Resorts, Inc. $RRR

JPMorgan Chase & Co. increased its holdings in Red Rock Resorts, Inc. (NASDAQ:RRR) by 92.9% in the third quarter, HoldingsChannel.com reports. The fund owned 180,185 shares of the company’s stock after acquiring an additional 86,770 shares during the period. JPMorgan Chase & Co.’s holdings in Red Rock Resorts were worth $11,002,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Bamco Inc. NY raised its holdings in Red Rock Resorts by 5.7% in the 2nd quarter. Bamco Inc. NY now owns 12,269,004 shares of the company’s stock worth $638,356,000 after purchasing an additional 666,593 shares in the last quarter. Eminence Capital LP increased its position in shares of Red Rock Resorts by 23.4% during the second quarter. Eminence Capital LP now owns 3,059,372 shares of the company’s stock valued at $159,179,000 after buying an additional 581,061 shares during the period. Balyasny Asset Management L.P. raised its stake in Red Rock Resorts by 53.8% in the second quarter. Balyasny Asset Management L.P. now owns 793,371 shares of the company’s stock worth $41,279,000 after buying an additional 277,426 shares in the last quarter. Armistice Capital LLC purchased a new stake in Red Rock Resorts in the second quarter worth about $8,386,000. Finally, 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 valued at $18,656,000 after acquiring an additional 154,839 shares in the last quarter. Institutional investors own 47.84% of the company’s stock.

Red Rock Resorts Trading Down 0.3%

NASDAQ:RRR opened at $59.80 on Friday. The company has a market cap of $6.28 billion, a PE ratio of 19.11, a price-to-earnings-growth ratio of 2.49 and a beta of 1.46. The company has a current ratio of 0.79, a quick ratio of 0.74 and a debt-to-equity ratio of 10.26. Red Rock Resorts, Inc. has a 12 month low of $35.09 and a 12 month high of $68.99. The company has a 50 day simple moving average of $62.52 and a two-hundred day simple moving average of $60.43.

Red Rock Resorts (NASDAQ:RRR) last announced its earnings results on Tuesday, February 10th. The company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.34. Red Rock Resorts had a return on equity of 58.13% and a net margin of 9.35%.The business had revenue of $511.78 million for the quarter, compared to analysts’ expectations of $500.90 million. During the same period last year, the firm posted $0.76 earnings per share. The business’s revenue for the quarter was up 3.2% on a year-over-year basis. Research analysts forecast that Red Rock Resorts, Inc. will post 1.76 earnings per share for the current year.

Red Rock Resorts Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 16th will be given a dividend of $0.26 per share. The ex-dividend date is Monday, March 16th. This represents a $1.04 annualized dividend and a yield of 1.7%. Red Rock Resorts’s payout ratio is 33.23%.

Analysts Set New Price Targets

Several brokerages have recently issued reports on RRR. Citigroup increased their target price on Red Rock Resorts from $63.00 to $76.00 and gave the stock a “buy” rating in a research report on Thursday, February 12th. Morgan Stanley set a $62.00 price target on Red Rock Resorts in a research note on Thursday, February 12th. Stifel Nicolaus raised their price objective on Red Rock Resorts from $71.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, February 11th. Truist Financial restated a “buy” rating and set a $80.00 target price (up from $75.00) on shares of Red Rock Resorts in a report on Wednesday, February 11th. Finally, Jefferies Financial Group restated a “buy” rating and issued a $79.00 price target on shares of Red Rock Resorts in a research note on Wednesday, February 11th. Eleven research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Red Rock Resorts currently has a consensus rating of “Moderate Buy” and a consensus price target of $71.15.

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.