Red Rock Resorts (NASDAQ:RRR) Stock Gets Price Target Trim from Morgan Stanley

Red Rock Resorts (NASDAQ:RRR) had its price objective trimmed by Morgan Stanley from $61.00 to $59.00 in a report released on Monday morning,Benzinga reports. The firm currently has an equal weight rating on the stock.

RRR has been the subject of a number of other research reports. Benchmark reiterated a “buy” rating on shares of Red Rock Resorts in a research report on Monday, August 31st. Wells Fargo & Company increased their target price on shares of Red Rock Resorts from $77.00 to $78.00 and gave the stock an “overweight” rating in a research note on Monday. Bank of America raised their target price on Red Rock Resorts from $60.00 to $70.00 and gave the company a “neutral” rating in a research report on Monday, July 20th. The Goldman Sachs Group restated a “buy” rating and issued a $65.00 price target on shares of Red Rock Resorts in a research note on Tuesday, October 13th. Finally, Wall Street Zen upgraded Red Rock Resorts from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Red Rock Resorts has an average rating of “Moderate Buy” and a consensus target price of $71.83.

Red Rock Resorts Price Performance

NASDAQ:RRR opened at $49.26 on Monday. The company has a debt-to-equity ratio of 12.33, a current ratio of 0.68 and a quick ratio of 0.63. The firm has a market cap of $5.17 billion, a price-to-earnings ratio of 17.41, a price-to-earnings-growth ratio of 4.14 and a beta of 1.40. The company has a 50 day moving average price of $54.22 and a 200-day moving average price of $57.66. Red Rock Resorts has a 1-year low of $47.49 and a 1-year high of $68.99.

Red Rock Resorts (NASDAQ:RRR) last announced its quarterly earnings results on Tuesday, August 4th. The company reported $0.67 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.16. The firm had revenue of $510.26 million for the quarter, compared to the consensus estimate of $500.08 million. Red Rock Resorts had a net margin of 8.43% and a return on equity of 56.19%. The firm’s quarterly revenue was down 3.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.95 earnings per share. Equities research analysts forecast that Red Rock Resorts will post 1.54 EPS for the current year.

Red Rock Resorts Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th were paid a dividend of $0.26 per share. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.1%. Red Rock Resorts’s payout ratio is currently 36.75%.

Insider Buying and Selling at Red Rock Resorts

In related news, President Scott Kreeger sold 31,159 shares of the company’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $61.78, for a total transaction of $1,925,003.02. Following the completion of the transaction, the president owned 203,881 shares in the company, valued at $12,595,768.18. This represents a 13.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 54.34% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Red Rock Resorts

Several institutional investors have recently bought and sold shares of RRR. Rockefeller Capital Management L.P. increased its stake in 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 buying an additional 481 shares in the last quarter. Fortitude Family Office LLC raised its holdings in shares of Red Rock Resorts by 4,566.7% during the third quarter. Fortitude Family Office LLC now owns 560 shares of the company’s stock valued at $28,000 after acquiring an additional 548 shares during the last quarter. Nykredit A S acquired a new position in shares of Red Rock Resorts during the second quarter valued at approximately $45,000. Public Employees Retirement System of Ohio acquired a new position in shares of Red Rock Resorts during the second quarter valued at approximately $47,000. Finally, Ameritas Advisory Services LLC purchased a new position in shares of Red Rock Resorts in the second quarter valued at approximately $52,000. 47.84% of the stock is currently owned by institutional investors and hedge funds.

About Red Rock Resorts

Red Rock Resorts, Inc is a gaming, entertainment and hospitality company based in Las Vegas, Nevada. Through its principal operating subsidiary, Station Casinos, the company develops, owns and operates casino resorts and other gaming properties, primarily serving the Las Vegas locals market.

Its portfolio includes destination-style properties such as Red Rock Casino Resort & Spa, Green Valley Ranch Resort Spa and Casino, and Durango Casino & Resort, along with neighborhood casinos including Palace Station, Boulder Station, Santa Fe Station and several Wildfire locations.