Red Rock Resorts (NASDAQ:RRR) Stock Gets Price Target Cut from JPMorgan Chase & Co.

Red Rock Resorts (NASDAQ:RRR) had its target price trimmed by JPMorgan Chase & Co. from $71.00 to $64.00 in a research note published on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

RRR has been the topic of several other research reports. Bank of America raised their price target on Red Rock Resorts from $60.00 to $70.00 and gave the company a “neutral” rating in a research note on Monday, July 20th. Zacks Research upgraded shares of Red Rock Resorts from a “strong sell” rating to a “hold” rating in a report on Friday, August 7th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Red Rock Resorts in a research report on Tuesday, October 6th. Truist Financial lifted their price objective on shares of Red Rock Resorts from $68.00 to $75.00 and gave the company a “buy” rating in a report on Monday, July 20th. Finally, Stifel Nicolaus set a $74.00 price objective on shares of Red Rock Resorts in a research note on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $69.35.

Red Rock Resorts Price Performance

NASDAQ RRR traded up $0.26 during trading on Wednesday, hitting $48.22. 957,459 shares of the stock traded hands, compared to its average volume of 727,304. The company has a quick ratio of 0.63, a current ratio of 0.68 and a debt-to-equity ratio of 12.33. Red Rock Resorts has a 12-month low of $46.29 and a 12-month high of $68.99. The firm has a 50-day simple moving average of $51.53 and a 200-day simple moving average of $57.85. The company has a market capitalization of $5.06 billion, a P/E ratio of 24.35, a price-to-earnings-growth ratio of 4.25 and a beta of 1.42.

Red Rock Resorts (NASDAQ:RRR) last released its earnings results on Tuesday, November 3rd. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.45 by ($0.62). Red Rock Resorts had a return on equity of 56.19% and a net margin of 8.43%. The firm had revenue of $488.70 million during the quarter, compared to the consensus estimate of $478.13 million. During the same quarter last year, the business posted $0.68 EPS. Red Rock Resorts’s revenue was up 2.8% compared to the same quarter last year. As a group, analysts predict that Red Rock Resorts will post 1.56 EPS for the current year.

Red Rock Resorts Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 31st. Stockholders of record on Tuesday, December 15th will be issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Tuesday, December 15th. Red Rock Resorts’s dividend payout ratio (DPR) is currently 52.53%.

Institutional Investors Weigh In On Red Rock Resorts

Several institutional investors have recently bought and sold shares of the company. Rockefeller Capital Management L.P. lifted its holdings 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 valued at $31,000 after purchasing an additional 481 shares during the last quarter. Fortitude Family Office LLC boosted its holdings in Red Rock Resorts by 4,566.7% in the third quarter. Fortitude Family Office LLC now owns 560 shares of the company’s stock worth $28,000 after acquiring an additional 548 shares in the last quarter. Nykredit A S acquired a new stake in Red Rock Resorts in the second quarter worth about $45,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Red Rock Resorts during the second quarter worth about $47,000. Finally, Ameritas Advisory Services LLC purchased a new stake in shares of Red Rock Resorts during the second quarter worth about $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.