Red Rock Resorts (NASDAQ:RRR) Given New $56.00 Price Target at Morgan Stanley

Red Rock Resorts (NASDAQ:RRR) had its price objective increased by Morgan Stanley from $54.00 to $56.00 in a research report sent to investors on Wednesday morning, Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

Several other research firms have also weighed in on RRR. JMP Securities reduced their price objective on Red Rock Resorts from $66.00 to $65.00 and set a market outperform rating for the company in a research note on Wednesday, May 8th. Barclays increased their price target on Red Rock Resorts from $63.00 to $65.00 and gave the company an overweight rating in a research report on Wednesday, July 24th. JPMorgan Chase & Co. boosted their price objective on Red Rock Resorts from $62.00 to $69.00 and gave the stock an overweight rating in a report on Wednesday, July 24th. Bank of America raised shares of Red Rock Resorts from an underperform rating to a neutral rating and reduced their price objective for the company from $57.00 to $55.00 in a research note on Monday, May 13th. Finally, Truist Financial dropped their target price on shares of Red Rock Resorts from $64.00 to $63.00 and set a hold rating on the stock in a research report on Wednesday, July 24th. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of Moderate Buy and a consensus price target of $63.50.

Red Rock Resorts Price Performance

Shares of NASDAQ RRR opened at $55.04 on Wednesday. Red Rock Resorts has a twelve month low of $37.82 and a twelve month high of $63.28. The company has a current ratio of 0.94, a quick ratio of 0.89 and a debt-to-equity ratio of 15.15. The firm has a 50-day moving average of $56.27 and a two-hundred day moving average of $55.49. The company has a market capitalization of $5.81 billion, a price-to-earnings ratio of 19.11, a PEG ratio of 5.63 and a beta of 2.04.

Red Rock Resorts (NASDAQ:RRR) last released its earnings results on Tuesday, July 23rd. The company reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.16. The business had revenue of $486.40 million for the quarter, compared to the consensus estimate of $475.80 million. Red Rock Resorts had a net margin of 9.21% and a return on equity of 83.84%. The business’s revenue for the quarter was up 16.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.65 EPS. As a group, analysts expect that Red Rock Resorts will post 1.66 earnings per share for the current fiscal year.

Red Rock Resorts Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.82%. The ex-dividend date is Monday, September 16th. Red Rock Resorts’s dividend payout ratio (DPR) is presently 34.72%.

Insider Buying and Selling

In other news, VP Lorenzo J. Fertitta bought 33,000 shares of the stock in a transaction on Thursday, August 1st. The shares were purchased at an average price of $54.49 per share, for a total transaction of $1,798,170.00. Following the completion of the purchase, the vice president now directly owns 47,480,301 shares of the company’s stock, valued at approximately $2,587,201,601.49. The purchase was disclosed in a filing with the SEC, which is available through this link. In other Red Rock Resorts news, CEO Frank J. Fertitta III purchased 67,000 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were bought at an average price of $54.49 per share, for a total transaction of $3,650,830.00. Following the purchase, the chief executive officer now directly owns 45,914,301 shares in the company, valued at approximately $2,501,870,261.49. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Lorenzo J. Fertitta acquired 33,000 shares of Red Rock Resorts stock in a transaction that occurred on Thursday, August 1st. The stock was acquired at an average cost of $54.49 per share, with a total value of $1,798,170.00. Following the purchase, the vice president now owns 47,480,301 shares in the company, valued at approximately $2,587,201,601.49. The disclosure for this purchase can be found here. Over the last ninety days, insiders bought 200,000 shares of company stock worth $10,426,000. Corporate insiders own 53.28% of the company’s stock.

Hedge Funds Weigh In On Red Rock Resorts

Institutional investors have recently bought and sold shares of the stock. Truist Financial Corp grew its holdings in Red Rock Resorts by 0.9% during the second quarter. Truist Financial Corp now owns 27,545 shares of the company’s stock valued at $1,513,000 after purchasing an additional 241 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in shares of Red Rock Resorts during the 2nd quarter worth $4,907,000. Creative Planning grew its stake in Red Rock Resorts by 5.9% in the 2nd quarter. Creative Planning now owns 15,902 shares of the company’s stock valued at $873,000 after buying an additional 886 shares during the last quarter. Algert Global LLC bought a new position in Red Rock Resorts in the 2nd quarter worth $279,000. Finally, Shellback Capital LP lifted its position in Red Rock Resorts by 327.6% during the 2nd quarter. Shellback Capital LP now owns 103,200 shares of the company’s stock worth $5,669,000 after acquiring an additional 79,067 shares during the last quarter. 47.84% of the stock is currently owned by institutional investors.

About Red Rock Resorts

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.