Red Rock Resorts (NASDAQ:RRR) Price Target Lowered to $58.00 at Wells Fargo & Company

Red Rock Resorts (NASDAQ:RRR) had its target price lowered by Wells Fargo & Company from $64.00 to $58.00 in a report issued on Thursday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the stock.

A number of other equities research analysts also recently commented on the company. Susquehanna lifted their target price on Red Rock Resorts from $63.00 to $70.00 and gave the company a “positive” rating in a research report on Wednesday, July 24th. JPMorgan Chase & Co. upped their target price on shares of Red Rock Resorts from $62.00 to $69.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Stifel Nicolaus lifted their price target on shares of Red Rock Resorts from $59.00 to $62.00 and gave the company a “hold” rating in a research report on Wednesday, July 24th. Morgan Stanley upped their price objective on shares of Red Rock Resorts from $54.00 to $56.00 and gave the stock an “equal weight” rating in a report on Wednesday, September 4th. Finally, Barclays boosted their target price 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. Five investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $63.00.

Red Rock Resorts Stock Performance

NASDAQ RRR opened at $52.59 on Thursday. The company has a debt-to-equity ratio of 15.15, a quick ratio of 0.89 and a current ratio of 0.94. The stock’s fifty day moving average is $54.67 and its two-hundred day moving average is $54.79. The firm has a market capitalization of $5.55 billion, a P/E ratio of 18.65, a price-to-earnings-growth ratio of 5.48 and a beta of 2.04. Red Rock Resorts has a fifty-two week low of $37.82 and a fifty-two week high of $63.28.

Red Rock Resorts (NASDAQ:RRR) last announced its quarterly earnings results on Tuesday, July 23rd. The company reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.16. Red Rock Resorts had a net margin of 9.21% and a return on equity of 83.84%. The firm had revenue of $486.40 million for the quarter, compared to analysts’ expectations of $475.80 million. During the same quarter in the previous year, the company posted $0.65 EPS. The company’s revenue was up 16.9% compared to the same quarter last year. On average, research analysts anticipate that Red Rock Resorts will post 1.66 earnings per share for the current year.

Red Rock Resorts Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.90%. The ex-dividend date of this dividend was Monday, September 16th. Red Rock Resorts’s payout ratio is presently 35.46%.

Insider Transactions at Red Rock Resorts

In other news, CEO Frank J. Fertitta III bought 67,000 shares of Red Rock Resorts stock in a transaction that occurred on Thursday, August 1st. The shares were purchased at an average price of $54.49 per share, with a total value of $3,650,830.00. Following the completion of the acquisition, the chief executive officer now directly owns 45,914,301 shares in the company, valued at $2,501,870,261.49. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Red Rock Resorts news, CEO Frank J. Fertitta III bought 67,000 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The shares were purchased at an average price of $54.49 per share, with a total value of $3,650,830.00. Following the completion of the acquisition, the chief executive officer now directly owns 45,914,301 shares of the company’s stock, valued at $2,501,870,261.49. This represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Lorenzo J. Fertitta purchased 33,000 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were acquired at an average cost of $49.77 per share, with a total value of $1,642,410.00. Following the completion of the acquisition, the vice president now directly owns 47,546,301 shares in the company, valued at $2,366,379,400.77. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 200,000 shares of company stock valued at $10,426,000. 53.28% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Red Rock Resorts

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Long Pond Capital LP purchased a new stake in shares of Red Rock Resorts during the 2nd quarter worth approximately $21,987,000. Eminence Capital LP raised its stake in Red Rock Resorts by 23.7% during the 2nd quarter. Eminence Capital LP now owns 1,952,754 shares of the company’s stock worth $107,265,000 after acquiring an additional 374,128 shares in the last quarter. Hantz Financial Services Inc. purchased a new stake in Red Rock Resorts in the second quarter valued at $14,384,000. Vaughan Nelson Investment Management L.P. lifted its position in Red Rock Resorts by 26.7% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,196,195 shares of the company’s stock valued at $65,706,000 after acquiring an additional 251,855 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in Red Rock Resorts by 4.3% in the first quarter. Vanguard Group Inc. now owns 5,136,942 shares of the company’s stock valued at $307,292,000 after acquiring an additional 209,593 shares in the last quarter. 47.84% of the stock is owned by institutional investors and hedge funds.

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.