Red Rock Resorts (NASDAQ:RRR) Price Target Raised to $71.00

Red Rock Resorts (NASDAQ:RRR) had its price target lifted by Citizens Jmp from $69.00 to $71.00 in a report published on Wednesday,Benzinga reports. Citizens Jmp currently has a market outperform rating on the stock.

A number of other brokerages also recently weighed in on RRR. Stifel Nicolaus set a $74.00 price objective on shares of Red Rock Resorts in a research report on Wednesday. JPMorgan Chase & Co. boosted their target price on shares of Red Rock Resorts from $66.00 to $72.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. Bank of America increased their price target on Red Rock Resorts from $60.00 to $70.00 and gave the company a “neutral” rating in a report on Monday, July 20th. Wells Fargo & Company raised their price target on Red Rock Resorts from $75.00 to $77.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, Benchmark lifted their price objective on Red Rock Resorts from $63.00 to $78.00 and gave the stock a “buy” rating in a report on Tuesday, July 21st. Fourteen analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell 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 price target of $71.88.

Red Rock Resorts Stock Down 1.6%

RRR stock opened at $61.88 on Wednesday. The stock has a market capitalization of $6.50 billion, a P/E ratio of 21.87, a P/E/G ratio of 4.70 and a beta of 1.36. The company has a debt-to-equity ratio of 14.42, a current ratio of 0.81 and a quick ratio of 0.76. Red Rock Resorts has a 1-year low of $50.52 and a 1-year high of $68.99. The business has a fifty day moving average price of $62.93 and a 200-day moving average price of $59.84.

Red Rock Resorts (NASDAQ:RRR) last released its quarterly earnings data on Tuesday, August 4th. The company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.51 by $0.16. Red Rock Resorts had a return on equity of 55.65% and a net margin of 8.43%.The company had revenue of $510.26 million during the quarter, compared to the consensus estimate of $500.08 million. During the same period last year, the company earned $0.95 EPS. Red Rock Resorts’s revenue for the quarter was down 3.0% on a year-over-year basis. Equities analysts forecast that Red Rock Resorts will post 1.49 earnings per share for the current fiscal year.

Red Rock Resorts Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a dividend of $0.26 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.04 annualized dividend and a yield of 1.7%. Red Rock Resorts’s payout ratio is 36.75%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in RRR. Salomon & Ludwin LLC bought a new stake in Red Rock Resorts during the 4th quarter worth approximately $25,000. Kestra Advisory Services LLC bought a new stake in shares of Red Rock Resorts during the 4th quarter valued at $27,000. Rockefeller Capital Management L.P. lifted its stake 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 buying an additional 481 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Red Rock Resorts by 98.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,474 shares of the company’s stock valued at $91,000 after buying an additional 733 shares in the last quarter. Finally, Canada Pension Plan Investment Board bought a new position in Red Rock Resorts in the 2nd quarter worth $94,000. Institutional investors own 47.84% of the company’s stock.

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.