Capital World Investors Grows Stock Position in Red Rock Resorts, Inc. $RRR

Capital World Investors increased its stake in shares of Red Rock Resorts, Inc. (NASDAQ:RRR) by 47.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 312,500 shares of the company’s stock after purchasing an additional 100,000 shares during the quarter. Capital World Investors’ holdings in Red Rock Resorts were worth $19,081,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in Red Rock Resorts by 230.5% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 552 shares of the company’s stock valued at $29,000 after purchasing an additional 385 shares in the last quarter. Strs Ohio acquired a new position in shares of Red Rock Resorts during the third quarter worth about $37,000. Canada Pension Plan Investment Board purchased a new stake in shares of Red Rock Resorts during the second quarter worth approximately $94,000. Russell Investments Group Ltd. raised its holdings in Red Rock Resorts by 1,385.7% in the second quarter. Russell Investments Group Ltd. now owns 1,872 shares of the company’s stock valued at $97,000 after acquiring an additional 1,746 shares in the last quarter. Finally, Aster Capital Management DIFC Ltd acquired a new stake in Red Rock Resorts in the third quarter valued at approximately $136,000. Hedge funds and other institutional investors own 47.84% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on RRR shares. UBS Group set a $73.00 price target on shares of Red Rock Resorts in a report on Wednesday, December 24th. Weiss Ratings upgraded shares of Red Rock Resorts from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, February 23rd. Susquehanna lifted their price objective on shares of Red Rock Resorts from $69.00 to $77.00 and gave the stock a “positive” rating in a research report on Wednesday, February 11th. Stifel Nicolaus boosted their target price on shares of Red Rock Resorts from $71.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, February 11th. Finally, Truist Financial restated a “buy” rating and issued a $80.00 price target (up from $75.00) on shares of Red Rock Resorts in a research note on Wednesday, February 11th. Eleven analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $71.15.

Red Rock Resorts Stock Down 2.2%

Shares of NASDAQ RRR opened at $57.71 on Friday. The stock has a market cap of $6.06 billion, a PE ratio of 18.44, a price-to-earnings-growth ratio of 2.45 and a beta of 1.46. The company has a quick ratio of 0.74, a current ratio of 0.79 and a debt-to-equity ratio of 10.26. Red Rock Resorts, Inc. has a 52-week low of $35.09 and a 52-week high of $68.99. The business has a 50-day moving average price of $62.08 and a 200 day moving average price of $60.36.

Red Rock Resorts (NASDAQ:RRR) last released its quarterly earnings results on Tuesday, February 10th. The company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.41 by $0.34. Red Rock Resorts had a return on equity of 58.13% and a net margin of 9.35%.The company had revenue of $511.78 million for the quarter, compared to analyst estimates of $500.90 million. During the same quarter in the previous year, the company posted $0.76 earnings per share. The firm’s revenue was up 3.2% compared to the same quarter last year. Equities research analysts forecast that Red Rock Resorts, Inc. will post 1.76 earnings per share for the current year.

Red Rock Resorts Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th will be given a dividend of $0.26 per share. The ex-dividend date is Monday, March 16th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.8%. Red Rock Resorts’s dividend payout ratio (DPR) is 33.23%.

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.