Red Rock Resorts (NASDAQ:RRR) Research Coverage Started at Benchmark

Benchmark began coverage on shares of Red Rock Resorts (NASDAQ:RRR) in a research note issued to investors on Monday morning, Marketbeat.com reports. The firm issued a buy rating and a $67.00 price objective on the stock.

A number of other brokerages have also weighed in on RRR. Citizens Jmp upped their price objective on shares of Red Rock Resorts from $65.00 to $68.00 and gave the company a “market outperform” rating in a research note on Wednesday, January 14th. Wells Fargo & Company raised their target price on shares of Red Rock Resorts from $58.00 to $59.00 and gave the stock an “equal weight” rating in a research report on Wednesday, February 11th. Mizuho set a $77.00 target price on shares of Red Rock Resorts in a report on Wednesday, February 11th. Truist Financial reaffirmed a “buy” rating and set a $80.00 price target (up from $75.00) on shares of Red Rock Resorts in a research report on Wednesday, February 11th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $79.00 price target 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 four have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $70.86.

Red Rock Resorts Stock Performance

NASDAQ RRR opened at $58.75 on Monday. Red Rock Resorts has a 52-week low of $35.09 and a 52-week high of $68.99. The business’s 50-day moving average price is $61.38 and its 200 day moving average price is $60.10. The company has a quick ratio of 0.74, a current ratio of 0.79 and a debt-to-equity ratio of 10.26. The firm has a market cap of $6.17 billion, a P/E ratio of 18.77, a P/E/G ratio of 2.44 and a beta of 1.46.

Red Rock Resorts (NASDAQ:RRR) last posted its quarterly earnings results on Tuesday, February 10th. The company reported $0.75 EPS for the quarter, beating 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 business had revenue of $511.78 million during the quarter, compared to analysts’ expectations of $500.90 million. During the same period last year, the firm earned $0.76 EPS. The company’s quarterly revenue was up 3.2% compared to the same quarter last year. On average, equities research analysts expect that Red Rock Resorts will post 1.76 earnings per share for the current year.

Red Rock Resorts Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th will be issued a dividend of $0.26 per share. The ex-dividend date is Monday, March 16th. This represents a $1.04 annualized dividend and a yield of 1.8%. Red Rock Resorts’s payout ratio is currently 33.23%.

Hedge Funds Weigh In On Red Rock Resorts

Several large investors have recently added to or reduced their stakes in RRR. CWM LLC increased its stake in shares of Red Rock Resorts by 4.6% in the third quarter. CWM LLC now owns 4,663 shares of the company’s stock valued at $285,000 after purchasing an additional 205 shares during the period. Baron Wealth Management LLC increased its position in Red Rock Resorts by 1.5% in the 3rd quarter. Baron Wealth Management LLC now owns 15,112 shares of the company’s stock valued at $923,000 after acquiring an additional 218 shares during the period. Arizona State Retirement System increased its position in Red Rock Resorts by 1.5% in the 3rd quarter. Arizona State Retirement System now owns 15,103 shares of the company’s stock valued at $922,000 after acquiring an additional 219 shares during the period. GAMMA Investing LLC raised its stake in Red Rock Resorts by 53.8% during the 4th quarter. GAMMA Investing LLC now owns 752 shares of the company’s stock valued at $47,000 after acquiring an additional 263 shares in the last quarter. Finally, Commonwealth Equity Services LLC raised its stake in Red Rock Resorts by 3.2% during the 4th quarter. Commonwealth Equity Services LLC now owns 10,383 shares of the company’s stock valued at $643,000 after acquiring an additional 324 shares in the last quarter. 47.84% of the stock is currently owned by institutional investors.

About Red Rock Resorts

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.