Eminence Capital LP Has $100 Million Stock Position in Red Rock Resorts, Inc. $RRR

Eminence Capital LP decreased its stake in shares of Red Rock Resorts, Inc. (NASDAQ:RRR) by 32.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,614,183 shares of the company’s stock after selling 787,191 shares during the period. Red Rock Resorts accounts for approximately 1.6% of Eminence Capital LP’s holdings, making the stock its 28th biggest holding. Eminence Capital LP owned about 1.52% of Red Rock Resorts worth $99,999,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in RRR. Salomon & Ludwin LLC acquired a new position in Red Rock Resorts during the 4th quarter worth about $25,000. Kestra Advisory Services LLC acquired a new position in Red Rock Resorts during the 4th quarter worth about $27,000. GAMMA Investing LLC raised its holdings in Red Rock Resorts by 53.8% during the 4th quarter. GAMMA Investing LLC now owns 752 shares of the company’s stock worth $47,000 after purchasing an additional 263 shares during the last quarter. PNC Financial Services Group Inc. raised its holdings in 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 worth $91,000 after purchasing an additional 733 shares during the last quarter. Finally, Canada Pension Plan Investment Board bought a new stake in Red Rock Resorts during the 2nd quarter worth about $94,000. Institutional investors and hedge funds own 47.84% of the company’s stock.

Red Rock Resorts Stock Performance

Shares of RRR stock opened at $59.13 on Thursday. The company has a debt-to-equity ratio of 14.42, a current ratio of 0.81 and a quick ratio of 0.76. The stock has a market cap of $6.21 billion, a PE ratio of 19.01, a price-to-earnings-growth ratio of 4.61 and a beta of 1.36. The stock has a 50-day moving average of $56.11 and a 200-day moving average of $59.06. Red Rock Resorts, Inc. has a one year low of $49.47 and a one year high of $68.99.

Red Rock Resorts (NASDAQ:RRR) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.73 EPS for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.17). The company had revenue of $507.32 million during the quarter, compared to the consensus estimate of $505.63 million. Red Rock Resorts had a net margin of 9.21% and a return on equity of 61.67%. The business’s revenue was up 1.9% compared to the same quarter last year. During the same period last year, the company earned $0.75 earnings per share. As a group, sell-side analysts expect that Red Rock Resorts, Inc. will post 1.53 earnings per share for the current year.

Red Rock Resorts Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.8%. Red Rock Resorts’s dividend payout ratio is 33.44%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on RRR. Benchmark dropped their price objective on Red Rock Resorts from $67.00 to $63.00 and set a “buy” rating for the company in a report on Thursday, April 30th. Citizens Jmp dropped their price objective on Red Rock Resorts from $71.00 to $67.00 and set a “market outperform” rating for the company in a report on Thursday, April 30th. Susquehanna dropped their price objective on Red Rock Resorts from $77.00 to $70.00 and set a “positive” rating for the company in a report on Thursday, April 30th. Morgan Stanley set a $59.00 price objective on Red Rock Resorts in a report on Wednesday, May 6th. Finally, Truist Financial dropped their price objective on Red Rock Resorts from $70.00 to $68.00 and set a “buy” rating for the company in a report on Thursday, April 30th. Twelve equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $67.53.

Red Rock Resorts 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.