Principal Financial Group Inc. Boosts Holdings in Red Rock Resorts, Inc. $RRR

Principal Financial Group Inc. grew its stake in shares of Red Rock Resorts, Inc. (NASDAQ:RRR) by 24.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 287,633 shares of the company’s stock after purchasing an additional 55,845 shares during the period. Principal Financial Group Inc.’s holdings in Red Rock Resorts were worth $15,348,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of RRR. Bamco Inc. NY boosted its position in Red Rock Resorts by 2.0% during the 4th quarter. Bamco Inc. NY now owns 12,519,892 shares of the company’s stock valued at $775,607,000 after acquiring an additional 250,725 shares in the last quarter. State Street Corp raised its position in shares of Red Rock Resorts by 62.1% in the 4th quarter. State Street Corp now owns 1,814,812 shares of the company’s stock worth $112,428,000 after acquiring an additional 695,575 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of Red Rock Resorts by 2,248.2% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,354,644 shares of the company’s stock worth $82,715,000 after acquiring an additional 1,296,956 shares in the last quarter. Fuller & Thaler Asset Management Inc. lifted its stake in shares of Red Rock Resorts by 7.4% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 1,207,404 shares of the company’s stock valued at $74,799,000 after purchasing an additional 82,849 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of Red Rock Resorts by 0.4% in the 4th quarter. Geode Capital Management LLC now owns 1,188,664 shares of the company’s stock valued at $73,648,000 after purchasing an additional 4,759 shares during the period. 47.84% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on RRR. Benchmark upped their price target on Red Rock Resorts from $63.00 to $78.00 and gave the stock a “buy” rating in a research note on Tuesday. Susquehanna lowered their price objective on Red Rock Resorts from $77.00 to $70.00 and set a “positive” rating for the company in a research report on Thursday, April 30th. Bank of America boosted their target price on shares of Red Rock Resorts from $60.00 to $70.00 and gave the company a “neutral” rating in a report on Monday. Barclays upped their target price on shares of Red Rock Resorts from $65.00 to $72.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. Finally, Zacks Research lowered shares of Red Rock Resorts from a “hold” rating to a “strong sell” rating in a research note on Wednesday, May 6th. Fourteen investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $71.24.

Red Rock Resorts Stock Performance

Red Rock Resorts stock opened at $62.78 on Friday. Red Rock Resorts, Inc. has a twelve month low of $50.52 and a twelve month high of $68.99. The company has a quick ratio of 0.76, a current ratio of 0.81 and a debt-to-equity ratio of 14.42. The company has a market capitalization of $6.59 billion, a P/E ratio of 20.19, a PEG ratio of 4.69 and a beta of 1.35. The stock’s 50 day moving average is $60.87 and its 200 day moving average is $59.69.

Red Rock Resorts (NASDAQ:RRR) last announced its quarterly earnings data on Wednesday, April 29th. The company reported $0.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.17). Red Rock Resorts had a net margin of 9.21% and a return on equity of 61.67%. The company had revenue of $507.32 million for the quarter, compared to analysts’ expectations of $505.63 million. During the same quarter in the previous year, the firm posted $0.75 EPS. The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. On average, equities research analysts predict that Red Rock Resorts, Inc. will post 1.52 earnings per share for the current fiscal year.

Red Rock Resorts Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a dividend of $0.26 per share. The ex-dividend date was Monday, June 15th. This represents a $1.04 annualized dividend and a dividend yield of 1.7%. Red Rock Resorts’s dividend payout ratio (DPR) is presently 33.44%.

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.