Red Rock Resorts (NASDAQ:RRR) Stock Gets Price Target Cut from JPMorgan Chase & Co.

Red Rock Resorts (NASDAQ:RRR) had its price objective reduced by JPMorgan Chase & Co. from $72.00 to $71.00 in a report issued on Tuesday,Benzinga reports. They currently have an overweight rating on the stock.

Several other analysts have also recently weighed in on the company. Stifel Nicolaus set a $74.00 price objective on Red Rock Resorts in a research report on Wednesday, August 5th. Barclays increased their target price on Red Rock Resorts from $73.00 to $74.00 and gave the stock an “overweight” rating in a research report on Friday, October 9th. Benchmark reissued a “buy” rating on shares of Red Rock Resorts in a research report on Monday, August 31st. Wall Street Zen upgraded Red Rock Resorts from a “sell” rating to a “hold” rating in a research note on Sunday, July 12th. Finally, Capital One Financial upgraded Red Rock Resorts to a “buy” rating in a research report on Wednesday, September 9th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Red Rock Resorts currently has a consensus rating of “Moderate Buy” and an average price target of $71.83.

Red Rock Resorts Stock Up 2.4%

Shares of NASDAQ RRR opened at $50.43 on Tuesday. The company has a current ratio of 0.68, a quick ratio of 0.63 and a debt-to-equity ratio of 12.33. Red Rock Resorts has a 12 month low of $47.49 and a 12 month high of $68.99. The firm has a market capitalization of $5.30 billion, a PE ratio of 17.82, a price-to-earnings-growth ratio of 4.06 and a beta of 1.40. The firm has a fifty day simple moving average of $53.99 and a two-hundred day simple moving average of $57.63.

Red Rock Resorts (NASDAQ:RRR) last posted its earnings results 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 net margin of 8.43% and a return on equity of 56.19%. The firm had revenue of $510.26 million during the quarter, compared to analysts’ expectations of $500.08 million. During the same period last year, the company posted $0.95 EPS. The company’s quarterly revenue was down 3.0% compared to the same quarter last year. Equities analysts expect that Red Rock Resorts will post 1.54 earnings per share for the current year.

Red Rock Resorts Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 2.1%. The ex-dividend date was Tuesday, September 15th. Red Rock Resorts’s dividend payout ratio (DPR) is currently 36.75%.

Insider Activity at Red Rock Resorts

In other news, President Scott Kreeger sold 31,159 shares of the business’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $61.78, for a total value of $1,925,003.02. Following the completion of the transaction, the president owned 203,881 shares in the company, valued at $12,595,768.18. The trade was a 13.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 54.34% of the company’s stock.

Institutional Investors Weigh In On Red Rock Resorts

Several institutional investors have recently modified their holdings of the business. Diamond Hill Capital Management LLC Investment Advisor bought a new stake in Red Rock Resorts in the 2nd quarter worth about $120,743,000. Dimensional Fund Advisors LP lifted its stake in Red Rock Resorts by 1.2% during the 1st quarter. Dimensional Fund Advisors LP now owns 487,538 shares of the company’s stock valued at $26,013,000 after acquiring an additional 5,685 shares during the period. Renaissance Technologies LLC lifted its stake in Red Rock Resorts by 204.7% during the 1st quarter. Renaissance Technologies LLC now owns 300,400 shares of the company’s stock valued at $16,029,000 after acquiring an additional 201,800 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Red Rock Resorts by 24.1% during the 1st quarter. Principal Financial Group Inc. now owns 287,633 shares of the company’s stock valued at $15,348,000 after acquiring an additional 55,845 shares during the last quarter. Finally, Swiss National Bank boosted its holdings in shares of Red Rock Resorts by 1.0% during the 1st quarter. Swiss National Bank now owns 100,800 shares of the company’s stock valued at $5,379,000 after acquiring an additional 1,000 shares during the last quarter. 47.84% of the stock is owned by hedge funds and other institutional investors.

About Red Rock Resorts

Red Rock Resorts, Inc is a gaming, entertainment and hospitality company based in Las Vegas, Nevada. Through its principal operating subsidiary, Station Casinos, the company develops, owns and operates casino resorts and other gaming properties, primarily serving the Las Vegas locals market.

Its portfolio includes destination-style properties such as Red Rock Casino Resort & Spa, Green Valley Ranch Resort Spa and Casino, and Durango Casino & Resort, along with neighborhood casinos including Palace Station, Boulder Station, Santa Fe Station and several Wildfire locations.