Red Rock Resorts (NASDAQ:RRR) Price Target Raised to $60.00 at Truist Financial

Red Rock Resorts (NASDAQ:RRR) had its target price raised by Truist Financial from $58.00 to $60.00 in a research report released on Tuesday, Benzinga reports. They currently have a hold rating on the stock.

Several other equities analysts also recently weighed in on RRR. Macquarie raised Red Rock Resorts from a neutral rating to an outperform rating and lifted their target price for the company from $51.00 to $58.00 in a research report on Wednesday, January 17th. JPMorgan Chase & Co. lifted their target price on Red Rock Resorts from $63.00 to $69.00 and gave the company an overweight rating in a research report on Monday, April 1st. Mizuho assumed coverage on Red Rock Resorts in a research report on Tuesday, March 26th. They issued a buy rating and a $69.00 target price for the company. Susquehanna lifted their target price on Red Rock Resorts from $52.00 to $66.00 and gave the company a positive rating in a research report on Thursday, February 8th. Finally, Morgan Stanley lifted their target price on Red Rock Resorts from $51.00 to $53.00 and gave the company an equal weight rating in a research report on Tuesday, April 9th. Four equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Red Rock Resorts presently has an average rating of Moderate Buy and a consensus target price of $61.67.

Red Rock Resorts Stock Up 1.0 %

Shares of RRR opened at $58.93 on Tuesday. The firm has a market cap of $6.20 billion, a P/E ratio of 19.98, a price-to-earnings-growth ratio of 2.95 and a beta of 2.06. Red Rock Resorts has a 12-month low of $37.82 and a 12-month high of $63.28. The company’s 50-day moving average price is $58.32 and its 200 day moving average price is $51.55. The company has a current ratio of 0.81, a quick ratio of 0.76 and a debt-to-equity ratio of 13.54.

Red Rock Resorts (NASDAQ:RRR) last issued its quarterly earnings data on Wednesday, February 7th. The company reported $0.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.55. The firm had revenue of $462.71 million for the quarter, compared to analyst estimates of $440.75 million. Red Rock Resorts had a net margin of 10.21% and a return on equity of 114.32%. Red Rock Resorts’s revenue was up 8.8% on a year-over-year basis. During the same period in the previous year, the firm earned $1.00 EPS. On average, sell-side analysts forecast that Red Rock Resorts will post 1.93 earnings per share for the current year.

Red Rock Resorts Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date was Thursday, March 14th. Red Rock Resorts’s dividend payout ratio is presently 33.90%.

Insider Buying and Selling

In related news, CFO Stephen Lawrence Cootey sold 7,520 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $57.74, for a total transaction of $434,204.80. Following the completion of the sale, the chief financial officer now owns 243,808 shares in the company, valued at $14,077,473.92. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 54.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Red Rock Resorts

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Coronation Fund Managers Ltd. raised its stake in shares of Red Rock Resorts by 2.8% during the third quarter. Coronation Fund Managers Ltd. now owns 126,696 shares of the company’s stock worth $5,195,000 after purchasing an additional 3,486 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Red Rock Resorts by 1.1% during the third quarter. Bank of New York Mellon Corp now owns 401,209 shares of the company’s stock worth $16,450,000 after acquiring an additional 4,432 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Red Rock Resorts by 13.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,201 shares of the company’s stock worth $459,000 after acquiring an additional 1,330 shares during the period. TD Asset Management Inc grew its holdings in Red Rock Resorts by 5.3% during the third quarter. TD Asset Management Inc now owns 35,606 shares of the company’s stock worth $1,460,000 after acquiring an additional 1,800 shares during the period. Finally, Malaga Cove Capital LLC acquired a new position in Red Rock Resorts during the third quarter worth $242,000. Hedge funds and other institutional investors own 47.84% of the company’s stock.

About Red Rock Resorts

Red Rock Resorts, Inc, through its interest in Station Casinos LLC, develops and operates casino and entertainment properties in the United States. The company owns and operates gaming and entertainment facilities, including Durango Casino & Resort and smaller casinos in the Las Vegas regional market.