Red Rock Resorts (NASDAQ:RRR) Given New $56.00 Price Target at Morgan Stanley

Red Rock Resorts (NASDAQ:RRR) had its price objective upped by Morgan Stanley from $54.00 to $56.00 in a research report released on Wednesday morning, Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

Other equities research analysts have also issued reports about the stock. JMP Securities lowered their target price on shares of Red Rock Resorts from $66.00 to $65.00 and set a market outperform rating on the stock in a research note on Wednesday, May 8th. Macquarie raised their price objective on Red Rock Resorts from $62.00 to $65.00 and gave the company an outperform rating in a report on Wednesday, July 24th. Stifel Nicolaus boosted their price objective on Red Rock Resorts from $59.00 to $62.00 and gave the company a hold rating in a research report on Wednesday, July 24th. Susquehanna increased their target price on Red Rock Resorts from $63.00 to $70.00 and gave the company a positive rating in a research report on Wednesday, July 24th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Red Rock Resorts from $62.00 to $69.00 and gave the stock an overweight rating in a report on Wednesday, July 24th. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, Red Rock Resorts has a consensus rating of Moderate Buy and a consensus price target of $63.50.

Red Rock Resorts Stock Up 1.4 %

Red Rock Resorts stock opened at $57.60 on Wednesday. The business’s 50-day moving average price is $56.21 and its 200 day moving average price is $55.52. The company has a quick ratio of 0.89, a current ratio of 0.94 and a debt-to-equity ratio of 15.15. The firm has a market cap of $6.08 billion, a price-to-earnings ratio of 20.00, a price-to-earnings-growth ratio of 5.70 and a beta of 2.04. Red Rock Resorts has a 52 week low of $37.82 and a 52 week high of $63.28.

Red Rock Resorts (NASDAQ:RRR) last issued its quarterly earnings data on Tuesday, July 23rd. The company reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.16. Red Rock Resorts had a net margin of 9.21% and a return on equity of 83.84%. The business had revenue of $486.40 million for the quarter, compared to analysts’ expectations of $475.80 million. During the same quarter last year, the company earned $0.65 EPS. The business’s revenue was up 16.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Red Rock Resorts will post 1.66 earnings per share for the current year.

Red Rock Resorts Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.74%. The ex-dividend date is Monday, September 16th. Red Rock Resorts’s dividend payout ratio is currently 34.72%.

Insider Activity at Red Rock Resorts

In other Red Rock Resorts news, VP Lorenzo J. Fertitta bought 33,000 shares of the firm’s stock in a transaction on Thursday, August 1st. The shares were acquired at an average cost of $54.49 per share, with a total value of $1,798,170.00. Following the purchase, the vice president now directly owns 47,480,301 shares of the company’s stock, valued at approximately $2,587,201,601.49. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. In related news, COO Kord Nichols sold 49,464 shares of the firm’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $58.00, for a total transaction of $2,868,912.00. Following the completion of the sale, the chief operating officer now directly owns 71,946 shares in the company, valued at $4,172,868. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Lorenzo J. Fertitta bought 33,000 shares of the firm’s stock in a transaction on Thursday, August 1st. The stock was purchased at an average price of $54.49 per share, for a total transaction of $1,798,170.00. Following the completion of the acquisition, the vice president now directly owns 47,480,301 shares in the company, valued at $2,587,201,601.49. The disclosure for this purchase can be found here. In the last quarter, insiders acquired 200,000 shares of company stock valued at $10,426,000. Corporate insiders own 53.28% of the company’s stock.

Institutional Trading of Red Rock Resorts

Several institutional investors have recently made changes to their positions in RRR. Truist Financial Corp lifted its position in Red Rock Resorts by 0.9% in the second quarter. Truist Financial Corp now owns 27,545 shares of the company’s stock valued at $1,513,000 after buying an additional 241 shares during the last quarter. Sequoia Financial Advisors LLC lifted its holdings in shares of Red Rock Resorts by 3.8% in the 2nd quarter. Sequoia Financial Advisors LLC now owns 8,042 shares of the company’s stock worth $442,000 after acquiring an additional 292 shares during the last quarter. Arizona State Retirement System boosted its position in shares of Red Rock Resorts by 3.3% during the 2nd quarter. Arizona State Retirement System now owns 14,086 shares of the company’s stock worth $774,000 after purchasing an additional 444 shares during the period. WCG Wealth Advisors LLC increased its holdings in Red Rock Resorts by 2.5% in the 2nd quarter. WCG Wealth Advisors LLC now owns 18,325 shares of the company’s stock valued at $1,007,000 after purchasing an additional 450 shares during the last quarter. Finally, Covestor Ltd raised its position in Red Rock Resorts by 16,666.7% in the first quarter. Covestor Ltd now owns 503 shares of the company’s stock valued at $30,000 after purchasing an additional 500 shares during the period. 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.