Point72 Asset Management L.P. Purchases New Holdings in Red Rock Resorts, Inc. (NASDAQ:RRR)

Point72 Asset Management L.P. acquired a new position in Red Rock Resorts, Inc. (NASDAQ:RRR) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 89,340 shares of the company’s stock, valued at approximately $4,907,000. Point72 Asset Management L.P. owned 0.08% of Red Rock Resorts as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in RRR. Sequoia Financial Advisors LLC grew its stake 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 buying an additional 292 shares during the last quarter. Arizona State Retirement System grew its stake in shares of Red Rock Resorts by 3.3% in the second quarter. Arizona State Retirement System now owns 14,086 shares of the company’s stock worth $774,000 after acquiring an additional 444 shares during the last quarter. WCG Wealth Advisors LLC increased its holdings in shares of Red Rock Resorts by 2.5% during the second quarter. WCG Wealth Advisors LLC now owns 18,325 shares of the company’s stock valued at $1,007,000 after acquiring an additional 450 shares in the last quarter. Covestor Ltd raised its position in shares of Red Rock Resorts by 16,666.7% in the 1st quarter. Covestor Ltd now owns 503 shares of the company’s stock worth $30,000 after purchasing an additional 500 shares during the last quarter. Finally, ProShare Advisors LLC boosted its stake in Red Rock Resorts by 8.5% in the 1st quarter. ProShare Advisors LLC now owns 8,559 shares of the company’s stock worth $512,000 after purchasing an additional 674 shares in the last quarter. Institutional investors own 47.84% of the company’s stock.

Analyst Upgrades and Downgrades

RRR has been the subject of several recent analyst reports. Macquarie lifted their target price on shares of Red Rock Resorts from $62.00 to $65.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Susquehanna boosted their price objective on shares of Red Rock Resorts from $63.00 to $70.00 and gave the stock a “positive” rating in a report on Wednesday, July 24th. Morgan Stanley increased their target price on Red Rock Resorts from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 4th. Wells Fargo & Company cut Red Rock Resorts from an “overweight” rating to an “equal weight” rating and boosted their price target for the stock from $63.00 to $64.00 in a research note on Wednesday, July 24th. Finally, Barclays increased their price objective on Red Rock Resorts from $63.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Red Rock Resorts has an average rating of “Moderate Buy” and an average price target of $63.50.

Insiders Place Their Bets

In other news, CEO Frank J. Fertitta III acquired 67,000 shares of Red Rock Resorts stock in a transaction dated Monday, August 5th. The stock was purchased at an average cost of $49.77 per share, with a total value of $3,334,590.00. Following the completion of the purchase, the chief executive officer now directly owns 46,048,301 shares in the company, valued at approximately $2,291,823,940.77. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other Red Rock Resorts news, COO Kord Nichols sold 49,464 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $4,172,868. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Frank J. Fertitta III bought 67,000 shares of the stock in a transaction dated Monday, August 5th. The stock was bought at an average cost of $49.77 per share, for a total transaction of $3,334,590.00. Following the acquisition, the chief executive officer now directly owns 46,048,301 shares of the company’s stock, valued at approximately $2,291,823,940.77. The disclosure for this purchase can be found here. In the last 90 days, insiders have bought 200,000 shares of company stock worth $10,426,000. Company insiders own 53.28% of the company’s stock.

Red Rock Resorts Stock Performance

Shares of NASDAQ RRR opened at $54.12 on Wednesday. Red Rock Resorts, Inc. has a 12-month low of $37.82 and a 12-month high of $63.28. The firm has a market capitalization of $5.72 billion, a price-to-earnings ratio of 18.79, a price-to-earnings-growth ratio of 5.47 and a beta of 2.04. The company has a current ratio of 0.94, a quick ratio of 0.89 and a debt-to-equity ratio of 15.15. The firm has a 50 day moving average of $55.09 and a 200 day moving average of $55.12.

Red Rock Resorts (NASDAQ:RRR) last posted its quarterly earnings data on Tuesday, July 23rd. The company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.43 by $0.16. The firm had revenue of $486.40 million during the quarter, compared to analyst estimates of $475.80 million. Red Rock Resorts had a return on equity of 83.84% and a net margin of 9.21%. Red Rock Resorts’s revenue was up 16.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.65 EPS. On average, research analysts anticipate that Red Rock Resorts, Inc. will post 1.66 earnings per share for the current year.

Red Rock Resorts Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 16th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.85%. The ex-dividend date was Monday, September 16th. Red Rock Resorts’s dividend payout ratio is 34.72%.

Red Rock Resorts Profile

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.