Red Rock Resorts (NASDAQ:RRR) Reaches New 12-Month High Following Strong Earnings

Red Rock Resorts, Inc. (NASDAQ:RRR)’s share price reached a new 52-week high during mid-day trading on Wednesday following a stronger than expected earnings report. The company traded as high as $59.51 and last traded at $57.81, with a volume of 211529 shares traded. The stock had previously closed at $55.01.

The company reported $0.95 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.55. The business had revenue of $526.27 million for the quarter, compared to analysts’ expectations of $485.44 million. Red Rock Resorts had a return on equity of 59.56% and a net margin of 8.89%. The firm’s quarterly revenue was up 8.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.59 EPS.

Red Rock Resorts Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a dividend of $0.25 per share. The ex-dividend date is Monday, September 15th. This represents a $1.00 dividend on an annualized basis and a yield of 1.67%. Red Rock Resorts’s dividend payout ratio (DPR) is 38.76%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on RRR shares. Barclays increased their price objective on Red Rock Resorts from $62.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday. Mizuho upgraded Red Rock Resorts from a “neutral” rating to an “outperform” rating and set a $50.00 target price on the stock in a research note on Monday, June 2nd. Morgan Stanley set a $49.00 target price on Red Rock Resorts and gave the stock an “equal weight” rating in a research note on Friday, July 11th. Macquarie restated an “outperform” rating and issued a $58.00 target price on shares of Red Rock Resorts in a research note on Friday, May 2nd. Finally, JPMorgan Chase & Co. initiated coverage on Red Rock Resorts in a research note on Monday, June 23rd. They issued an “overweight” rating and a $62.00 target price on the stock. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, Red Rock Resorts has a consensus rating of “Moderate Buy” and a consensus target price of $59.27.

Hedge Funds Weigh In On Red Rock Resorts

Several institutional investors have recently modified their holdings of the company. Sterling Capital Management LLC boosted its holdings in Red Rock Resorts by 654.7% during the 4th quarter. Sterling Capital Management LLC now owns 883 shares of the company’s stock valued at $41,000 after acquiring an additional 766 shares during the period. Ameritas Advisory Services LLC purchased a new stake in Red Rock Resorts during the 2nd quarter valued at about $42,000. Pandora Wealth Inc. purchased a new stake in Red Rock Resorts during the 1st quarter valued at about $43,000. US Bancorp DE boosted its holdings in Red Rock Resorts by 1,664.4% during the 1st quarter. US Bancorp DE now owns 1,041 shares of the company’s stock valued at $45,000 after acquiring an additional 982 shares during the period. Finally, New Age Alpha Advisors LLC purchased a new stake in Red Rock Resorts during the 1st quarter valued at about $89,000. 47.84% of the stock is currently owned by institutional investors.

Red Rock Resorts Price Performance

The company has a market capitalization of $6.36 billion, a PE ratio of 20.41, a PEG ratio of 3.59 and a beta of 1.62. The firm has a fifty day moving average of $52.09 and a two-hundred day moving average of $47.84. The company has a current ratio of 0.92, a quick ratio of 0.87 and a debt-to-equity ratio of 9.04.

Red Rock Resorts Company 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.