Red Rock Resorts, Inc. $RRR Holdings Trimmed by Nisa Investment Advisors LLC

Nisa Investment Advisors LLC lessened its holdings in shares of Red Rock Resorts, Inc. (NASDAQ:RRR) by 47.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,277 shares of the company’s stock after selling 7,374 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Red Rock Resorts were worth $431,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Eminence Capital LP boosted its holdings in Red Rock Resorts by 20.5% during the first quarter. Eminence Capital LP now owns 2,478,311 shares of the company’s stock valued at $107,484,000 after acquiring an additional 421,723 shares during the period. Nuveen LLC bought a new position in Red Rock Resorts during the first quarter worth about $11,025,000. Vaughan Nelson Investment Management L.P. lifted its stake in Red Rock Resorts by 10.7% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,773,603 shares of the company’s stock worth $92,281,000 after purchasing an additional 171,235 shares during the period. Millennium Management LLC grew its holdings in shares of Red Rock Resorts by 56.2% during the first quarter. Millennium Management LLC now owns 430,150 shares of the company’s stock worth $18,656,000 after purchasing an additional 154,839 shares during the last quarter. Finally, Trexquant Investment LP increased its holdings in shares of Red Rock Resorts by 116.8% in the first quarter. Trexquant Investment LP now owns 247,242 shares of the company’s stock valued at $10,723,000 after purchasing an additional 133,208 shares in the last quarter. 47.84% of the stock is currently owned by institutional investors and hedge funds.

Red Rock Resorts Price Performance

Shares of NASDAQ RRR opened at $53.31 on Monday. The firm has a market capitalization of $5.62 billion, a P/E ratio of 16.98, a P/E/G ratio of 1.85 and a beta of 1.51. Red Rock Resorts, Inc. has a 1-year low of $35.09 and a 1-year high of $63.60. The firm’s 50-day moving average price is $59.97 and its 200-day moving average price is $54.29. The company has a current ratio of 0.89, a quick ratio of 0.84 and a debt-to-equity ratio of 11.28.

Red Rock Resorts (NASDAQ:RRR) last issued its quarterly earnings data on Tuesday, October 28th. The company reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.32. Red Rock Resorts had a net margin of 9.52% and a return on equity of 60.15%. The business had revenue of $475.57 million during the quarter, compared to the consensus estimate of $477.25 million. During the same period in the prior year, the firm posted $0.48 EPS. The firm’s quarterly revenue was up 1.6% compared to the same quarter last year. Equities research analysts anticipate that Red Rock Resorts, Inc. will post 1.76 earnings per share for the current fiscal year.

Red Rock Resorts Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 15th will be issued a $0.26 dividend. This is a boost from Red Rock Resorts’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Monday, December 15th. This represents a $1.04 annualized dividend and a yield of 2.0%. Red Rock Resorts’s payout ratio is 31.85%.

Red Rock Resorts announced that its board has authorized a stock buyback plan on Tuesday, October 28th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 4.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on RRR shares. Stifel Nicolaus boosted their price target on shares of Red Rock Resorts from $60.00 to $63.00 and gave the company a “hold” rating in a report on Wednesday. Truist Financial lifted their target price on Red Rock Resorts from $68.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, October 21st. Macquarie increased their price target on shares of Red Rock Resorts from $67.00 to $68.00 and gave the company an “outperform” rating in a report on Wednesday, October 29th. JMP Securities raised their target price on shares of Red Rock Resorts from $64.00 to $65.00 and gave the company a “market outperform” rating in a research report on Tuesday, September 16th. Finally, Zacks Research lowered Red Rock Resorts from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. Eight analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, Red Rock Resorts currently has an average rating of “Moderate Buy” and an average price target of $63.30.

Insider Activity

In related news, COO Kord Nichols sold 37,075 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $61.03, for a total value of $2,262,687.25. Following the sale, the chief operating officer owned 87,036 shares in the company, valued at approximately $5,311,807.08. This trade represents a 29.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders sold a total of 84,650 shares of company stock valued at $5,063,606 in the last quarter. Company insiders own 53.28% of the company’s stock.

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.