4,555 Shares in Red Rock Resorts, Inc. $RRR Purchased by Bank of Montreal Can

Bank of Montreal Can acquired a new stake in Red Rock Resorts, Inc. (NASDAQ:RRR) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 4,555 shares of the company’s stock, valued at approximately $237,000.

Several other hedge funds also recently bought and sold shares of RRR. Malaga Cove Capital LLC raised its stake in shares of Red Rock Resorts by 85.3% in the 1st quarter. Malaga Cove Capital LLC now owns 24,783 shares of the company’s stock valued at $1,075,000 after acquiring an additional 11,406 shares during the period. Dark Forest Capital Management LP boosted its position in shares of Red Rock Resorts by 604.9% during the 1st quarter. Dark Forest Capital Management LP now owns 121,228 shares of the company’s stock worth $5,258,000 after purchasing an additional 104,030 shares during the period. Nuveen LLC acquired a new stake in Red Rock Resorts in the 1st quarter valued at approximately $11,025,000. Eminence Capital LP raised its position in Red Rock Resorts by 20.5% in the first quarter. Eminence Capital LP now owns 2,478,311 shares of the company’s stock valued at $107,484,000 after purchasing an additional 421,723 shares during the period. Finally, EntryPoint Capital LLC purchased a new stake in Red Rock Resorts in the first quarter valued at approximately $567,000. Hedge funds and other institutional investors own 47.84% of the company’s stock.

Red Rock Resorts Stock Performance

Shares of RRR opened at $54.33 on Friday. Red Rock Resorts, Inc. has a 1 year low of $35.09 and a 1 year high of $63.60. The stock has a market capitalization of $5.75 billion, a PE ratio of 17.30, a PEG ratio of 1.92 and a beta of 1.51. The company has a debt-to-equity ratio of 10.11, a quick ratio of 0.70 and a current ratio of 0.75. The stock has a 50-day simple moving average of $58.33 and a 200-day simple moving average of $55.49.

Red Rock Resorts (NASDAQ:RRR) last issued its earnings results on Tuesday, October 28th. The company reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.32. Red Rock Resorts had a net margin of 9.52% and a return on equity of 59.86%. The firm had revenue of $475.57 million for the quarter, compared to analysts’ expectations of $477.25 million. During the same quarter last year, the company earned $0.48 earnings per share. The firm’s revenue was up 1.6% compared to the same quarter last year. On average, analysts predict that Red Rock Resorts, Inc. will post 1.76 earnings per share for the current fiscal year.

Red Rock Resorts declared that its board has approved a stock repurchase plan on Tuesday, October 28th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 4.9% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Red Rock Resorts Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be given a dividend of $0.26 per share. This is an increase 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 dividend yield of 1.9%. Red Rock Resorts’s dividend payout ratio is presently 31.85%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on RRR. Jefferies Financial Group raised Red Rock Resorts from a “hold” rating to a “buy” rating and dropped their price objective for the company from $66.00 to $65.00 in a research note on Tuesday, November 4th. Zacks Research cut Red Rock Resorts from a “strong-buy” rating to a “hold” rating in a report on Friday, October 10th. Morgan Stanley boosted their price target on shares of Red Rock Resorts from $49.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 6th. Weiss Ratings reissued a “hold (c+)” rating on shares of Red Rock Resorts in a research report on Wednesday, October 8th. Finally, Mizuho lifted their price objective on shares of Red Rock Resorts from $62.00 to $67.00 and gave the company an “outperform” rating in a report on Wednesday, October 29th. Ten equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $64.55.

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.