Creative Planning Purchases 5,518 Shares of Red Rock Resorts, Inc. $RRR

Creative Planning boosted its position in shares of Red Rock Resorts, Inc. (NASDAQ:RRR) by 26.4% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 26,406 shares of the company’s stock after buying an additional 5,518 shares during the quarter. Creative Planning’s holdings in Red Rock Resorts were worth $1,374,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Envestnet Asset Management Inc. increased its position in shares of Red Rock Resorts by 25.6% in the first quarter. Envestnet Asset Management Inc. now owns 18,131 shares of the company’s stock valued at $786,000 after acquiring an additional 3,694 shares during the period. Allianz Asset Management GmbH bought a new stake in shares of Red Rock Resorts in the first quarter worth about $369,000. TD Asset Management Inc grew its stake in shares of Red Rock Resorts by 2.1% in the first quarter. TD Asset Management Inc now owns 40,862 shares of the company’s stock worth $1,772,000 after purchasing an additional 856 shares during the last quarter. Federated Hermes Inc. increased its holdings in Red Rock Resorts by 10.7% during the 1st quarter. Federated Hermes Inc. now owns 30,510 shares of the company’s stock valued at $1,323,000 after purchasing an additional 2,960 shares during the period. Finally, Natixis Advisors LLC raised its position in Red Rock Resorts by 14.5% during the 1st quarter. Natixis Advisors LLC now owns 287,409 shares of the company’s stock valued at $12,465,000 after purchasing an additional 36,338 shares during the last quarter. Hedge funds and other institutional investors own 47.84% of the company’s stock.

Red Rock Resorts Price Performance

RRR opened at $58.57 on Friday. The company has a current ratio of 0.75, a quick ratio of 0.70 and a debt-to-equity ratio of 10.11. The company has a market cap of $6.20 billion, a price-to-earnings ratio of 18.65, a price-to-earnings-growth ratio of 2.07 and a beta of 1.51. The stock has a fifty day simple moving average of $57.95 and a two-hundred day simple moving average of $56.04. Red Rock Resorts, Inc. has a 12-month low of $35.09 and a 12-month high of $63.60.

Red Rock Resorts (NASDAQ:RRR) last announced its earnings results on Tuesday, October 28th. The company reported $0.68 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.32. The firm had revenue of $475.57 million for the quarter, compared to analysts’ expectations of $477.25 million. Red Rock Resorts had a net margin of 9.52% and a return on equity of 59.86%. The company’s quarterly revenue was up 1.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.48 EPS. Research 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 initiated a stock buyback plan on Tuesday, October 28th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the company to purchase up to 4.9% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board believes its shares are undervalued.

Red Rock Resorts Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be paid a dividend of $0.26 per share. This is a positive change from Red Rock Resorts’s previous quarterly dividend of $0.25. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend is Monday, December 15th. Red Rock Resorts’s payout ratio is 31.85%.

Analyst Upgrades and Downgrades

RRR has been the topic of a number of recent analyst reports. Zacks Research lowered Red Rock Resorts from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. Truist Financial raised their price target 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. Jefferies Financial Group raised shares of Red Rock Resorts from a “hold” rating to a “buy” rating and reduced their price objective for the company from $66.00 to $65.00 in a research report on Tuesday, November 4th. JMP Securities upped their price objective on shares of Red Rock Resorts from $64.00 to $65.00 and gave the stock a “market outperform” rating in a report on Tuesday, September 16th. Finally, Macquarie lifted their target price on shares of Red Rock Resorts from $67.00 to $68.00 and gave the company an “outperform” rating in a research note on Wednesday, October 29th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $64.42.

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.