Bamco Inc. NY Has $638.36 Million Stock Position in Red Rock Resorts, Inc. $RRR

Bamco Inc. NY raised its stake in Red Rock Resorts, Inc. (NASDAQ:RRR) by 5.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,269,004 shares of the company’s stock after acquiring an additional 666,593 shares during the quarter. Red Rock Resorts comprises approximately 1.7% of Bamco Inc. NY’s investment portfolio, making the stock its 14th biggest holding. Bamco Inc. NY owned approximately 11.57% of Red Rock Resorts worth $638,356,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the stock. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Red Rock Resorts by 230.5% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 552 shares of the company’s stock valued at $29,000 after purchasing an additional 385 shares during the last quarter. Ameritas Advisory Services LLC acquired a new position in Red Rock Resorts during the 2nd quarter worth $42,000. US Bancorp DE boosted its position in Red Rock Resorts by 1,664.4% in the 1st quarter. US Bancorp DE now owns 1,041 shares of the company’s stock valued at $45,000 after buying an additional 982 shares during the last quarter. Atlantic Union Bankshares Corp acquired a new stake in shares of Red Rock Resorts in the 2nd quarter valued at $62,000. Finally, Canada Pension Plan Investment Board bought a new stake in shares of Red Rock Resorts during the second quarter worth $94,000. 47.84% of the stock is currently owned by institutional investors and hedge funds.

Red Rock Resorts Stock Performance

Shares of Red Rock Resorts stock opened at $60.97 on Friday. Red Rock Resorts, Inc. has a 1-year low of $35.09 and a 1-year high of $63.60. 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 business has a 50-day moving average price of $57.34 and a two-hundred day moving average price of $56.83. The company has a market cap of $6.45 billion, a P/E ratio of 19.42, a PEG ratio of 2.15 and a beta of 1.52.

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

Red Rock Resorts declared that its board has approved a share buyback program on Tuesday, October 28th that authorizes the company to repurchase $300.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 4.9% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Red Rock Resorts Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 31st. Investors of record on Monday, December 15th will be paid a $0.26 dividend. The ex-dividend date is Monday, December 15th. This is a positive change from Red Rock Resorts’s previous quarterly dividend of $0.25. This represents a $1.04 annualized dividend and a yield of 1.7%. Red Rock Resorts’s dividend payout ratio (DPR) is currently 31.85%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on RRR shares. Stifel Nicolaus set a $68.00 price objective on Red Rock Resorts and gave the company a “buy” rating in a report on Monday, November 3rd. Mizuho increased their price target on Red Rock Resorts from $62.00 to $67.00 and gave the company an “outperform” rating in a research report on Wednesday, October 29th. Zacks Research downgraded shares of Red Rock Resorts from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. Susquehanna increased their price objective on shares of Red Rock Resorts from $68.00 to $69.00 and gave the company a “positive” rating in a research report on Wednesday, October 29th. Finally, Wells Fargo & Company initiated coverage on Red Rock Resorts in a report on Tuesday, November 18th. They set an “equal weight” rating and a $58.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Red Rock Resorts presently 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.