Cookson Peirce & Co. Inc. Invests $1.20 Million in Red Rock Resorts, Inc. $RRR

Cookson Peirce & Co. Inc. acquired a new stake in shares of Red Rock Resorts, Inc. (NASDAQ:RRR) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 19,700 shares of the company’s stock, valued at approximately $1,203,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RRR. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Red Rock Resorts in the third quarter worth approximately $4,961,000. Capital Fund Management S.A. purchased a new position in shares of Red Rock Resorts during the 2nd quarter valued at $1,441,000. Atlantic Union Bankshares Corp purchased a new position in shares of Red Rock Resorts during the 2nd quarter valued at $62,000. Diametric Capital LP bought a new position in Red Rock Resorts in the 2nd quarter worth $3,786,000. Finally, Creative Planning increased its stake in Red Rock Resorts by 26.4% in the 2nd quarter. Creative Planning now owns 26,406 shares of the company’s stock worth $1,374,000 after buying an additional 5,518 shares in the last quarter. Institutional investors own 47.84% of the company’s stock.

Red Rock Resorts Stock Performance

NASDAQ RRR opened at $61.60 on Friday. The company has a debt-to-equity ratio of 10.11, a current ratio of 0.75 and a quick ratio of 0.70. Red Rock Resorts, Inc. has a 1-year low of $35.09 and a 1-year high of $68.99. The business has a 50 day simple moving average of $62.27 and a two-hundred day simple moving average of $60.11. The stock has a market capitalization of $6.52 billion, a PE ratio of 19.68, a P/E/G ratio of 2.74 and a beta of 1.49.

Red Rock Resorts (NASDAQ:RRR) last posted its earnings results on Tuesday, February 10th. The company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.34. Red Rock Resorts had a return on equity of 58.12% and a net margin of 9.35%.The firm had revenue of $511.78 million during the quarter, compared to the consensus estimate of $500.90 million. During the same period in the prior year, the company earned $0.76 EPS. The company’s quarterly revenue was up 3.2% compared to the same quarter last year. On average, research analysts predict that Red Rock Resorts, Inc. will post 1.76 EPS for the current fiscal year.

Red Rock Resorts announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, October 28th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 4.9% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s management believes its shares are undervalued.

Red Rock Resorts Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th will be paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend is Monday, March 16th. Red Rock Resorts’s dividend payout ratio (DPR) is presently 33.23%.

Analyst Ratings Changes

Several equities analysts have recently commented on RRR shares. Macquarie Infrastructure boosted their price objective on Red Rock Resorts from $67.00 to $68.00 and gave the company an “outperform” rating in a research report on Wednesday, October 29th. Barclays lifted their target price on Red Rock Resorts from $65.00 to $69.00 and gave the company an “overweight” rating in a research note on Friday, January 16th. Truist Financial restated a “buy” rating and issued a $80.00 price target (up from $75.00) on shares of Red Rock Resorts in a research note on Wednesday. Citizens Jmp lifted their price objective on shares of Red Rock Resorts from $65.00 to $68.00 and gave the company a “market outperform” rating in a research report on Wednesday, January 14th. Finally, Morgan Stanley set a $62.00 target price on shares of Red Rock Resorts in a report on Thursday. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $70.71.

Red Rock Resorts Profile

Red Rock Resorts, Inc (NASDAQ: RRR) is a publicly traded gaming and hospitality company headquartered in Summerlin, Nevada. The company owns and operates a diversified portfolio of full-service casino resorts and neighborhood gaming properties in the Las Vegas valley. Its core business activities include resort hotel accommodations, casino gaming, food and beverage operations, entertainment and convention services designed to meet the needs of both leisure and business travelers.

The company’s flagship resort, Red Rock Casino Resort & Spa, features a full range of table games, slot machines, a luxury spa, convention space, multiple signature restaurants and live entertainment venues.