Red Rock Resorts (NASDAQ:RRR) Price Target Cut to $70.00 by Analysts at Truist Financial

Red Rock Resorts (NASDAQ:RRR) had its price target lowered by Truist Financial from $80.00 to $70.00 in a report published on Tuesday,Benzinga reports. The firm currently has a buy rating on the stock.

Several other equities research analysts have also commented on RRR. Citigroup reaffirmed a “market outperform” rating on shares of Red Rock Resorts in a report on Tuesday, March 10th. Jefferies Financial Group decreased their price objective on Red Rock Resorts from $79.00 to $74.00 and set a “buy” rating for the company in a report on Monday, April 6th. Susquehanna upped their target price on Red Rock Resorts from $69.00 to $77.00 and gave the stock a “positive” rating in a research note on Wednesday, February 11th. Benchmark initiated coverage on Red Rock Resorts in a report on Monday, March 23rd. They set a “buy” rating and a $67.00 target price on the stock. Finally, Mizuho set a $77.00 price target on Red Rock Resorts in a research report on Wednesday, February 11th. Eleven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $70.64.

Red Rock Resorts Stock Performance

RRR opened at $55.84 on Tuesday. The company has a current ratio of 0.79, a quick ratio of 0.74 and a debt-to-equity ratio of 10.26. Red Rock Resorts has a 12-month low of $40.16 and a 12-month high of $68.99. The firm has a 50 day moving average of $58.62 and a two-hundred day moving average of $59.37. The firm has a market capitalization of $5.86 billion, a PE ratio of 17.84, a P/E/G ratio of 2.72 and a beta of 1.48.

Red Rock Resorts (NASDAQ:RRR) last released its quarterly earnings data on Tuesday, February 10th. The company reported $0.75 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.34. Red Rock Resorts had a net margin of 9.35% and a return on equity of 58.13%. The firm had revenue of $511.78 million for the quarter, compared to analyst estimates of $500.90 million. During the same quarter in the prior year, the business earned $0.76 earnings per share. The business’s quarterly revenue was up 3.2% compared to the same quarter last year. On average, analysts anticipate that Red Rock Resorts will post 2.14 EPS for the current year.

Red Rock Resorts Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th were paid a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend was Monday, March 16th. Red Rock Resorts’s dividend payout ratio is presently 33.23%.

Hedge Funds Weigh In On Red Rock Resorts

Several institutional investors and hedge funds have recently modified their holdings of RRR. CWM LLC lifted its stake in Red Rock Resorts by 4.6% during the 3rd quarter. CWM LLC now owns 4,663 shares of the company’s stock worth $285,000 after acquiring an additional 205 shares in the last quarter. Baron Wealth Management LLC grew its position in Red Rock Resorts by 1.5% in the 3rd quarter. Baron Wealth Management LLC now owns 15,112 shares of the company’s stock valued at $923,000 after acquiring an additional 218 shares in the last quarter. Arizona State Retirement System increased its stake in Red Rock Resorts by 1.5% during the third quarter. Arizona State Retirement System now owns 15,103 shares of the company’s stock worth $922,000 after purchasing an additional 219 shares during the period. GAMMA Investing LLC increased its stake in Red Rock Resorts by 53.8% during the fourth quarter. GAMMA Investing LLC now owns 752 shares of the company’s stock worth $47,000 after purchasing an additional 263 shares during the period. Finally, Commonwealth Equity Services LLC lifted its position in shares of Red Rock Resorts by 3.2% during the fourth quarter. Commonwealth Equity Services LLC now owns 10,383 shares of the company’s stock worth $643,000 after purchasing an additional 324 shares in the last quarter. Hedge funds and other institutional investors own 47.84% of the company’s stock.

Red Rock Resorts Company 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.