Red Rock Resorts (NASDAQ:RRR) Price Target Raised to $70.00 at Bank of America

Red Rock Resorts (NASDAQ:RRR) had its price objective increased by Bank of America from $60.00 to $70.00 in a research report released on Monday,Benzinga reports. They currently have a neutral rating on the stock.

Other research analysts have also issued reports about the stock. Jefferies Financial Group reiterated a “buy” rating on shares of Red Rock Resorts in a research note on Thursday, July 2nd. Barclays increased their target price on Red Rock Resorts from $65.00 to $72.00 and gave the stock an “overweight” rating in a research report on Thursday, July 9th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $72.00 price target on shares of Red Rock Resorts in a report on Thursday, April 30th. The Goldman Sachs Group reiterated a “buy” rating and issued a $73.00 price target on shares of Red Rock Resorts in a research report on Wednesday, July 15th. Finally, Benchmark decreased their price objective on Red Rock Resorts from $67.00 to $63.00 and set a “buy” rating on the stock in a research note on Thursday, April 30th. Fourteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $70.24.

Red Rock Resorts Price Performance

NASDAQ RRR opened at $64.94 on Monday. The company has a quick ratio of 0.76, a current ratio of 0.81 and a debt-to-equity ratio of 14.42. The company has a market cap of $6.82 billion, a PE ratio of 20.88, a price-to-earnings-growth ratio of 4.90 and a beta of 1.35. Red Rock Resorts has a 52 week low of $50.52 and a 52 week high of $68.99. The firm’s 50-day simple moving average is $60.16 and its two-hundred day simple moving average is $59.66.

Red Rock Resorts (NASDAQ:RRR) last posted its earnings results on Wednesday, April 29th. The company reported $0.73 earnings per share for the quarter, missing the consensus estimate of $0.90 by ($0.17). Red Rock Resorts had a return on equity of 61.67% and a net margin of 9.21%.The business had revenue of $507.32 million during the quarter, compared to analysts’ expectations of $505.63 million. During the same quarter in the previous year, the business earned $0.75 EPS. Red Rock Resorts’s revenue for the quarter was up 1.9% on a year-over-year basis. Research analysts predict that Red Rock Resorts will post 1.53 earnings per share for the current year.

Red Rock Resorts Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend was Monday, June 15th. Red Rock Resorts’s dividend payout ratio is 33.44%.

Institutional Trading of Red Rock Resorts

Several institutional investors and hedge funds have recently bought and sold shares of the company. Salomon & Ludwin LLC purchased a new position in shares of Red Rock Resorts during the 4th quarter valued at $25,000. Kestra Advisory Services LLC bought a new position in shares of Red Rock Resorts in the fourth quarter worth $27,000. Rockefeller Capital Management L.P. raised its position in shares of Red Rock Resorts by 1,924.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 506 shares of the company’s stock worth $31,000 after buying an additional 481 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Red Rock Resorts by 53.8% in the fourth quarter. GAMMA Investing LLC now owns 752 shares of the company’s stock worth $47,000 after buying an additional 263 shares in the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in Red Rock Resorts by 98.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,474 shares of the company’s stock valued at $91,000 after buying an additional 733 shares during the period. 47.84% of the stock is currently owned by hedge funds and other institutional investors.

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.