Arrowstreet Capital Limited Partnership Lowers Position in Red Rock Resorts, Inc. $RRR

Arrowstreet Capital Limited Partnership trimmed its holdings in shares of Red Rock Resorts, Inc. (NASDAQ:RRR) by 17.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,099,704 shares of the company’s stock after selling 237,075 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 1.05% of Red Rock Resorts worth $58,680,000 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. Louisiana State Employees Retirement System purchased a new position in shares of Red Rock Resorts during the first quarter worth about $1,147,000. BI Asset Management Fondsmaeglerselskab A S raised its stake in Red Rock Resorts by 54.8% in the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 125,800 shares of the company’s stock valued at $7,793,000 after purchasing an additional 44,546 shares in the last quarter. UBS Group AG raised its stake in Red Rock Resorts by 205.1% in the fourth quarter. UBS Group AG now owns 476,311 shares of the company’s stock valued at $29,507,000 after purchasing an additional 320,175 shares in the last quarter. Legal & General Group Plc lifted its position in Red Rock Resorts by 147.9% during the fourth quarter. Legal & General Group Plc now owns 119,453 shares of the company’s stock valued at $7,400,000 after purchasing an additional 71,274 shares during the last quarter. Finally, Tudor Investment Corp ET AL bought a new stake in Red Rock Resorts during the third quarter valued at approximately $15,114,000. 47.84% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

RRR has been the topic of a number of research analyst reports. Morgan Stanley set a $61.00 price target on shares of Red Rock Resorts in a report on Wednesday, July 22nd. Jefferies Financial Group reaffirmed a “buy” rating on shares of Red Rock Resorts in a report on Thursday, July 2nd. Truist Financial upped their target price on shares of Red Rock Resorts from $68.00 to $75.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Citigroup reissued an “outperform” rating on shares of Red Rock Resorts in a research note on Thursday, July 16th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $72.00 price target on shares of Red Rock Resorts in a research report on Thursday, April 30th. Fourteen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $71.24.

Red Rock Resorts Trading Up 1.8%

Shares of RRR opened at $65.07 on Tuesday. The firm has a market cap of $6.83 billion, a price-to-earnings ratio of 20.92, a PEG ratio of 4.69 and a beta of 1.35. The company has a debt-to-equity ratio of 14.42, a quick ratio of 0.76 and a current ratio of 0.81. Red Rock Resorts, Inc. has a fifty-two week low of $50.52 and a fifty-two week high of $68.99. The firm has a 50 day moving average price of $61.38 and a 200-day moving average price of $59.72.

Red Rock Resorts (NASDAQ:RRR) last released its earnings results on Wednesday, April 29th. The company reported $0.73 EPS for the quarter, missing the consensus estimate of $0.90 by ($0.17). The business had revenue of $507.32 million for the quarter, compared to the consensus estimate of $505.63 million. Red Rock Resorts had a net margin of 9.21% and a return on equity of 61.67%. Red Rock Resorts’s revenue for the quarter was up 1.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.75 EPS. As a group, equities research analysts forecast that Red Rock Resorts, Inc. will post 1.52 earnings per share for the current year.

Red Rock Resorts Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 1.6%. The ex-dividend date was Monday, June 15th. Red Rock Resorts’s dividend payout ratio is presently 33.44%.

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.