Bank of America Corp Reiterates Buy Rating for Red Rock Resorts Inc (RRR)
Red Rock Resorts Inc (NASDAQ:RRR)‘s stock had its “buy” rating reissued by research analysts at Bank of America Corp in a research note issued on Monday. They presently have a $26.00 price objective on the stock, up from their prior price objective of $24.50. Bank of America Corp’s price objective would indicate a potential upside of 9.70% from the stock’s current price.
RRR has been the subject of several other reports. Aegis initiated coverage on shares of Red Rock Resorts in a research note on Monday, February 13th. They set a “buy” rating and a $27.50 price objective for the company. Stifel Nicolaus lowered their price objective on shares of Red Rock Resorts from $26.00 to $25.00 and set a “buy” rating for the company in a research note on Wednesday, March 8th. Zacks Investment Research downgraded shares of Red Rock Resorts from a “hold” rating to a “sell” rating in a research note on Thursday, March 9th. Finally, Wells Fargo & Co reiterated an “outperform” rating on shares of Red Rock Resorts in a research note on Wednesday, March 8th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $25.95.
Shares of Red Rock Resorts (NASDAQ:RRR) traded up 0.55% during trading on Monday, reaching $23.70. 758,766 shares of the company were exchanged. The company’s 50-day moving average is $23.31 and its 200 day moving average is $22.96. Red Rock Resorts has a 1-year low of $19.93 and a 1-year high of $24.67. The firm’s market capitalization is $1.60 billion.
Red Rock Resorts (NASDAQ:RRR) last announced its earnings results on Thursday, May 4th. The company reported $0.30 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by $0.07. The firm had revenue of $417.73 million during the quarter, compared to analyst estimates of $402.88 million. Red Rock Resorts had a net margin of 10.19% and a return on equity of 21.98%. Red Rock Resorts’s revenue was up 16.3% on a year-over-year basis. During the same quarter last year, the business earned $0.64 earnings per share. Equities research analysts expect that Red Rock Resorts will post $1.33 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 30th. Investors of record on Tuesday, May 16th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, May 12th. This represents a $0.40 annualized dividend and a dividend yield of 1.69%.
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Several hedge funds and other institutional investors have recently modified their holdings of the company. Goldman Sachs Group Inc. boosted its position in shares of Red Rock Resorts by 4.5% in the first quarter. Goldman Sachs Group Inc. now owns 1,751,102 shares of the company’s stock valued at $38,840,000 after buying an additional 74,797 shares during the period. Tudor Investment Corp ET AL boosted its position in shares of Red Rock Resorts by 15.1% in the first quarter. Tudor Investment Corp ET AL now owns 34,469 shares of the company’s stock valued at $765,000 after buying an additional 4,531 shares during the period. Highbridge Capital Management LLC acquired a new position in shares of Red Rock Resorts during the first quarter valued at about $923,000. PEAK6 Investments L.P. acquired a new position in shares of Red Rock Resorts during the first quarter valued at about $288,000. Finally, Oppenheimer Asset Management Inc. acquired a new position in shares of Red Rock Resorts during the first quarter valued at about $684,000.
Red Rock Resorts Company Profile
Red Rock Resorts, Inc is a gaming, development and management company. The Company’s segments include Las Vegas operations, Native American management, and Corporate and other. The Las Vegas operations segment includes all of its Las Vegas area casino properties and the Native American management segment includes its Native American management arrangements.
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