Red Rock Resorts, Inc. (RRR) Expected to Post Quarterly Sales of $396.17 Million
Equities analysts expect Red Rock Resorts, Inc. (NASDAQ:RRR) to post $396.17 million in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have made estimates for Red Rock Resorts’ earnings, with the highest sales estimate coming in at $397.41 million and the lowest estimate coming in at $394.49 million. Red Rock Resorts posted sales of $347.14 million in the same quarter last year, which suggests a positive year-over-year growth rate of 14.1%. The business is expected to report its next quarterly earnings results on Monday, November 6th.
According to Zacks, analysts expect that Red Rock Resorts will report full-year sales of $396.17 million for the current year, with estimates ranging from $1.62 billion to $1.63 billion. For the next fiscal year, analysts forecast that the company will report sales of $1.64 billion per share, with estimates ranging from $1.62 billion to $1.67 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that that provide coverage for Red Rock Resorts.
RRR has been the subject of a number of recent research reports. Zacks Investment Research upgraded Red Rock Resorts from a “strong sell” rating to a “hold” rating in a research report on Wednesday, May 10th. Bank of America Corporation reiterated a “buy” rating and issued a $26.00 price objective (up previously from $24.50) on shares of Red Rock Resorts in a research report on Monday, June 5th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $27.00 target price on shares of Red Rock Resorts in a research note on Friday, July 14th. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Red Rock Resorts currently has a consensus rating of “Buy” and an average target price of $26.25.
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Red Rock Resorts (NASDAQ:RRR) opened at 22.13 on Wednesday. The company has a market capitalization of $1.50 billion, a P/E ratio of 56.31 and a beta of 0.51. The company’s 50-day moving average is $23.28 and its 200 day moving average is $23.06. Red Rock Resorts has a one year low of $20.58 and a one year high of $24.94.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 31st. Stockholders of record on Tuesday, August 15th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.81%. The ex-dividend date of this dividend is Friday, August 11th. Red Rock Resorts’s dividend payout ratio (DPR) is currently 83.33%.
Hedge funds have recently added to or reduced their stakes in the company. Oxford Asset Management purchased a new position in Red Rock Resorts during the first quarter valued at $1,558,000. Mutual of America Capital Management LLC bought a new stake in Red Rock Resorts during the first quarter valued at about $3,511,000. Parametric Portfolio Associates LLC bought a new stake in Red Rock Resorts during the first quarter valued at about $1,063,000. Eagle Asset Management Inc. bought a new stake in Red Rock Resorts during the first quarter valued at about $6,203,000. Finally, TFS Capital LLC raised its stake in Red Rock Resorts by 238.5% in the first quarter. TFS Capital LLC now owns 49,911 shares of the company’s stock valued at $1,107,000 after buying an additional 35,166 shares during the last quarter. Hedge funds and other institutional investors own 62.52% of the company’s stock.
About Red Rock Resorts
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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