Red Rock Resorts (NASDAQ:RRR) Price Target Raised to $59.00

Red Rock Resorts (NASDAQ:RRR) had its price target lifted by Wells Fargo & Company from $58.00 to $59.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have an equal weight rating on the stock.

Other equities analysts have also recently issued research reports about the stock. UBS Group set a $73.00 target price on shares of Red Rock Resorts in a research report on Wednesday, December 24th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Red Rock Resorts in a report on Thursday, January 22nd. Susquehanna boosted their price objective on Red Rock Resorts from $69.00 to $77.00 and gave the stock a “positive” rating in a research report on Wednesday. Barclays upped their price objective on Red Rock Resorts from $65.00 to $69.00 and gave the company an “overweight” rating in a research note on Friday, January 16th. Finally, Jefferies Financial Group reaffirmed a “buy” rating on shares of Red Rock Resorts in a research report on Wednesday, December 24th. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $70.71.

Red Rock Resorts Price Performance

Shares of NASDAQ:RRR opened at $61.60 on Wednesday. The company has a current ratio of 0.75, a quick ratio of 0.70 and a debt-to-equity ratio of 10.11. The stock has a market cap of $6.52 billion, a PE ratio of 19.68, a price-to-earnings-growth ratio of 2.74 and a beta of 1.49. The stock’s fifty day simple moving average is $62.27 and its two-hundred day simple moving average is $60.11. Red Rock Resorts has a 1-year low of $35.09 and a 1-year high of $68.99.

Red Rock Resorts (NASDAQ:RRR) last posted its earnings results on Tuesday, February 10th. The company reported $0.75 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.34. Red Rock Resorts had a net margin of 9.35% and a return on equity of 58.12%. The firm had revenue of $511.78 million during the quarter, compared to analyst estimates of $500.90 million. During the same quarter in the prior year, the business posted $0.76 EPS. The business’s revenue was up 3.2% compared to the same quarter last year. As a group, analysts forecast that Red Rock Resorts will post 1.76 EPS for the current fiscal year.

Red Rock Resorts declared that its board has authorized a stock repurchase program on Tuesday, October 28th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the company to reacquire up to 4.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Red Rock Resorts Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th will be paid a dividend of $0.26 per share. The ex-dividend date is Monday, March 16th. This represents a $1.04 annualized dividend and a dividend yield of 1.7%. Red Rock Resorts’s dividend payout ratio is presently 33.23%.

Institutional Investors Weigh In On Red Rock Resorts

Institutional investors have recently added to or reduced their stakes in the business. Bamco Inc. NY increased its stake in shares of Red Rock Resorts by 5.7% in the second quarter. Bamco Inc. NY now owns 12,269,004 shares of the company’s stock worth $638,356,000 after purchasing an additional 666,593 shares in the last quarter. Vanguard Group Inc. grew its stake in Red Rock Resorts by 6.7% in the 3rd quarter. Vanguard Group Inc. now owns 5,564,421 shares of the company’s stock valued at $339,764,000 after buying an additional 349,822 shares in the last quarter. Eminence Capital LP grew its stake in Red Rock Resorts by 23.4% in the 2nd quarter. Eminence Capital LP now owns 3,059,372 shares of the company’s stock valued at $159,179,000 after buying an additional 581,061 shares in the last quarter. State Street Corp raised its holdings in Red Rock Resorts by 62.1% during the 4th quarter. State Street Corp now owns 1,814,812 shares of the company’s stock valued at $112,428,000 after acquiring an additional 695,575 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Red Rock Resorts by 2,248.2% during the third quarter. Arrowstreet Capital Limited Partnership now owns 1,354,644 shares of the company’s stock worth $82,715,000 after acquiring an additional 1,296,956 shares in the last quarter. 47.84% of the stock is owned by hedge funds and other institutional investors.

About Red Rock Resorts

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.