Red Rock Resorts, Inc. $RRR Shares Acquired by JPMorgan Chase & Co.

JPMorgan Chase & Co. increased its stake in Red Rock Resorts, Inc. (NASDAQ:RRR) by 92.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 180,185 shares of the company’s stock after purchasing an additional 86,770 shares during the period. JPMorgan Chase & Co. owned 0.17% of Red Rock Resorts worth $11,002,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Strs Ohio acquired a new stake in Red Rock Resorts in the third quarter worth $37,000. Canada Pension Plan Investment Board bought a new position in shares of Red Rock Resorts during the second quarter worth about $94,000. Russell Investments Group Ltd. grew its position in shares of Red Rock Resorts by 1,385.7% during the second quarter. Russell Investments Group Ltd. now owns 1,872 shares of the company’s stock worth $97,000 after acquiring an additional 1,746 shares during the last quarter. Aster Capital Management DIFC Ltd acquired a new stake in shares of Red Rock Resorts in the 3rd quarter worth about $136,000. Finally, Osaic Holdings Inc. increased its holdings in shares of Red Rock Resorts by 14.8% in the 2nd quarter. Osaic Holdings Inc. now owns 2,996 shares of the company’s stock worth $149,000 after acquiring an additional 387 shares during the period. Institutional investors and hedge funds own 47.84% of the company’s stock.

Red Rock Resorts Stock Performance

RRR opened at $53.89 on Friday. The business has a 50 day moving average price of $61.04 and a two-hundred day moving average price of $60.01. The company has a debt-to-equity ratio of 10.26, a current ratio of 0.79 and a quick ratio of 0.74. The company has a market capitalization of $5.66 billion, a price-to-earnings ratio of 17.22, a price-to-earnings-growth ratio of 2.24 and a beta of 1.46. Red Rock Resorts, Inc. has a 1-year low of $35.09 and a 1-year high of $68.99.

Red Rock Resorts (NASDAQ:RRR) last issued its quarterly earnings results on Tuesday, February 10th. The company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.34. Red Rock Resorts had a return on equity of 58.13% and a net margin of 9.35%.The company had revenue of $511.78 million for the quarter, compared to analysts’ expectations of $500.90 million. During the same period last year, the firm earned $0.76 EPS. The firm’s revenue for the quarter was up 3.2% on a year-over-year basis. Research analysts predict that Red Rock Resorts, Inc. will post 1.76 EPS for the current fiscal year.

Red Rock Resorts Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 16th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Monday, March 16th. Red Rock Resorts’s payout ratio is presently 33.23%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Truist Financial reissued a “buy” rating and set a $80.00 target price (up from $75.00) on shares of Red Rock Resorts in a research note on Wednesday, February 11th. Jefferies Financial Group restated a “buy” rating and issued a $79.00 price target on shares of Red Rock Resorts in a research note on Wednesday, February 11th. Morgan Stanley set a $62.00 price target on Red Rock Resorts in a report on Thursday, February 12th. Susquehanna increased their price objective on Red Rock Resorts from $69.00 to $77.00 and gave the stock a “positive” rating in a report on Wednesday, February 11th. Finally, Citigroup restated a “market outperform” rating on shares of Red Rock Resorts in a research report on Tuesday, March 10th. Eleven research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.86.

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.