JPMorgan Chase & Co. Issues Positive Forecast for Red Rock Resorts (NASDAQ:RRR) Stock Price

Red Rock Resorts (NASDAQ:RRR) had its price target boosted by JPMorgan Chase & Co. from $66.00 to $72.00 in a research report sent to investors on Wednesday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms also recently commented on RRR. Wall Street Zen raised shares of Red Rock Resorts from a “sell” rating to a “hold” rating in a report on Sunday. Citizens Jmp reduced their price target on shares of Red Rock Resorts from $71.00 to $67.00 and set a “market outperform” rating for the company in a research report on Thursday, April 30th. Truist Financial decreased their price target on Red Rock Resorts from $70.00 to $68.00 and set a “buy” rating on the stock in a research note on Thursday, April 30th. Morgan Stanley set a $59.00 price objective on Red Rock Resorts in a research note on Wednesday, May 6th. Finally, Wells Fargo & Company raised Red Rock Resorts from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $55.00 to $75.00 in a report on Tuesday. Fourteen investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Red Rock Resorts presently has a consensus rating of “Moderate Buy” and a consensus target price of $69.81.

Red Rock Resorts Stock Up 2.4%

Red Rock Resorts stock opened at $65.51 on Wednesday. The stock’s 50 day moving average price is $59.45 and its 200 day moving average price is $59.60. Red Rock Resorts has a 1-year low of $50.52 and a 1-year high of $68.99. The company has a market cap of $6.88 billion, a PE ratio of 21.06, a price-to-earnings-growth ratio of 4.85 and a beta of 1.35. The company has a debt-to-equity ratio of 14.42, a current ratio of 0.81 and a quick ratio of 0.76.

Red Rock Resorts (NASDAQ:RRR) last issued 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). Red Rock Resorts had a return on equity of 61.67% and a net margin of 9.21%.The company had revenue of $507.32 million for the quarter, compared to analysts’ expectations of $505.63 million. During the same quarter in the previous year, the firm posted $0.75 earnings per share. Red Rock Resorts’s revenue for the quarter was up 1.9% on a year-over-year basis. On average, sell-side analysts predict that Red Rock Resorts will post 1.53 EPS for the current fiscal year.

Red Rock Resorts Dividend Announcement

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

Institutional Trading of Red Rock Resorts

Hedge funds have recently bought and sold shares of the company. Valeo Financial Advisors LLC raised its holdings in Red Rock Resorts by 4.7% in the 2nd quarter. Valeo Financial Advisors LLC now owns 5,201 shares of the company’s stock valued at $338,000 after acquiring an additional 234 shares during the last quarter. SWP Investment Management LLC acquired a new position in Red Rock Resorts in the second quarter valued at $2,782,000. Empowered Funds LLC acquired a new position in Red Rock Resorts in the first quarter valued at $269,000. Segall Bryant & Hamill LLC lifted its position in Red Rock Resorts by 123.6% during the first quarter. Segall Bryant & Hamill LLC now owns 36,165 shares of the company’s stock worth $1,930,000 after buying an additional 19,991 shares during the period. Finally, California State Teachers Retirement System lifted its position in Red Rock Resorts by 28.0% during the first quarter. California State Teachers Retirement System now owns 59,735 shares of the company’s stock worth $3,187,000 after buying an additional 13,055 shares during the period. Institutional investors and hedge funds own 47.84% of the company’s stock.

Red Rock Resorts Company 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.