Cibc World Market Inc. Invests $2.23 Million in Red Rock Resorts, Inc. $RRR

Cibc World Market Inc. acquired a new position in Red Rock Resorts, Inc. (NASDAQ:RRR) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 36,034 shares of the company’s stock, valued at approximately $2,232,000.

A number of other institutional investors have also made changes to their positions in the business. WCG Wealth Advisors LLC increased its stake in shares of Red Rock Resorts by 52.4% in the fourth quarter. WCG Wealth Advisors LLC now owns 27,643 shares of the company’s stock worth $1,712,000 after purchasing an additional 9,505 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Red Rock Resorts by 16.0% in the fourth quarter. Bank of New York Mellon Corp now owns 433,435 shares of the company’s stock worth $26,851,000 after purchasing an additional 59,891 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in shares of Red Rock Resorts in the fourth quarter worth about $744,000. Norges Bank bought a new position in shares of Red Rock Resorts in the fourth quarter worth about $2,577,000. Finally, Geode Capital Management LLC increased its stake in shares of Red Rock Resorts by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 1,188,664 shares of the company’s stock worth $73,648,000 after purchasing an additional 4,759 shares during the period. 47.84% of the stock is currently owned by institutional investors.

Red Rock Resorts Stock Up 2.9%

RRR stock opened at $59.77 on Wednesday. Red Rock Resorts, Inc. has a twelve month low of $47.56 and a twelve month high of $68.99. The company has a market cap of $6.28 billion, a PE ratio of 19.22, a price-to-earnings-growth ratio of 4.40 and a beta of 1.36. The business’s 50-day simple moving average is $55.26 and its 200 day simple moving average is $58.87. The company has a quick ratio of 0.76, a current ratio of 0.81 and a debt-to-equity ratio of 14.42.

Red Rock Resorts (NASDAQ:RRR) last released its earnings results on Wednesday, April 29th. The company reported $0.73 earnings per share for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.17). The firm had revenue of $507.32 million for the quarter, compared to analyst estimates of $505.63 million. Red Rock Resorts had a return on equity of 61.67% and a net margin of 9.21%.The firm’s quarterly revenue was up 1.9% compared to the same quarter last year. During the same period last year, the business earned $0.75 earnings per share. On average, research analysts anticipate that Red Rock Resorts, Inc. will post 1.53 earnings per share for the current year.

Red Rock Resorts Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Monday, June 15th. Red Rock Resorts’s payout ratio is presently 33.44%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Jefferies Financial Group dropped their price objective on Red Rock Resorts from $79.00 to $74.00 and set a “buy” rating on the stock in a research note on Monday, April 6th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $72.00 target price on shares of Red Rock Resorts in a research report on Thursday, April 30th. Wells Fargo & Company decreased their target price on Red Rock Resorts from $59.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Thursday, April 30th. Weiss Ratings raised Red Rock Resorts from a “hold (c)” rating to a “hold (c+)” rating in a research report on Monday. Finally, Benchmark decreased their target price on Red Rock Resorts from $67.00 to $63.00 and set a “buy” rating on the stock in a research report on Thursday, April 30th. Twelve investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $67.53.

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.