JPMorgan Chase & Co. Buys 86,770 Shares of Red Rock Resorts, Inc. $RRR

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

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. CWM LLC raised its position in shares of Red Rock Resorts by 4.6% during the 3rd quarter. CWM LLC now owns 4,663 shares of the company’s stock valued at $285,000 after buying an additional 205 shares in the last quarter. Baron Wealth Management LLC increased its stake in Red Rock Resorts by 1.5% in the third quarter. Baron Wealth Management LLC now owns 15,112 shares of the company’s stock valued at $923,000 after acquiring an additional 218 shares during the last quarter. Arizona State Retirement System raised its position in Red Rock Resorts by 1.5% during the third quarter. Arizona State Retirement System now owns 15,103 shares of the company’s stock valued at $922,000 after purchasing an additional 219 shares in the last quarter. Teacher Retirement System of Texas raised its position in Red Rock Resorts by 4.6% during the second quarter. Teacher Retirement System of Texas now owns 7,751 shares of the company’s stock valued at $403,000 after purchasing an additional 340 shares in the last quarter. Finally, California State Teachers Retirement System lifted its stake in Red Rock Resorts by 0.7% during the second quarter. California State Teachers Retirement System now owns 46,720 shares of the company’s stock worth $2,431,000 after purchasing an additional 343 shares during the last quarter. Hedge funds and other institutional investors own 47.84% of the company’s stock.

Red Rock Resorts Stock Down 0.3%

Shares of Red Rock Resorts stock opened at $59.80 on Friday. The company has a debt-to-equity ratio of 10.26, a quick ratio of 0.74 and a current ratio of 0.79. Red Rock Resorts, Inc. has a 52-week low of $35.09 and a 52-week high of $68.99. The stock has a market capitalization of $6.28 billion, a price-to-earnings ratio of 19.11, a P/E/G ratio of 2.49 and a beta of 1.46. The company’s 50 day moving average price is $62.52 and its 200-day moving average price is $60.43.

Red Rock Resorts (NASDAQ:RRR) last posted its quarterly earnings results on Tuesday, February 10th. The company reported $0.75 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.34. The company had revenue of $511.78 million during the quarter, compared to analyst estimates of $500.90 million. Red Rock Resorts had a net margin of 9.35% and a return on equity of 58.13%. The firm’s revenue was up 3.2% compared to the same quarter last year. During the same period in the prior year, the business posted $0.76 EPS. Equities research analysts forecast that Red Rock Resorts, Inc. will post 1.76 EPS for the current year.

Red Rock Resorts Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Monday, March 16th will be paid a $0.26 dividend. The ex-dividend date of this dividend 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 (DPR) is presently 33.23%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on RRR. Truist Financial reissued a “buy” rating and set a $80.00 price objective (up from $75.00) on shares of Red Rock Resorts in a report on Wednesday, February 11th. Mizuho set a $77.00 price target on shares of Red Rock Resorts in a research report on Wednesday, February 11th. Weiss Ratings upgraded shares of Red Rock Resorts from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, February 23rd. Susquehanna upped their price objective on shares of Red Rock Resorts from $69.00 to $77.00 and gave the company a “positive” rating in a research note on Wednesday, February 11th. Finally, Citigroup lifted their target price on shares of Red Rock Resorts from $63.00 to $76.00 and gave the stock a “buy” rating in a research report on Thursday, February 12th. Eleven analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $71.15.

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.