Red Rock Resorts (NASDAQ:RRR) Price Target Raised to $63.00 at Morgan Stanley

Red Rock Resorts (NASDAQ:RRR) had its price target lifted by Morgan Stanley from $62.00 to $63.00 in a research note published on Wednesday,Benzinga reports. The firm currently has an equal weight rating on the stock.

Other equities analysts also recently issued research reports about the stock. Citizens Jmp upped their price objective on shares of Red Rock Resorts from $65.00 to $68.00 and gave the stock a “market outperform” rating in a research report on Wednesday, January 14th. Barclays upped their price objective on shares of Red Rock Resorts from $65.00 to $69.00 and gave the stock an “overweight” rating in a research report on Friday, January 16th. Truist Financial reiterated a “buy” rating and issued a $80.00 price target (up from $75.00) on shares of Red Rock Resorts in a report on Wednesday, February 11th. Benchmark began coverage on shares of Red Rock Resorts in a report on Monday, March 23rd. They issued a “buy” rating and a $67.00 price target for the company. Finally, Mizuho set a $77.00 price target on shares of Red Rock Resorts in a report on Wednesday, February 11th. Twelve analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Red Rock Resorts has an average rating of “Moderate Buy” and a consensus price target of $70.57.

Red Rock Resorts Stock Up 2.5%

Shares of Red Rock Resorts stock opened at $57.07 on Wednesday. The company has a market cap of $5.99 billion, a P/E ratio of 18.23, a PEG ratio of 2.29 and a beta of 1.48. 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 has a one year low of $36.85 and a one year high of $68.99. The firm has a fifty day moving average of $59.97 and a two-hundred day moving average of $59.67.

Red Rock Resorts (NASDAQ:RRR) last announced its quarterly earnings data on Tuesday, February 10th. The company reported $0.75 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.34. The company had revenue of $511.78 million during the quarter, compared to the consensus estimate of $500.90 million. Red Rock Resorts had a net margin of 9.35% and a return on equity of 58.13%. Red Rock Resorts’s quarterly revenue was up 3.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.76 EPS. On average, analysts forecast that Red Rock Resorts will post 1.76 earnings per share for the current year.

Red Rock Resorts Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Monday, March 16th were issued a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Monday, March 16th. Red Rock Resorts’s dividend payout ratio (DPR) is currently 33.23%.

Institutional Investors Weigh In On Red Rock Resorts

Large investors have recently added to or reduced their stakes in the business. Salomon & Ludwin LLC acquired a new stake in Red Rock Resorts in the 4th quarter valued at about $25,000. Kestra Advisory Services LLC acquired a new stake in Red Rock Resorts in the 4th quarter valued at about $27,000. Rockefeller Capital Management L.P. grew its stake in Red Rock Resorts by 1,924.0% in the 4th quarter. Rockefeller Capital Management L.P. now owns 506 shares of the company’s stock valued at $31,000 after acquiring an additional 481 shares during the last quarter. Strs Ohio acquired a new stake in Red Rock Resorts in the 3rd quarter valued at about $37,000. Finally, GAMMA Investing LLC grew its stake in Red Rock Resorts by 53.8% in the 4th quarter. GAMMA Investing LLC now owns 752 shares of the company’s stock valued at $47,000 after acquiring an additional 263 shares during the last quarter. 47.84% of the stock is owned by institutional investors and hedge funds.

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.