Eminence Capital LP Has $100 Million Stock Holdings in Red Rock Resorts, Inc. $RRR

Eminence Capital LP cut its holdings in Red Rock Resorts, Inc. (NASDAQ:RRR) by 32.8% in the 4th quarter, Holdings Channel.com reports. The firm owned 1,614,183 shares of the company’s stock after selling 787,191 shares during the quarter. Red Rock Resorts makes up about 1.6% of Eminence Capital LP’s holdings, making the stock its 28th largest holding. Eminence Capital LP’s holdings in Red Rock Resorts were worth $99,999,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Salomon & Ludwin LLC acquired a new position in shares of Red Rock Resorts in the 4th quarter valued at approximately $25,000. Kestra Advisory Services LLC acquired a new position in shares of Red Rock Resorts in the 4th quarter valued at approximately $27,000. GAMMA Investing LLC grew its position in shares of 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 purchasing an additional 263 shares during the period. PNC Financial Services Group Inc. grew its position in shares of Red Rock Resorts by 98.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,474 shares of the company’s stock valued at $91,000 after purchasing an additional 733 shares during the period. Finally, Canada Pension Plan Investment Board acquired a new position in shares of Red Rock Resorts in the 2nd quarter valued at approximately $94,000. 47.84% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts recently issued reports on RRR shares. Wells Fargo & Company decreased their price objective on Red Rock Resorts from $59.00 to $55.00 and set an “equal weight” rating for the company in a research report on Thursday, April 30th. Benchmark reduced their price target on Red Rock Resorts from $67.00 to $63.00 and set a “buy” rating for the company in a research report on Thursday, April 30th. JPMorgan Chase & Co. reduced their price target on Red Rock Resorts from $73.00 to $66.00 and set an “overweight” rating for the company in a research report on Thursday, April 30th. Truist Financial reduced their price target on Red Rock Resorts from $70.00 to $68.00 and set a “buy” rating for the company in a research report on Thursday, April 30th. Finally, Wall Street Zen downgraded Red Rock Resorts from a “hold” rating to a “sell” rating in a research report on Saturday, May 16th. Twelve analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $67.53.

Red Rock Resorts Trading Down 2.9%

NASDAQ RRR opened at $59.13 on Thursday. The company has a market cap of $6.21 billion, a PE ratio of 19.01, a PEG ratio of 4.61 and a beta of 1.36. The company has a current ratio of 0.81, a quick ratio of 0.76 and a debt-to-equity ratio of 14.42. Red Rock Resorts, Inc. has a 12 month low of $49.47 and a 12 month high of $68.99. The stock has a 50 day moving average of $56.11 and a 200-day moving average of $59.06.

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

Red Rock Resorts Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend is Monday, June 15th. Red Rock Resorts’s dividend payout ratio is presently 33.44%.

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.