VIRGINIA RETIREMENT SYSTEMS ET Al Invests $3.22 Million in Red Rock Resorts, Inc. $RRR

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Red Rock Resorts, Inc. (NASDAQ:RRR) during the 2nd quarter, HoldingsChannel reports. The firm purchased 49,500 shares of the company’s stock, valued at approximately $3,220,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. California State Teachers Retirement System increased its position in Red Rock Resorts by 5,722.9% in the second quarter. California State Teachers Retirement System now owns 3,478,303 shares of the company’s stock worth $226,298,000 after buying an additional 3,418,568 shares during the period. Diamond Hill Capital Management LLC Investment Advisor acquired a new position in shares of Red Rock Resorts during the second quarter valued at $120,743,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Red Rock Resorts by 2,248.2% during the third quarter. Arrowstreet Capital Limited Partnership now owns 1,354,644 shares of the company’s stock valued at $82,715,000 after acquiring an additional 1,296,956 shares during the period. Invesco Ltd. grew its position in shares of Red Rock Resorts by 345.6% during the fourth quarter. Invesco Ltd. now owns 1,054,086 shares of the company’s stock worth $65,301,000 after acquiring an additional 817,524 shares during the last quarter. Finally, Wellington Management Group LLP bought a new position in shares of Red Rock Resorts during the fourth quarter worth about $45,724,000. Institutional investors and hedge funds own 47.84% of the company’s stock.

Insider Buying and Selling

In related news, President Scott Kreeger sold 31,159 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $61.78, for a total transaction of $1,925,003.02. Following the sale, the president owned 203,881 shares of the company’s stock, valued at $12,595,768.18. The trade was a 13.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 54.34% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Zacks Research upgraded shares of Red Rock Resorts from a “strong sell” rating to a “hold” rating in a research report on Friday, August 7th. Citigroup restated a “buy” rating on shares of Red Rock Resorts in a research report on Wednesday, August 5th. Stifel Nicolaus set a $74.00 price target on shares of Red Rock Resorts in a research note on Wednesday, August 5th. Capital One Financial raised Red Rock Resorts to a “buy” rating in a report on Wednesday. Finally, Benchmark reaffirmed a “buy” rating on shares of Red Rock Resorts in a report on Monday, August 31st. Sixteen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $71.94.

Red Rock Resorts Price Performance

Shares of NASDAQ RRR opened at $54.69 on Friday. Red Rock Resorts, Inc. has a fifty-two week low of $50.52 and a fifty-two week high of $68.99. The firm’s 50-day simple moving average is $61.96 and its 200 day simple moving average is $59.17. The company has a quick ratio of 0.63, a current ratio of 0.68 and a debt-to-equity ratio of 12.33. The stock has a market cap of $5.74 billion, a P/E ratio of 19.33, a P/E/G ratio of 4.51 and a beta of 1.31.

Red Rock Resorts (NASDAQ:RRR) last announced its earnings results on Tuesday, August 4th. The company reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.16. The firm had revenue of $510.26 million during the quarter, compared to analyst estimates of $500.08 million. Red Rock Resorts had a net margin of 8.43% and a return on equity of 56.19%. Red Rock Resorts’s revenue was down 3.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.95 EPS. Equities analysts expect that Red Rock Resorts, Inc. will post 1.54 EPS for the current year.

Red Rock Resorts Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be paid a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date is Tuesday, September 15th. Red Rock Resorts’s dividend payout ratio (DPR) is currently 36.75%.

About Red Rock Resorts

Red Rock Resorts, Inc is a gaming and entertainment company based in Las Vegas, Nevada. Through its subsidiary Station Casinos, the company owns and operates casino resorts, hotel properties, and neighborhood casinos, with a primary focus on the Southern Nevada market.

Its properties offer casino gaming, hotel accommodations, restaurants, bars, entertainment venues, meeting and event spaces, and other amenities. The portfolio includes Red Rock Casino Resort & Spa, Green Valley Ranch Resort Spa and Casino, Durango Casino & Resort, Palace Station, Boulder Station, Sunset Station, Santa Fe Station, and a number of Wildfire casino locations.