Red Rock Resorts (NASDAQ:RRR) Upgraded by Texas Capital to “Strong-Buy” Rating

Texas Capital upgraded shares of Red Rock Resorts (NASDAQ:RRR) to a strong-buy rating in a research note published on Wednesday,Zacks reports.

Other analysts also recently issued research reports about the company. UBS Group set a $75.00 target price on Red Rock Resorts in a research report on Thursday, July 2nd. Wall Street Zen upgraded shares of Red Rock Resorts from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. Jefferies Financial Group reissued a “buy” rating on shares of Red Rock Resorts in a research note on Thursday, July 2nd. Capital One Financial upgraded shares of Red Rock Resorts to a “buy” rating in a report on Wednesday. Finally, Zacks Research raised shares of Red Rock Resorts from a “strong sell” rating to a “hold” rating in a research note on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $71.94.

Red Rock Resorts Stock Down 0.6%

RRR opened at $54.69 on Wednesday. The business’s fifty day simple moving average is $61.96 and its 200 day simple moving average is $59.17. Red Rock Resorts has a 52 week low of $50.52 and a 52 week high of $68.99. 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 PE ratio of 19.33, a P/E/G ratio of 4.51 and a beta of 1.31.

Red Rock Resorts (NASDAQ:RRR) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate 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 return on equity of 56.19% and a net margin of 8.43%.The company’s revenue was down 3.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.95 earnings per share. As a group, research analysts expect that Red Rock Resorts will post 1.54 earnings per share for the current fiscal year.

Red Rock Resorts Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders 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 of this dividend is Tuesday, September 15th. Red Rock Resorts’s dividend payout ratio is 36.75%.

Insider Activity

In related news, President Scott Kreeger sold 31,159 shares of Red Rock Resorts stock in a transaction on Friday, August 7th. The shares were sold at an average price of $61.78, for a total value of $1,925,003.02. Following the transaction, the president directly 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 filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 54.34% of the company’s stock.

Institutional Investors Weigh In On Red Rock Resorts

Several institutional investors have recently added to or reduced their stakes in RRR. Kestra Advisory Services LLC purchased a new position in shares of Red Rock Resorts in the fourth quarter valued at about $27,000. Rockefeller Capital Management L.P. boosted its holdings in shares of Red Rock Resorts by 1,924.0% during the fourth quarter. Rockefeller Capital Management L.P. now owns 506 shares of the company’s stock worth $31,000 after purchasing an additional 481 shares during the period. Nykredit A S purchased a new stake in shares of Red Rock Resorts during the second quarter worth about $45,000. Public Employees Retirement System of Ohio bought a new stake in shares of Red Rock Resorts in the second quarter worth about $47,000. Finally, Ameritas Advisory Services LLC bought a new stake in shares of Red Rock Resorts in the second quarter worth about $52,000. Hedge funds and other institutional investors own 47.84% of the company’s stock.

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.