Westfield Capital Management Co. LP Sells 20,723 Shares of Red Rock Resorts, Inc. $RRR

Westfield Capital Management Co. LP trimmed its holdings in shares of Red Rock Resorts, Inc. (NASDAQ:RRR) by 1.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,339,886 shares of the company’s stock after selling 20,723 shares during the quarter. Westfield Capital Management Co. LP’s holdings in Red Rock Resorts were worth $69,714,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of RRR. Envestnet Asset Management Inc. grew its holdings in shares of Red Rock Resorts by 25.6% during the first quarter. Envestnet Asset Management Inc. now owns 18,131 shares of the company’s stock worth $786,000 after purchasing an additional 3,694 shares in the last quarter. Allianz Asset Management GmbH bought a new stake in Red Rock Resorts during the first quarter valued at approximately $369,000. TD Asset Management Inc grew its stake in Red Rock Resorts by 2.1% in the 1st quarter. TD Asset Management Inc now owns 40,862 shares of the company’s stock worth $1,772,000 after buying an additional 856 shares in the last quarter. Federated Hermes Inc. grew its stake in Red Rock Resorts by 10.7% in the 1st quarter. Federated Hermes Inc. now owns 30,510 shares of the company’s stock worth $1,323,000 after buying an additional 2,960 shares in the last quarter. Finally, GSA Capital Partners LLP increased its holdings in shares of Red Rock Resorts by 115.8% in the 1st quarter. GSA Capital Partners LLP now owns 32,446 shares of the company’s stock worth $1,407,000 after buying an additional 17,414 shares during the last quarter. Hedge funds and other institutional investors own 47.84% of the company’s stock.

Red Rock Resorts Price Performance

Shares of NASDAQ RRR opened at $56.04 on Thursday. The company has a 50 day simple moving average of $58.48 and a two-hundred day simple moving average of $55.50. Red Rock Resorts, Inc. has a fifty-two week low of $35.09 and a fifty-two week high of $63.60. The company has a market capitalization of $5.93 billion, a price-to-earnings ratio of 17.56, a P/E/G ratio of 1.94 and a beta of 1.51. The company has a debt-to-equity ratio of 10.11, a quick ratio of 0.70 and a current ratio of 0.75.

Red Rock Resorts (NASDAQ:RRR) last issued its quarterly earnings results on Tuesday, October 28th. The company reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.32. Red Rock Resorts had a return on equity of 59.86% and a net margin of 9.52%.The firm had revenue of $475.57 million for the quarter, compared to analysts’ expectations of $477.25 million. During the same period in the previous year, the firm posted $0.48 EPS. The business’s revenue for the quarter was up 1.6% compared to the same quarter last year. Analysts expect that Red Rock Resorts, Inc. will post 1.76 EPS for the current fiscal year.

Red Rock Resorts Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Monday, December 15th. This is an increase from Red Rock Resorts’s previous quarterly dividend of $0.25. Red Rock Resorts’s payout ratio is currently 31.85%.

Red Rock Resorts announced that its Board of Directors has initiated a share repurchase plan on Tuesday, October 28th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the company to reacquire up to 4.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

RRR has been the subject of a number of research analyst reports. Barclays lifted their price objective on shares of Red Rock Resorts from $62.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, July 30th. Morgan Stanley boosted their price target on shares of Red Rock Resorts from $49.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 6th. Susquehanna raised their price objective on Red Rock Resorts from $68.00 to $69.00 and gave the company a “positive” rating in a research note on Wednesday, October 29th. Citigroup restated an “outperform” rating on shares of Red Rock Resorts in a report on Tuesday, September 16th. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Red Rock Resorts in a research note on Wednesday, October 8th. Ten investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Red Rock Resorts currently has a consensus rating of “Moderate Buy” and an average target price of $64.55.

Insider Activity

In related news, COO Kord Nichols sold 37,075 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $61.03, for a total transaction of $2,262,687.25. Following the completion of the sale, the chief operating officer directly owned 87,036 shares in the company, valued at approximately $5,311,807.08. The trade was a 29.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 53.81% of the company’s stock.

About Red Rock Resorts

Red Rock Resorts, Inc, through its interest in Station Casinos LLC, develops and operates casino and entertainment properties in the United States. The company owns and operates gaming and entertainment facilities, including Durango Casino & Resort and smaller casinos in the Las Vegas regional market.