42,763 Shares in Red Rock Resorts, Inc. $RRR Bought by SWP Investment Management LLC

Key Points

• SWP Investment Management acquired 42,763 shares of Red Rock Resorts valued at approximately $2.78 million, representing about 1.9% of its portfolio.
• Institutional ownership remains significant, with hedge funds and other institutional investors holding 47.84% of RRR shares after several firms increased their positions.
• Analysts remain broadly positive: RRR has a consensus rating of “Moderate Buy” and an average price target of $71.24, while the stock recently traded at $65.61.

SWP Investment Management LLC acquired a new stake in shares of Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 42,763 shares of the company's stock, valued at approximately $2,782,000. Red Rock Resorts accounts for approximately 1.9% of SWP Investment Management LLC's portfolio, making the stock its 28th biggest position.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership boosted its holdings in Red Rock Resorts by 2,248.2% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,354,644 shares of the company's stock worth $82,715,000 after buying an additional 1,296,956 shares during the period. Invesco Ltd. raised its holdings in Red Rock Resorts by 345.6% during the fourth quarter. Invesco Ltd. now owns 1,054,086 shares of the company's stock valued at $65,301,000 after acquiring an additional 817,524 shares during the period. Wellington Management Group LLP purchased a new position in shares of Red Rock Resorts in the fourth quarter valued at about $45,724,000. State Street Corp lifted its position in shares of Red Rock Resorts by 62.1% in the fourth quarter. State Street Corp now owns 1,814,812 shares of the company's stock valued at $112,428,000 after acquiring an additional 695,575 shares in the last quarter. Finally, Millennium Management LLC boosted its stake in shares of Red Rock Resorts by 656.8% in the fourth quarter. Millennium Management LLC now owns 373,038 shares of the company's stock worth $23,110,000 after acquiring an additional 323,749 shares during the period. 47.84% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently issued reports on RRR. Jefferies Financial Group reiterated a "buy" rating on shares of Red Rock Resorts in a research report on Thursday, July 2nd. Wall Street Zen raised shares of Red Rock Resorts from a "sell" rating to a "hold" rating in a research note on Sunday, July 12th. Citigroup reiterated an "outperform" rating on shares of Red Rock Resorts in a research note on Thursday, July 16th. The Goldman Sachs Group reissued a "buy" rating and set a $73.00 price objective on shares of Red Rock Resorts in a report on Wednesday, July 15th. Finally, Benchmark raised their price objective on Red Rock Resorts from $63.00 to $78.00 and gave the company a "buy" rating in a research report on Tuesday, July 21st. Fourteen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $71.24.

Red Rock Resorts Trading Up 1.8%

RRR opened at $65.61 on Tuesday. The company has a debt-to-equity ratio of 14.42, a quick ratio of 0.76 and a current ratio of 0.81. The stock's 50 day moving average price is $62.55 and its 200-day moving average price is $59.83. Red Rock Resorts, Inc. has a one year low of $50.52 and a one year high of $68.99. The stock has a market cap of $6.89 billion, a price-to-earnings ratio of 21.10, a P/E/G ratio of 4.73 and a beta of 1.36.

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.

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