8,500 Shares in Red Rock Resorts, Inc. (NASDAQ:RRR) Acquired by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management GmbH has acquired 8,500 shares of Red Rock Resorts, valued at approximately $369,000, during the 1st quarter, reflecting increased institutional interest in the company.
• Wall Street analysts have raised their target prices for Red Rock Resorts, with Mizuho increasing its target from $59 to $62 and Barclays raising it from $62 to $65, indicating a positive outlook for the stock.
• The company announced a quarterly dividend of $0.25 per share, set to be paid on September 30th, representing an annualized yield of 1.7%.

Allianz Asset Management GmbH purchased a new position in Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 8,500 shares of the company's stock, valued at approximately $369,000.

Other hedge funds have also recently made changes to their positions in the company. Raymond James Financial Inc. purchased a new position in Red Rock Resorts during the 4th quarter valued at approximately $292,000. Commonwealth Equity Services LLC grew its stake in Red Rock Resorts by 184.2% during the 4th quarter. Commonwealth Equity Services LLC now owns 12,509 shares of the company's stock worth $578,000 after buying an additional 8,107 shares during the last quarter. American Century Companies Inc. grew its stake in Red Rock Resorts by 11.7% during the 4th quarter. American Century Companies Inc. now owns 34,530 shares of the company's stock worth $1,597,000 after buying an additional 3,623 shares during the last quarter. Vanguard Group Inc. grew its stake in Red Rock Resorts by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 5,181,146 shares of the company's stock worth $239,576,000 after buying an additional 50,193 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in Red Rock Resorts by 5.7% during the 4th quarter. JPMorgan Chase & Co. now owns 94,255 shares of the company's stock valued at $4,358,000 after purchasing an additional 5,058 shares during the last quarter. 47.84% of the stock is owned by hedge funds and other institutional investors.

Red Rock Resorts Stock Performance

Shares of NASDAQ:RRR traded down $0.44 during trading on Wednesday, hitting $57.99. The company's stock had a trading volume of 319,378 shares, compared to its average volume of 713,387. The company has a debt-to-equity ratio of 9.04, a current ratio of 0.92 and a quick ratio of 0.87. Red Rock Resorts, Inc. has a 12 month low of $35.09 and a 12 month high of $62.00. The company has a 50-day moving average of $53.06 and a 200-day moving average of $48.25. The firm has a market cap of $6.15 billion, a price-to-earnings ratio of 19.71, a P/E/G ratio of 3.51 and a beta of 1.66.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The company reported $0.95 earnings per share for the quarter, topping analysts' consensus estimates of $0.40 by $0.55. Red Rock Resorts had a return on equity of 59.56% and a net margin of 8.89%. The business had revenue of $526.27 million for the quarter, compared to analyst estimates of $485.44 million. During the same quarter in the previous year, the firm earned $0.59 earnings per share. The company's revenue was up 8.2% on a year-over-year basis. On average, sell-side analysts expect that Red Rock Resorts, Inc. will post 1.76 earnings per share for the current year.

Red Rock Resorts Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Monday, September 15th. Red Rock Resorts's dividend payout ratio (DPR) is 34.01%.

Insider Activity at Red Rock Resorts

In related news, CFO Stephen Lawrence Cootey sold 121,400 shares of the company's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $60.04, for a total value of $7,288,856.00. Following the completion of the transaction, the chief financial officer directly owned 260,268 shares in the company, valued at approximately $15,626,490.72. This represents a 31.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Jeffrey T. Welch sold 56,653 shares of the stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $60.23, for a total value of $3,412,210.19. Following the completion of the transaction, the executive vice president directly owned 314,767 shares of the company's stock, valued at $18,958,416.41. This represents a 15.25% decrease in their position. The disclosure for this sale can be found here. Company insiders own 53.28% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on RRR. Susquehanna restated a "positive" rating and set a $68.00 price target (up from $65.00) on shares of Red Rock Resorts in a research report on Wednesday, July 30th. JMP Securities upped their target price on Red Rock Resorts from $57.00 to $64.00 and gave the company a "market outperform" rating in a research note on Wednesday, July 30th. JPMorgan Chase & Co. initiated coverage on Red Rock Resorts in a report on Monday, June 23rd. They issued an "overweight" rating and a $62.00 price target for the company. Citigroup reiterated an "outperform" rating on shares of Red Rock Resorts in a report on Friday, July 18th. Finally, Mizuho upped their price objective on shares of Red Rock Resorts from $59.00 to $62.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $60.73.

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.