AlphaQuest LLC Raises Position in Red Rock Resorts, Inc. $RRR

Key Points

• AlphaQuest LLC significantly increased its stake in Red Rock Resorts, acquiring an additional 33,576 shares, raising its ownership to 38,819 shares valued at approximately $1.68 million.
• Red Rock Resorts reported strong earnings, with $0.95 EPS for the quarter, surpassing analysts' expectations by $0.55, and a revenue of $526.27 million, up 8.2% year-over-year.
• The company announced a quarterly dividend of $0.25, scheduled for payment on September 30th, representing a 1.6% dividend yield.

AlphaQuest LLC lifted its position in Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report) by 640.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 38,819 shares of the company's stock after buying an additional 33,576 shares during the period. AlphaQuest LLC's holdings in Red Rock Resorts were worth $1,684,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Sterling Capital Management LLC boosted its stake in shares of Red Rock Resorts by 654.7% in the 4th quarter. Sterling Capital Management LLC now owns 883 shares of the company's stock worth $41,000 after buying an additional 766 shares during the last quarter. Pandora Wealth Inc. purchased a new position in shares of Red Rock Resorts in the 1st quarter worth $43,000. US Bancorp DE boosted its stake in shares of Red Rock Resorts by 1,664.4% in the 1st quarter. US Bancorp DE now owns 1,041 shares of the company's stock worth $45,000 after buying an additional 982 shares during the last quarter. New Age Alpha Advisors LLC purchased a new position in shares of Red Rock Resorts in the 1st quarter worth $89,000. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Red Rock Resorts by 47.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 2,055 shares of the company's stock worth $95,000 after buying an additional 664 shares during the last quarter. 47.84% of the stock is currently owned by hedge funds and other institutional investors.

Red Rock Resorts Trading Down 0.4%

Shares of NASDAQ:RRR traded down $0.23 during trading on Thursday, hitting $62.75. The company had a trading volume of 237,082 shares, compared to its average volume of 720,071. The stock has a market cap of $6.62 billion, a price-to-earnings ratio of 21.35, a price-to-earnings-growth ratio of 2.53 and a beta of 1.66. Red Rock Resorts, Inc. has a one year low of $35.09 and a one year high of $63.60. The company has a fifty day simple moving average of $56.42 and a two-hundred day simple moving average of $49.53. The company has a debt-to-equity ratio of 11.28, a current ratio of 0.89 and a quick ratio of 0.84.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The company reported $0.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.55. The business had revenue of $526.27 million during the quarter, compared to analyst estimates of $485.44 million. Red Rock Resorts had a return on equity of 59.97% and a net margin of 8.89%.The company's revenue for the quarter was up 8.2% on a year-over-year basis. During the same period last year, the company earned $0.59 EPS. As a group, equities analysts forecast that Red Rock Resorts, Inc. will post 1.76 earnings per share for the current year.

Red Rock Resorts Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders 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 1.6%. The ex-dividend date of this dividend is Monday, September 15th. Red Rock Resorts's dividend payout ratio (DPR) is presently 34.01%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Barclays raised their price target on Red Rock Resorts from $62.00 to $65.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. JMP Securities raised their price target on Red Rock Resorts from $57.00 to $64.00 and gave the company a "market outperform" rating in a report on Wednesday, July 30th. Citigroup reissued an "outperform" rating on shares of Red Rock Resorts in a report on Friday, July 18th. Susquehanna reissued a "positive" rating and set a $68.00 price target (up from $65.00) on shares of Red Rock Resorts in a report on Wednesday, July 30th. Finally, Mizuho lifted their target price on Red Rock Resorts from $59.00 to $62.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Eight research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, Red Rock Resorts has an average rating of "Moderate Buy" and a consensus price target of $60.73.

Insider Activity

In other Red Rock Resorts news, CFO Stephen Lawrence Cootey sold 121,400 shares of the business's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $60.04, for a total transaction of $7,288,856.00. Following the completion of the transaction, the chief financial officer owned 260,268 shares in the company, valued at $15,626,490.72. The trade was a 31.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, 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 value of $2,262,687.25. Following the transaction, the chief operating officer owned 87,036 shares of the company's stock, valued at $5,311,807.08. This trade represents a 29.87% decrease in their position. The disclosure for this sale can be found here. Insiders sold 262,703 shares of company stock valued at $15,764,672 in the last ninety days. Insiders own 53.81% of the company's stock.

Red Rock Resorts Profile

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.