American Century Companies Inc. Sells 10,812 Shares of Red Rock Resorts, Inc. $RRR

Key Points

• American Century Companies Inc. reduced its holdings in Red Rock Resorts by 31.3%, selling 10,812 shares and leaving it with a total of 23,718 shares worth approximately $1,029,000.
• Insider transactions included COO Kord Nichols and EVP Jeffrey T. Welch selling shares, decreasing their ownership by 29.87% and 15.25%, respectively, as corporate insiders sold a total of 262,703 shares in the last 90 days.
• Red Rock Resorts announced a quarterly dividend of $0.25 per share, with a payout ratio of 34.01%, and is expected to post 1.76 earnings per share for the current year.

American Century Companies Inc. reduced its position in Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report) by 31.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 23,718 shares of the company's stock after selling 10,812 shares during the quarter. American Century Companies Inc.'s holdings in Red Rock Resorts were worth $1,029,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Pandora Wealth Inc. purchased a new stake in shares of Red Rock Resorts during the 1st quarter valued at about $43,000. US Bancorp DE boosted its holdings in Red Rock Resorts by 1,664.4% in the 1st quarter. US Bancorp DE now owns 1,041 shares of the company's stock valued at $45,000 after purchasing an additional 982 shares during the last quarter. New Age Alpha Advisors LLC purchased a new stake in shares of Red Rock Resorts during the first quarter worth approximately $89,000. Tower Research Capital LLC TRC raised its holdings in shares of Red Rock Resorts by 47.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 2,055 shares of the company's stock valued at $95,000 after buying an additional 664 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its position in shares of Red Rock Resorts by 51.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,854 shares of the company's stock worth $124,000 after buying an additional 965 shares in the last quarter. 47.84% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Morgan Stanley upped their target price on Red Rock Resorts from $49.00 to $53.00 and gave the company an "equal weight" rating in a report on Wednesday, August 6th. Mizuho upped their price objective on shares of Red Rock Resorts from $59.00 to $62.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Truist Financial raised Red Rock Resorts from a "hold" rating to a "buy" rating and boosted their price target for the company from $45.00 to $67.00 in a research note on Wednesday, July 16th. Stifel Nicolaus set a $60.00 price objective on Red Rock Resorts and gave the stock a "hold" rating in a research note on Wednesday, July 30th. Finally, Citigroup reiterated an "outperform" rating on shares of Red Rock Resorts in a research note on Friday, July 18th. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Red Rock Resorts currently has a consensus rating of "Moderate Buy" and a consensus target price of $60.73.

Red Rock Resorts Stock Down 0.8%

Red Rock Resorts stock traded down $0.52 during trading hours on Monday, hitting $61.74. 140,867 shares of the stock traded hands, compared to its average volume of 720,186. Red Rock Resorts, Inc. has a one year low of $35.09 and a one year high of $63.60. The firm's 50-day moving average price is $57.96 and its two-hundred day moving average price is $49.99. The company has a current ratio of 0.89, a quick ratio of 0.84 and a debt-to-equity ratio of 11.28. The company has a market cap of $6.51 billion, a PE ratio of 21.00, a PEG ratio of 2.51 and a beta of 1.46.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last posted its 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 net margin of 8.89% and a return on equity of 59.97%. The firm had revenue of $526.27 million for the quarter, compared to the consensus estimate of $485.44 million. During the same period in the previous year, the firm posted $0.59 EPS. The business's quarterly revenue was up 8.2% on a year-over-year basis. On average, research analysts forecast that Red Rock Resorts, Inc. will post 1.76 EPS for the current year.

Red Rock Resorts Dividend Announcement

The business also recently declared 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 yield of 1.6%. The ex-dividend date is Monday, September 15th. Red Rock Resorts's dividend payout ratio is currently 34.01%.

Insider Transactions at Red Rock Resorts

In related news, COO Kord Nichols sold 37,075 shares of the firm's stock in a transaction dated 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 completion of the sale, the chief operating officer owned 87,036 shares in the company, valued at $5,311,807.08. This trade represents a 29.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Stephen Lawrence Cootey sold 121,400 shares of the stock in a transaction dated 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 transaction, the chief financial officer owned 260,268 shares in the company, valued at approximately $15,626,490.72. The trade was a 31.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 262,703 shares of company stock worth $15,764,672. Company insiders own 53.28% 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.