Bank of America Corp DE cut its stake in shares of Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report) by 26.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 206,869 shares of the company's stock after selling 74,416 shares during the quarter. Bank of America Corp DE owned 0.20% of Red Rock Resorts worth $11,039,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Kestra Advisory Services LLC acquired a new stake in Red Rock Resorts in the fourth quarter valued at approximately $27,000. Rockefeller Capital Management L.P. boosted its holdings in shares of Red Rock Resorts by 1,924.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 506 shares of the company's stock valued at $31,000 after acquiring an additional 481 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Red Rock Resorts by 98.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 1,474 shares of the company's stock valued at $91,000 after acquiring an additional 733 shares in the last quarter. Canada Pension Plan Investment Board bought a new stake in Red Rock Resorts during the 2nd quarter worth $94,000. Finally, Vestcor Inc acquired a new position in Red Rock Resorts in the 4th quarter worth about $115,000. Institutional investors own 47.84% of the company's stock.
Insider Buying and Selling
In other Red Rock Resorts news, President Scott Kreeger sold 31,159 shares of the stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $61.78, for a total transaction of $1,925,003.02. Following the completion of the sale, the president directly owned 203,881 shares in the company, valued at approximately $12,595,768.18. This trade represents a 13.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 54.34% of the company's stock.
Analyst Upgrades and Downgrades
Several research firms have commented on RRR. JPMorgan Chase & Co. increased their target price on Red Rock Resorts from $66.00 to $72.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Zacks Research raised Red Rock Resorts from a "strong sell" rating to a "hold" rating in a research note on Friday, August 7th. Citigroup reiterated a "buy" rating on shares of Red Rock Resorts in a report on Wednesday, August 5th. Benchmark lifted their target price on shares of Red Rock Resorts from $63.00 to $78.00 and gave the stock a "buy" rating in a research report on Tuesday, July 21st. Finally, UBS Group set a $75.00 target price on shares of Red Rock Resorts in a report on Thursday, July 2nd. Fourteen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $71.88.
Read Our Latest Stock Report on Red Rock Resorts
Red Rock Resorts Stock Performance
Shares of RRR stock opened at $61.09 on Friday. The business's 50 day simple moving average is $63.51 and its 200 day simple moving average is $59.86. 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 capitalization of $6.42 billion, a PE ratio of 21.59, a PEG ratio of 5.01 and a beta of 1.36. The company has a debt-to-equity ratio of 12.33, a current ratio of 0.68 and a quick ratio of 0.63.
Red Rock Resorts (NASDAQ:RRR - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.67 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.51 by $0.16. Red Rock Resorts had a net margin of 8.43% and a return on equity of 56.19%. The firm had revenue of $510.26 million for the quarter, compared to the consensus estimate of $500.08 million. During the same quarter in the previous year, the company earned $0.95 EPS. The company's revenue for the quarter was down 3.0% on a year-over-year basis. As a group, research analysts forecast that Red Rock Resorts, Inc. will post 1.54 earnings per share for the current year.
Red Rock Resorts Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.26 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.04 dividend on an annualized basis and a yield of 1.7%. Red Rock Resorts's dividend payout ratio is 36.75%.
Red Rock Resorts Company Profile
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Free Report)
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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