Bank of America Corp DE lowered its stake in shares of Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report) by 51.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 87,090 shares of the company's stock after selling 91,823 shares during the quarter. Bank of America Corp DE owned approximately 0.08% of Red Rock Resorts worth $4,027,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also made changes to their positions in the stock. Arizona State Retirement System grew its position in shares of Red Rock Resorts by 1.5% during the fourth quarter. Arizona State Retirement System now owns 14,707 shares of the company's stock worth $680,000 after buying an additional 216 shares in the last quarter. CANADA LIFE ASSURANCE Co lifted its stake in Red Rock Resorts by 3.0% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 10,662 shares of the company's stock worth $492,000 after purchasing an additional 314 shares during the last quarter. KBC Group NV lifted its stake in Red Rock Resorts by 37.1% during the fourth quarter. KBC Group NV now owns 1,996 shares of the company's stock worth $92,000 after purchasing an additional 540 shares during the last quarter. Tower Research Capital LLC TRC lifted its stake in Red Rock Resorts by 47.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 2,055 shares of the company's stock worth $95,000 after purchasing an additional 664 shares during the last quarter. Finally, Sterling Capital Management LLC lifted its stake in Red Rock Resorts by 654.7% during the fourth quarter. Sterling Capital Management LLC now owns 883 shares of the company's stock worth $41,000 after purchasing an additional 766 shares during the last quarter. Institutional investors and hedge funds own 47.84% of the company's stock.
Analysts Set New Price Targets
Several equities analysts recently issued reports on the company. Mizuho reduced their price objective on Red Rock Resorts from $52.00 to $50.00 and set a "neutral" rating on the stock in a research note on Friday, May 2nd. JMP Securities reduced their price objective on Red Rock Resorts from $59.00 to $55.00 and set a "market outperform" rating on the stock in a research note on Thursday, April 17th. Stifel Nicolaus reduced their price objective on Red Rock Resorts from $54.00 to $44.00 and set a "hold" rating on the stock in a research note on Friday, May 2nd. Barclays reduced their price objective on Red Rock Resorts from $58.00 to $54.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. Finally, Morgan Stanley cut their target price on Red Rock Resorts from $45.00 to $43.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 16th. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, Red Rock Resorts has an average rating of "Hold" and an average target price of $52.64.
Read Our Latest Analysis on Red Rock Resorts
Red Rock Resorts Price Performance
NASDAQ:RRR traded down $0.65 during trading hours on Friday, reaching $48.18. The company had a trading volume of 610,232 shares, compared to its average volume of 582,759. The stock has a 50-day moving average of $43.49 and a two-hundred day moving average of $46.46. Red Rock Resorts, Inc. has a one year low of $35.09 and a one year high of $61.73. The firm has a market capitalization of $5.11 billion, a PE ratio of 19.20, a PEG ratio of 4.32 and a beta of 1.64. The company has a quick ratio of 0.96, a current ratio of 1.02 and a debt-to-equity ratio of 14.28.
Red Rock Resorts (NASDAQ:RRR - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported $0.80 EPS for the quarter, beating the consensus estimate of $0.47 by $0.33. Red Rock Resorts had a return on equity of 71.00% and a net margin of 7.94%. The company had revenue of $497.86 million during the quarter, compared to analysts' expectations of $499.12 million. During the same period last year, the firm earned $0.68 EPS. The business's revenue for the quarter was up 1.8% on a year-over-year basis. Analysts forecast that Red Rock Resorts, Inc. will post 1.76 earnings per share for the current year.
Red Rock Resorts Announces Dividend
The company also recently declared an annual dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 16th will be issued a $1.00 dividend. This represents a yield of 2.29%. The ex-dividend date of this dividend is Monday, June 16th. Red Rock Resorts's dividend payout ratio is 38.76%.
Red Rock Resorts Company Profile
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Free Report)
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.
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