Baron Wealth Management LLC Acquires Shares of 14,894 Red Rock Resorts, Inc. $RRR

Key Points

• Baron Wealth Management LLC acquired a new position in Red Rock Resorts, purchasing 14,894 shares valued at approximately $775,000 during the 2nd quarter.
• Red Rock Resorts recently announced a quarterly dividend of $0.25 per share, which will be paid on September 30th, representing a 1.7% annualized dividend yield.
• Red Rock Resorts reported $0.95 EPS for the last quarter, surpassing expectations and showcasing an 8.2% year-over-year increase in revenue to $526.27 million.

Baron Wealth Management LLC acquired a new stake in Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report) during the second quarter, according to its most recent 13F filing with the SEC. The fund acquired 14,894 shares of the company's stock, valued at approximately $775,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in RRR. Eminence Capital LP raised its stake in Red Rock Resorts by 20.5% in the 1st quarter. Eminence Capital LP now owns 2,478,311 shares of the company's stock valued at $107,484,000 after acquiring an additional 421,723 shares during the period. Vaughan Nelson Investment Management L.P. raised its stake in Red Rock Resorts by 19.2% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,602,368 shares of the company's stock valued at $69,494,000 after acquiring an additional 258,310 shares during the period. Nuveen LLC bought a new stake in shares of Red Rock Resorts during the first quarter valued at about $11,025,000. Millennium Management LLC increased its position in shares of Red Rock Resorts by 56.2% during the first quarter. Millennium Management LLC now owns 430,150 shares of the company's stock valued at $18,656,000 after buying an additional 154,839 shares during the period. Finally, Trexquant Investment LP increased its position in shares of Red Rock Resorts by 116.8% during the first quarter. Trexquant Investment LP now owns 247,242 shares of the company's stock valued at $10,723,000 after buying an additional 133,208 shares during the period. 47.84% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on RRR. Barclays upped their price target on Red Rock Resorts from $62.00 to $65.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Truist Financial upgraded Red Rock Resorts from a "hold" rating to a "buy" rating and upped their price target for the company from $45.00 to $67.00 in a research report on Wednesday, July 16th. Susquehanna reiterated 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. Stifel Nicolaus set a $60.00 price target on Red Rock Resorts and gave the company a "hold" rating in a research report on Wednesday, July 30th. Finally, JMP Securities upped their price target on Red Rock Resorts from $64.00 to $65.00 and gave the company a "market outperform" rating in a research report on Tuesday, September 16th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $60.82.

Red Rock Resorts Price Performance

Shares of NASDAQ RRR traded down $0.23 during midday trading on Friday, hitting $60.76. 704,286 shares of the company's stock were exchanged, compared to its average volume of 577,728. Red Rock Resorts, Inc. has a 12-month low of $35.09 and a 12-month high of $63.60. 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 $6.41 billion, a price-to-earnings ratio of 20.67, a PEG ratio of 2.45 and a beta of 1.46. The business's fifty day moving average price is $59.17 and its two-hundred day moving average price is $50.77.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $0.95 EPS for the quarter, topping the consensus estimate of $0.40 by $0.55. Red Rock Resorts had a return on equity of 59.97% and a net margin of 8.89%.The company had revenue of $526.27 million during 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. Red Rock Resorts's revenue was up 8.2% on a year-over-year basis. As a group, research analysts forecast that Red Rock Resorts, Inc. will post 1.76 EPS for the current fiscal year.

Red Rock Resorts Dividend Announcement

The company 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. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.00 annualized dividend and a yield of 1.6%. Red Rock Resorts's dividend payout ratio is currently 34.01%.

Insiders Place Their Bets

In other Red Rock Resorts news, CFO Stephen Lawrence Cootey sold 121,400 shares of the company'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 value of $7,288,856.00. Following the completion of the sale, the chief financial officer owned 260,268 shares of the company's stock, valued at $15,626,490.72. This represents 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 through the SEC website. Also, EVP Jeffrey T. Welch sold 56,653 shares of the company's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $60.23, for a total value of $3,412,210.19. Following the completion of the sale, the executive vice president directly owned 314,767 shares of the company's stock, valued at approximately $18,958,416.41. This represents a 15.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 262,703 shares of company stock valued at $15,764,672 over the last quarter. 53.81% of the stock is owned by corporate insiders.

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.