Bayforest Capital Ltd Increases Holdings in Red Rock Resorts, Inc. $RRR

Key Points

• Bayforest Capital Ltd significantly increased its stake in Red Rock Resorts by 1,011.1%, now holding 19,366 shares valued at $840,000 following a major acquisition of 17,623 shares.
• Several research analysts have updated their price targets for Red Rock Resorts, with a consensus rating of "Moderate Buy" and an average target price of $60.73.
• Red Rock Resorts announced a quarterly dividend of $0.25 per share, representing a 1.6% yield, with the payment date set for September 30th.

Bayforest Capital Ltd grew its holdings in shares of Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report) by 1,011.1% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 19,366 shares of the company's stock after buying an additional 17,623 shares during the quarter. Bayforest Capital Ltd's holdings in Red Rock Resorts were worth $840,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Pandora Wealth Inc. bought a new position in Red Rock Resorts in the first quarter worth approximately $43,000. US Bancorp DE grew its stake in Red Rock Resorts by 1,664.4% in the first quarter. US Bancorp DE now owns 1,041 shares of the company's stock worth $45,000 after purchasing an additional 982 shares in the last quarter. New Age Alpha Advisors LLC bought a new position in Red Rock Resorts in the first quarter worth approximately $89,000. PNC Financial Services Group Inc. grew its stake in Red Rock Resorts by 51.1% in the first quarter. PNC Financial Services Group Inc. now owns 2,854 shares of the company's stock worth $124,000 after purchasing an additional 965 shares in the last quarter. Finally, KBC Group NV grew its stake in Red Rock Resorts by 44.6% in the first quarter. KBC Group NV now owns 2,887 shares of the company's stock worth $125,000 after purchasing an additional 891 shares in the last quarter. Institutional investors own 47.84% of the company's stock.

Insider Buying and Selling at Red Rock Resorts

In other Red Rock Resorts news, EVP Jeffrey T. Welch sold 56,653 shares of the stock in a transaction dated 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 in the company, valued at approximately $18,958,416.41. This trade represents a 15.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Stephen Lawrence Cootey sold 121,400 shares of the stock in a transaction dated Friday, August 1st. The shares were 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 approximately $15,626,490.72. This trade represents a 31.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 262,703 shares of company stock worth $15,764,672. 53.81% of the stock is owned by insiders.

Analyst Ratings Changes

RRR has been the topic of several research analyst reports. Morgan Stanley increased their price objective on Red Rock Resorts from $49.00 to $53.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 6th. Barclays increased their price objective 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. Truist Financial raised Red Rock Resorts from a "hold" rating to a "buy" rating and increased their price objective for the stock from $45.00 to $67.00 in a research note on Wednesday, July 16th. JMP Securities upped their target price on Red Rock Resorts from $57.00 to $64.00 and gave the stock a "market outperform" rating in a report on Wednesday, July 30th. Finally, Susquehanna restated a "positive" rating and set a $68.00 target price (up previously from $65.00) on shares of Red Rock Resorts in a report on Wednesday, July 30th. Eight research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Red Rock Resorts has a consensus rating of "Moderate Buy" and a consensus target price of $60.73.

Red Rock Resorts Stock Down 0.5%

NASDAQ:RRR traded down $0.33 during mid-day trading on Friday, hitting $61.34. 314,411 shares of the company's stock traded hands, compared to its average volume of 681,223. The company has a fifty day moving average of $58.66 and a 200 day moving average of $50.36. The company has a debt-to-equity ratio of 11.28, a quick ratio of 0.84 and a current ratio of 0.89. Red Rock Resorts, Inc. has a twelve month low of $35.09 and a twelve month high of $63.60. The company has a market capitalization of $6.47 billion, a P/E ratio of 20.86, a P/E/G ratio of 2.49 and a beta of 1.46.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The company reported $0.95 EPS for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $485.44 million. During the same period last year, the business posted $0.59 earnings per share. The firm's revenue was up 8.2% compared to the same quarter last year. On average, analysts forecast that Red Rock Resorts, Inc. will post 1.76 EPS for the current year.

Red Rock Resorts Announces Dividend

The firm 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. The ex-dividend date is Monday, September 15th. This represents a $1.00 dividend on an annualized basis and a yield of 1.6%. Red Rock Resorts's dividend payout ratio (DPR) is 34.01%.

Red Rock Resorts Company 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.