Bayforest Capital Ltd Has $669,000 Position in Red Rock Resorts, Inc. $RRR

Key Points

• Bayforest Capital Ltd reduced its stake in Red Rock Resorts, Inc. by 33.7%, now holding 12,849 shares valued at $669,000.
• Red Rock Resorts reported earnings per share of $0.95 for the last quarter, significantly surpassing analysts' expectations of $0.40, alongside a year-over-year revenue increase of 8.2%.
• The company declared a quarterly dividend of $0.25, translating to an annualized dividend of $1.00 and a yield of 1.8%.

Bayforest Capital Ltd lessened its stake in shares of Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report) by 33.7% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 12,849 shares of the company's stock after selling 6,517 shares during the period. Bayforest Capital Ltd's holdings in Red Rock Resorts were worth $669,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the business. Eminence Capital LP raised its holdings in Red Rock Resorts by 20.5% during the first quarter. Eminence Capital LP now owns 2,478,311 shares of the company's stock worth $107,484,000 after buying an additional 421,723 shares during the last quarter. Vaughan Nelson Investment Management L.P. raised its holdings in Red Rock Resorts by 10.7% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,773,603 shares of the company's stock worth $92,281,000 after buying an additional 171,235 shares during the last quarter. Millennium Management LLC raised its holdings in Red Rock Resorts by 56.2% during the first quarter. Millennium Management LLC now owns 430,150 shares of the company's stock worth $18,656,000 after buying an additional 154,839 shares during the last quarter. Comerica Bank raised its holdings in shares of Red Rock Resorts by 4.6% in the first quarter. Comerica Bank now owns 377,976 shares of the company's stock valued at $16,393,000 after purchasing an additional 16,496 shares during the last quarter. Finally, Natixis Advisors LLC raised its holdings in shares of Red Rock Resorts by 14.5% in the first quarter. Natixis Advisors LLC now owns 287,409 shares of the company's stock valued at $12,465,000 after purchasing an additional 36,338 shares during the last quarter. Institutional investors and hedge funds own 47.84% of the company's stock.

Insider Transactions at Red Rock Resorts

In other news, EVP Jeffrey T. Welch sold 56,653 shares of the stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $60.23, for a total value of $3,412,210.19. Following 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Kord Nichols sold 37,075 shares of the stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $61.03, for a total transaction of $2,262,687.25. Following the completion of the sale, the chief operating officer directly owned 87,036 shares in the company, valued at approximately $5,311,807.08. The trade was a 29.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 262,703 shares of company stock valued at $15,764,672. 53.28% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on RRR shares. Susquehanna reiterated a "positive" rating and issued a $68.00 target price (up previously from $65.00) on shares of Red Rock Resorts in a report on Wednesday, July 30th. Truist Financial upgraded shares of Red Rock Resorts from a "hold" rating to a "buy" rating and increased their price target for the company from $45.00 to $67.00 in a research report on Wednesday, July 16th. JPMorgan Chase & Co. began coverage on shares of Red Rock Resorts in a research report on Monday, June 23rd. They set an "overweight" rating and a $62.00 price target for the company. Zacks Research upgraded shares of Red Rock Resorts from a "hold" rating to a "strong-buy" rating in a research report on Monday, September 15th. Finally, Stifel Nicolaus set a $60.00 price target on shares of Red Rock Resorts and gave the company a "hold" rating in a research report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $60.82.

Red Rock Resorts Price Performance

Shares of NASDAQ:RRR opened at $55.86 on Tuesday. The company has a quick ratio of 0.84, a current ratio of 0.89 and a debt-to-equity ratio of 11.28. The firm has a market capitalization of $5.89 billion, a PE ratio of 19.00, a P/E/G ratio of 2.18 and a beta of 1.47. Red Rock Resorts, Inc. has a twelve month low of $35.09 and a twelve month high of $63.60. The company has a 50-day moving average price of $60.29 and a two-hundred day moving average price of $52.48.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The company reported $0.95 earnings per share (EPS) 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 prior year, the firm posted $0.59 earnings per share. The company's revenue for the quarter was up 8.2% on a year-over-year basis. Equities analysts forecast that Red Rock Resorts, Inc. will post 1.76 EPS for the current year.

Red Rock Resorts Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date of this dividend was Monday, September 15th. Red Rock Resorts's dividend payout ratio is presently 34.01%.

Red Rock Resorts 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.

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