Dockside LLC Invests $1.30 Million in Red Rock Resorts, Inc. $RRR

Key Points

• Dockside LLC initiated a new position in Red Rock Resorts, buying 20,901 shares worth about $1.30 million in the fourth quarter.
• Institutional interest in RRR remains significant, with hedge funds and asset managers holding 47.84% of the stock and several firms recently increasing their stakes.
• Red Rock Resorts reported mixed quarterly results, missing earnings expectations but slightly beating revenue estimates; analysts still rate the stock a Moderate Buy with an average target price of $67.53.

Dockside LLC bought a new position in shares of Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 20,901 shares of the company's stock, valued at approximately $1,295,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of RRR. AQR Capital Management LLC acquired a new position in shares of Red Rock Resorts during the first quarter worth $308,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Red Rock Resorts by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,272 shares of the company's stock worth $1,270,000 after purchasing an additional 1,282 shares in the last quarter. Millennium Management LLC grew its stake 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 worth $18,656,000 after purchasing an additional 154,839 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Red Rock Resorts by 4.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 106,275 shares of the company's stock worth $4,609,000 after purchasing an additional 4,699 shares in the last quarter. Finally, American Century Companies Inc. grew its stake in shares of Red Rock Resorts by 9.1% during the second quarter. American Century Companies Inc. now owns 25,884 shares of the company's stock worth $1,347,000 after purchasing an additional 2,166 shares in the last quarter. Institutional investors and hedge funds own 47.84% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on RRR shares. Jefferies Financial Group lowered their target price on shares of Red Rock Resorts from $79.00 to $74.00 and set a "buy" rating for the company in a research note on Monday, April 6th. Weiss Ratings upgraded shares of Red Rock Resorts from a "hold (c)" rating to a "hold (c+)" rating in a research note on Monday, June 8th. Citizens Jmp lowered their target price on shares of Red Rock Resorts from $71.00 to $67.00 and set a "market outperform" rating for the company in a research note on Thursday, April 30th. Wells Fargo & Company lowered their target price on shares of Red Rock Resorts from $59.00 to $55.00 and set an "equal weight" rating for the company in a research note on Thursday, April 30th. Finally, Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $72.00 target price on shares of Red Rock Resorts in a research note on Thursday, April 30th. Twelve analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Red Rock Resorts has a consensus rating of "Moderate Buy" and an average target price of $67.53.

Red Rock Resorts Price Performance

Shares of RRR opened at $63.11 on Monday. Red Rock Resorts, Inc. has a fifty-two week low of $47.56 and a fifty-two week high of $68.99. The company has a market capitalization of $6.63 billion, a price-to-earnings ratio of 20.29, a price-to-earnings-growth ratio of 4.78 and a beta of 1.36. The firm has a 50-day simple moving average of $55.80 and a 200-day simple moving average of $59.03. The company has a debt-to-equity ratio of 14.42, a quick ratio of 0.76 and a current ratio of 0.81.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last announced its earnings results on Wednesday, April 29th. The company reported $0.73 earnings per share for the quarter, missing the consensus estimate of $0.90 by ($0.17). Red Rock Resorts had a return on equity of 61.67% and a net margin of 9.21%.The business had revenue of $507.32 million for the quarter, compared to analyst estimates of $505.63 million. During the same quarter last year, the company posted $0.75 EPS. Red Rock Resorts's quarterly revenue was up 1.9% on a year-over-year basis. On average, equities research analysts anticipate that Red Rock Resorts, Inc. will post 1.53 earnings per share for the current year.

Red Rock Resorts Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be paid a dividend of $0.26 per share. The ex-dividend date is Monday, June 15th. This represents a $1.04 annualized dividend and a dividend yield of 1.6%. Red Rock Resorts's dividend payout ratio is 33.44%.

About Red Rock Resorts

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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