Eminence Capital LP Buys 421,723 Shares of Red Rock Resorts, Inc. $RRR

Key Points

• Eminence Capital LP raised its stake in Red Rock Resorts, increasing holdings by 20.5% during the first quarter, now owning approximately 2.34% of the company worth around $107.48 million.
• Multiple institutional investors have adjusted their positions, with significant increases, such as US Bancorp DE boosting its holdings by 1,664.4% and PNC Financial Services Group raising its stake by 51.1%.
• Red Rock Resorts reported earnings of $0.95 per share for the last quarter, beating estimates significantly, with revenue of $526.27 million compared to expectations of $485.44 million.

Eminence Capital LP lifted its position in Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report) by 20.5% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,478,311 shares of the company's stock after buying an additional 421,723 shares during the period. Red Rock Resorts makes up 1.8% of Eminence Capital LP's holdings, making the stock its 29th largest position. Eminence Capital LP owned about 2.34% of Red Rock Resorts worth $107,484,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of RRR. Pandora Wealth Inc. bought a new stake in shares of Red Rock Resorts in the 1st quarter worth $43,000. US Bancorp DE raised its stake in shares of Red Rock Resorts by 1,664.4% in the 1st quarter. US Bancorp DE now owns 1,041 shares of the company's stock worth $45,000 after buying an additional 982 shares in the last quarter. New Age Alpha Advisors LLC bought a new stake in shares of Red Rock Resorts in the 1st quarter worth $89,000. Tower Research Capital LLC TRC raised its stake in shares of Red Rock Resorts by 47.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 2,055 shares of the company's stock worth $95,000 after buying an additional 664 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in shares of Red Rock Resorts by 51.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,854 shares of the company's stock worth $124,000 after buying an additional 965 shares in the last quarter. Institutional investors own 47.84% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on RRR shares. Stifel Nicolaus set a $60.00 price objective on Red Rock Resorts and gave the stock a "hold" rating in a research note on Wednesday, July 30th. JMP Securities boosted their target price on Red Rock Resorts from $57.00 to $64.00 and gave the stock a "market outperform" rating in a research report on Wednesday, July 30th. Truist Financial raised Red Rock Resorts from a "hold" rating to a "buy" rating and boosted their target price for the stock from $45.00 to $67.00 in a research report on Wednesday, July 16th. Citigroup reaffirmed an "outperform" rating on shares of Red Rock Resorts in a research report on Friday, July 18th. Finally, Barclays boosted their target price on Red Rock Resorts from $62.00 to $65.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Red Rock Resorts has an average rating of "Moderate Buy" and an average price target of $60.73.

Insider Buying and Selling at Red Rock Resorts

In other Red Rock Resorts news, COO Kord Nichols sold 42,325 shares of the company's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $58.61, for a total value of $2,480,668.25. Following the transaction, the chief operating officer directly owned 129,361 shares of the company's stock, valued at $7,581,848.21. This represents a 24.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Jeffrey T. Welch sold 56,653 shares of the company's 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 transaction, the executive vice president directly owned 314,767 shares in the company, valued at approximately $18,958,416.41. The trade was a 15.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 262,703 shares of company stock worth $15,764,672 over the last 90 days. 53.28% of the stock is currently owned by corporate insiders.

Red Rock Resorts Stock Down 1.4%

NASDAQ:RRR traded down $0.89 during trading hours on Monday, hitting $61.37. 534,584 shares of the company's stock traded hands, compared to its average volume of 722,542. The firm has a market cap of $6.47 billion, a P/E ratio of 20.87, a P/E/G ratio of 2.51 and a beta of 1.46. Red Rock Resorts, Inc. has a twelve month low of $35.09 and a twelve month high of $63.60. The company has a debt-to-equity ratio of 11.28, a quick ratio of 0.84 and a current ratio of 0.89. The stock's fifty day moving average price is $57.96 and its two-hundred day moving average price is $49.99.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last posted its quarterly earnings results on Tuesday, July 29th. The company reported $0.95 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.55. The firm had revenue of $526.27 million for the quarter, compared to analyst estimates of $485.44 million. Red Rock Resorts had a return on equity of 59.97% and a net margin of 8.89%.Red Rock Resorts's quarterly revenue was up 8.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.59 earnings per share. On average, research analysts expect that Red Rock Resorts, Inc. will post 1.76 earnings per share for the current fiscal year.

Red Rock Resorts Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend is Monday, September 15th. Red Rock Resorts's payout ratio is presently 34.01%.

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.