Institute for Wealth Management LLC. Acquires 5,921 Shares of Red Rock Resorts, Inc. $RRR

Key Points

• Institute for Wealth Management LLC increased its stake in Red Rock Resorts, acquiring an additional 5,921 shares and bringing its total holdings to 12,980 shares, valued at approximately $675,000.
• Analysts have recently increased price targets for Red Rock Resorts, with estimates ranging from $60.00 to $68.00, reflecting a positive outlook for the company's stock performance.
• Red Rock Resorts reported a significant earnings per share (EPS) of $0.95 for the last quarter, exceeding analyst expectations and showing an 8.2% year-over-year revenue growth to $526.27 million.

Institute for Wealth Management LLC. lifted its holdings in Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report) by 83.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,980 shares of the company's stock after acquiring an additional 5,921 shares during the period. Institute for Wealth Management LLC.'s holdings in Red Rock Resorts were worth $675,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Pandora Wealth Inc. bought a new position in shares of Red Rock Resorts in the 1st quarter worth about $43,000. US Bancorp DE raised its position 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 acquiring an additional 982 shares in the last quarter. New Age Alpha Advisors LLC bought a new position in shares of Red Rock Resorts in the 1st quarter worth about $89,000. PNC Financial Services Group Inc. raised its position 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 acquiring an additional 965 shares in the last quarter. Finally, KBC Group NV raised its position in shares of Red Rock Resorts by 44.6% in the 1st quarter. KBC Group NV now owns 2,887 shares of the company's stock worth $125,000 after acquiring an additional 891 shares in the last quarter. 47.84% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on RRR shares. Truist Financial raised Red Rock Resorts from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $45.00 to $67.00 in a research report on Wednesday, July 16th. Susquehanna restated a "positive" rating and issued a $68.00 target price (up from $65.00) on shares of Red Rock Resorts in a research note on Wednesday, July 30th. JMP Securities raised their target price on Red Rock Resorts from $64.00 to $65.00 and gave the company a "market outperform" rating in a research note on Tuesday, September 16th. Citigroup restated an "outperform" rating on shares of Red Rock Resorts in a research note on Tuesday, September 16th. Finally, Stifel Nicolaus set a $60.00 target price on Red Rock Resorts and gave the company a "hold" rating in a research note on Wednesday, July 30th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $60.82.

Red Rock Resorts Stock Performance

Shares of RRR opened at $60.75 on Thursday. 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 has a 50 day moving average price of $60.15 and a two-hundred day moving average price of $51.63. The firm has a market capitalization of $6.41 billion, a P/E ratio of 20.66, a P/E/G ratio of 2.47 and a beta of 1.47. Red Rock Resorts, Inc. has a 52 week low of $35.09 and a 52 week high of $63.60.

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 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 firm had revenue of $526.27 million during the quarter, compared to analyst estimates of $485.44 million. During the same period in the previous year, the company posted $0.59 EPS. 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 earnings per share for the current fiscal year.

Red Rock Resorts Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th were given a $0.25 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $1.00 annualized dividend and a yield of 1.6%. Red Rock Resorts's payout ratio is currently 34.01%.

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 on 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 completion of the transaction, the chief operating officer owned 129,361 shares in the company, 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 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 on 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 completion of the transaction, the executive vice president owned 314,767 shares of the company's stock, valued at $18,958,416.41. This trade represents a 15.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold 262,703 shares of company stock worth $15,764,672 in the last quarter. 53.81% of the stock is currently owned by company insiders.

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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