King Luther Capital Management Corp Sells 23,466 Shares of Red Rock Resorts, Inc. (NASDAQ:RRR)

Key Points

• King Luther Capital Management Corp reduced its stake in Red Rock Resorts by 33.5%, now owning 46,666 shares valued at approximately $2.02 million.
• JPMorgan Chase & Co. and Wells Fargo increased their positions in Red Rock Resorts by 5.7% and 16.2% respectively during the previous quarter, indicating institutional interest in the company.
• Red Rock Resorts is set to pay a quarterly dividend of $0.25 per share on September 30th, which represents an annualized yield of 1.8%.

King Luther Capital Management Corp trimmed its position in Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report) by 33.5% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 46,666 shares of the company's stock after selling 23,466 shares during the period. King Luther Capital Management Corp's holdings in Red Rock Resorts were worth $2,024,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in RRR. CANADA LIFE ASSURANCE Co increased its position in shares of Red Rock Resorts by 3.0% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 10,662 shares of the company's stock valued at $492,000 after buying an additional 314 shares during the period. Mayfair Advisory Group LLC increased its position in Red Rock Resorts by 8.1% during the 1st quarter. Mayfair Advisory Group LLC now owns 4,861 shares of the company's stock valued at $211,000 after purchasing an additional 364 shares during the period. Nisa Investment Advisors LLC boosted its stake in Red Rock Resorts by 3.0% in the 1st quarter. Nisa Investment Advisors LLC now owns 15,651 shares of the company's stock worth $679,000 after purchasing an additional 456 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of Red Rock Resorts by 47.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 2,055 shares of the company's stock valued at $95,000 after purchasing an additional 664 shares in the last quarter. Finally, Sterling Capital Management LLC raised its position in Red Rock Resorts by 654.7% during the fourth quarter. Sterling Capital Management LLC now owns 883 shares of the company's stock worth $41,000 after acquiring an additional 766 shares during the period. Institutional investors and hedge funds own 47.84% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on RRR shares. JPMorgan Chase & Co. initiated coverage on Red Rock Resorts in a research note on Monday, June 23rd. They set an "overweight" rating and a $62.00 price target for the company. Morgan Stanley increased their price target on Red Rock Resorts from $49.00 to $53.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 6th. Citigroup reissued an "outperform" rating on shares of Red Rock Resorts in a research note on Friday, July 18th. Macquarie reaffirmed an "outperform" rating and issued a $58.00 price target on shares of Red Rock Resorts in a research note on Friday, May 2nd. Finally, Susquehanna reaffirmed a "positive" rating and set a $68.00 price target (up previously from $65.00) on shares of Red Rock Resorts in a research note on Wednesday, July 30th. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Red Rock Resorts currently has an average rating of "Moderate Buy" and a consensus price target of $60.73.

Insiders Place Their Bets

In other news, CFO Stephen Lawrence Cootey sold 121,400 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was 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 directly owned 260,268 shares of the company's stock, valued at $15,626,490.72. This trade represents a 31.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Jeffrey T. Welch sold 56,653 shares of Red Rock Resorts 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 completion of the sale, 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. Over the last 90 days, insiders sold 225,628 shares of company stock valued at $13,501,984. 53.81% of the stock is currently owned by corporate insiders.

Red Rock Resorts Stock Performance

Shares of NASDAQ RRR traded down $1.54 during mid-day trading on Friday, reaching $59.04. 324,160 shares of the company were exchanged, compared to its average volume of 714,535. The company's 50-day simple moving average is $54.37 and its 200-day simple moving average is $48.78. The stock has a market capitalization of $6.26 billion, a P/E ratio of 20.08, a P/E/G ratio of 2.46 and a beta of 1.66. The company has a quick ratio of 0.84, a current ratio of 0.89 and a debt-to-equity ratio of 11.28. Red Rock Resorts, Inc. has a twelve month low of $35.09 and a twelve month high of $62.00.

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

Red Rock Resorts Dividend Announcement

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 issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Monday, September 15th. Red Rock Resorts's dividend payout ratio (DPR) is currently 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.