Nomura Holdings Inc. Acquires Shares of 11,086 Red Rock Resorts, Inc. $RRR

Key Points

• Nomura Holdings Inc. established a new position in Red Rock Resorts by purchasing 11,086 shares valued at approximately $481,000 in the 1st quarter.
• Analysts are optimistic about Red Rock Resorts, with multiple brokerages issuing positive ratings and price targets ranging from $60.00 to $68.00.
• Red Rock Resorts is set to pay a quarterly dividend of $0.25 per share on September 30th, reflecting an annualized dividend of $1.00 and a yield of 1.6%.

Nomura Holdings Inc. acquired a new position in shares of Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 11,086 shares of the company's stock, valued at approximately $481,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Pandora Wealth Inc. purchased a new position in Red Rock Resorts during the first quarter worth about $43,000. US Bancorp DE lifted its holdings 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 during the last quarter. New Age Alpha Advisors LLC purchased a new position in shares of Red Rock Resorts during the 1st quarter worth approximately $89,000. Tower Research Capital LLC TRC increased its holdings in 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 valued at $95,000 after purchasing an additional 664 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its position in Red Rock Resorts by 51.1% in the first quarter. PNC Financial Services Group Inc. now owns 2,854 shares of the company's stock valued at $124,000 after purchasing an additional 965 shares during the period. 47.84% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on RRR. Morgan Stanley upped their price target on Red Rock Resorts from $49.00 to $53.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 6th. Citigroup reissued an "outperform" rating on shares of Red Rock Resorts in a research note on Friday, July 18th. Mizuho raised their target price on Red Rock Resorts from $59.00 to $62.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Truist Financial upgraded shares of Red Rock Resorts from a "hold" rating to a "buy" rating and boosted their price target for the stock from $45.00 to $67.00 in a research note on Wednesday, July 16th. Finally, JPMorgan Chase & Co. began coverage on shares of Red Rock Resorts in a research note on Monday, June 23rd. They issued an "overweight" rating and a $62.00 price objective for the company. Eight analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $60.73.

Insider Buying and Selling at Red Rock Resorts

In related news, CFO Stephen Lawrence Cootey sold 121,400 shares of the company's stock in a transaction dated 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 represents a 31.81% 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 firm's stock in a transaction that occurred on 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 transaction, the executive vice president owned 314,767 shares in the company, valued at $18,958,416.41. This 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 over the last 90 days. Corporate insiders own 53.81% of the company's stock.

Red Rock Resorts Stock Up 0.9%

Shares of RRR traded up $0.53 during mid-day trading on Wednesday, reaching $61.51. The company's stock had a trading volume of 520,592 shares, compared to its average volume of 704,291. The company has a debt-to-equity ratio of 11.28, a current ratio of 0.89 and a quick ratio of 0.84. Red Rock Resorts, Inc. has a 12-month low of $35.09 and a 12-month high of $63.60. The stock has a market cap of $6.49 billion, a PE ratio of 20.92, a price-to-earnings-growth ratio of 2.46 and a beta of 1.46. The company's 50 day moving average is $58.44 and its 200 day moving average is $50.21.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The company reported $0.95 EPS for the quarter, beating the consensus estimate of $0.40 by $0.55. The company had revenue of $526.27 million for 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 firm's revenue was up 8.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.59 earnings per share. Equities analysts anticipate that Red Rock Resorts, Inc. will post 1.76 EPS for the current fiscal year.

Red Rock Resorts Dividend Announcement

The business 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 $0.25 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.00 dividend on an annualized basis and a yield of 1.6%. Red Rock Resorts's payout ratio is 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.