Bayforest Capital Ltd Acquires 17,623 Shares of Red Rock Resorts, Inc. (NASDAQ:RRR)

Key Points

• Bayforest Capital Ltd increased its stake in Red Rock Resorts by 1,011.1% in Q1, owning 19,366 shares valued at approximately $840,000.
• Wall Street analysts have shown a positive outlook, with several upgrades; Truist Financial raised its rating from "hold" to "buy" and set a price target of $67.00.
• Red Rock Resorts declared a quarterly dividend of $0.25 per share, with an annualized yield of 1.82%, scheduled for payment on September 15th.

Bayforest Capital Ltd grew its holdings in shares of Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report) by 1,011.1% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 19,366 shares of the company's stock after acquiring an additional 17,623 shares during the quarter. Bayforest Capital Ltd's holdings in Red Rock Resorts were worth $840,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Sterling Capital Management LLC grew its holdings in shares of Red Rock Resorts by 654.7% in the fourth quarter. Sterling Capital Management LLC now owns 883 shares of the company's stock worth $41,000 after purchasing an additional 766 shares during the last quarter. Tower Research Capital LLC TRC boosted its position in 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 buying an additional 664 shares during the period. KBC Group NV grew its holdings in 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 during the last quarter. Mayfair Advisory Group LLC increased its position in shares of Red Rock Resorts by 8.1% in the first quarter. Mayfair Advisory Group LLC now owns 4,861 shares of the company's stock valued at $211,000 after acquiring an additional 364 shares during the period. Finally, Jump Financial LLC bought a new position in shares of Red Rock Resorts during the fourth quarter valued at about $253,000. 47.84% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Morgan Stanley raised their target price on Red Rock Resorts from $47.00 to $49.00 and gave the stock an "equal weight" rating in a research note on Friday, July 11th. Citigroup reissued an "outperform" rating on shares of Red Rock Resorts in a research note on Friday, July 18th. Barclays lifted their price target on shares of Red Rock Resorts from $62.00 to $65.00 and gave the company an "overweight" rating in a report on Wednesday. Stifel Nicolaus upped their price objective on shares of Red Rock Resorts from $44.00 to $60.00 and gave the stock a "hold" rating in a report on Wednesday. Finally, Macquarie reiterated an "outperform" rating and set a $58.00 price target on shares of Red Rock Resorts in a research report on Friday, May 2nd. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $60.36.

Red Rock Resorts Stock Down 1.3%

Shares of RRR traded down $0.81 during mid-day trading on Friday, reaching $60.54. The company had a trading volume of 1,622,630 shares, compared to its average volume of 829,017. The firm has a 50-day moving average price of $52.38 and a 200 day moving average price of $47.96. The company has a market capitalization of $6.42 billion, a price-to-earnings ratio of 20.59, a price-to-earnings-growth ratio of 3.64 and a beta of 1.66. Red Rock Resorts, Inc. has a 52 week low of $35.09 and a 52 week high of $62.00. The company has a debt-to-equity ratio of 9.04, a quick ratio of 0.87 and a current ratio of 0.92.

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 (EPS) for the quarter, topping the consensus estimate 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 return on equity of 59.56% and a net margin of 8.89%. Red Rock Resorts's quarterly revenue was up 8.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.59 EPS. On average, sell-side analysts forecast that Red Rock Resorts, Inc. will post 1.76 EPS for the current year.

Red Rock Resorts Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be issued a dividend of $0.25 per share. The ex-dividend date is Monday, September 15th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.7%. Red Rock Resorts's dividend payout ratio is presently 34.01%.

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.