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Red Rock Resorts, Inc. (NASDAQ:RRR) Shares Acquired by Malaga Cove Capital LLC

Red Rock Resorts logo with Consumer Discretionary background

Key Points

  • Malaga Cove Capital LLC significantly increased its stake in Red Rock Resorts by 85.3%, owning a total of 24,783 shares worth approximately $1,075,000 as per the recent SEC filing.
  • Red Rock Resorts reported $0.95 earnings per share for the last quarter, exceeding analysts' expectations of $0.40, with revenue also surpassing estimates at $526.27 million.
  • The company announced a quarterly dividend of $0.25 per share, representing an annual yield of 1.7%, with an ex-dividend date set for September 15th.
  • Five stocks to consider instead of Red Rock Resorts.

Malaga Cove Capital LLC lifted its stake in shares of Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report) by 85.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 24,783 shares of the company's stock after acquiring an additional 11,406 shares during the period. Malaga Cove Capital LLC's holdings in Red Rock Resorts were worth $1,075,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of RRR. Raymond James Financial Inc. purchased a new position in Red Rock Resorts during the fourth quarter worth about $292,000. Commonwealth Equity Services LLC raised its position in shares of Red Rock Resorts by 184.2% during the 4th quarter. Commonwealth Equity Services LLC now owns 12,509 shares of the company's stock valued at $578,000 after buying an additional 8,107 shares during the period. American Century Companies Inc. lifted its holdings in Red Rock Resorts by 11.7% in the fourth quarter. American Century Companies Inc. now owns 34,530 shares of the company's stock valued at $1,597,000 after acquiring an additional 3,623 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Red Rock Resorts by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 5,181,146 shares of the company's stock valued at $239,576,000 after acquiring an additional 50,193 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in Red Rock Resorts by 5.7% in the fourth quarter. JPMorgan Chase & Co. now owns 94,255 shares of the company's stock worth $4,358,000 after acquiring an additional 5,058 shares during the period. Institutional investors and hedge funds own 47.84% of the company's stock.

Red Rock Resorts Price Performance

NASDAQ:RRR opened at $60.54 on Friday. The company's 50-day moving average is $52.65 and its two-hundred day moving average is $48.07. The company has a current ratio of 0.92, a quick ratio of 0.87 and a debt-to-equity ratio of 9.04. The firm has a market cap 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 12-month low of $35.09 and a 12-month high of $62.00.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The company reported $0.95 earnings per share for the quarter, beating analysts' consensus estimates of $0.40 by $0.55. Red Rock Resorts had a net margin of 8.89% and a return on equity of 59.56%. The firm had revenue of $526.27 million for the quarter, compared to analysts' expectations of $485.44 million. During the same period in the previous year, the company posted $0.59 earnings per share. Red Rock Resorts's revenue was up 8.2% compared to the same quarter last year. Research analysts expect that Red Rock Resorts, Inc. will post 1.76 EPS for the current year.

Red Rock Resorts Dividend Announcement

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

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. JMP Securities boosted their price objective on shares of Red Rock Resorts from $57.00 to $64.00 and gave the company a "market outperform" rating in a report on Wednesday. Mizuho boosted their price target on shares of Red Rock Resorts from $59.00 to $62.00 and gave the company an "outperform" rating in a research note on Thursday. Morgan Stanley upped their price objective on shares of Red Rock Resorts from $47.00 to $49.00 and gave the stock an "equal weight" rating in a report on Friday, July 11th. Citigroup reiterated an "outperform" rating on shares of Red Rock Resorts in a report on Friday, July 18th. Finally, Susquehanna reissued a "positive" rating and issued a $68.00 target price (up previously from $65.00) on shares of Red Rock Resorts in a research report on Wednesday. Four analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $60.36.

Get Our Latest Report on Red Rock Resorts

About Red Rock Resorts

(Free Report)

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.

Read More

Want to see what other hedge funds are holding RRR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report).

Institutional Ownership by Quarter for Red Rock Resorts (NASDAQ:RRR)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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