Red Rock Resorts, Inc. $RRR Shares Sold by BI Asset Management Fondsmaeglerselskab A S

Key Points

• BI Asset Management Fondsmaeglerselskab A S cut its Red Rock Resorts stake by 27.4% in the first quarter, selling 34,443 shares and ending with 91,357 shares valued at about $4.88 million.
• Analyst sentiment remains mostly positive, with 12 Buy ratings, three Hold ratings, and one Sell rating; the consensus price target is $67.53, though several firms recently trimmed their targets.
• Red Rock Resorts reported quarterly EPS of $0.73, missing estimates, while revenue came in slightly above expectations at $507.32 million; the company also announced a quarterly dividend of $0.26 per share, payable June 30.

BI Asset Management Fondsmaeglerselskab A S lessened its stake in shares of Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report) by 27.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 91,357 shares of the company's stock after selling 34,443 shares during the period. BI Asset Management Fondsmaeglerselskab A S owned approximately 0.09% of Red Rock Resorts worth $4,875,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in RRR. Salomon & Ludwin LLC purchased a new stake in shares of Red Rock Resorts during the fourth quarter valued at $25,000. Kestra Advisory Services LLC acquired a new stake in Red Rock Resorts during the 4th quarter worth about $27,000. Rockefeller Capital Management L.P. grew its stake in Red Rock Resorts by 1,924.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 506 shares of the company's stock valued at $31,000 after purchasing an additional 481 shares during the last quarter. GAMMA Investing LLC grew its stake in Red Rock Resorts by 53.8% during the 4th quarter. GAMMA Investing LLC now owns 752 shares of the company's stock valued at $47,000 after purchasing an additional 263 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its holdings in shares of Red Rock Resorts by 98.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,474 shares of the company's stock valued at $91,000 after purchasing an additional 733 shares during the period. Hedge funds and other institutional investors own 47.84% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts recently commented on RRR shares. Wells Fargo & Company decreased their target price on Red Rock Resorts from $59.00 to $55.00 and set an "equal weight" rating for the company in a report on Thursday, April 30th. Morgan Stanley set a $59.00 price target on shares of Red Rock Resorts in a research report on Wednesday, May 6th. Truist Financial decreased their price objective on shares of Red Rock Resorts from $70.00 to $68.00 and set a "buy" rating for the company in a research note on Thursday, April 30th. Wall Street Zen downgraded shares of Red Rock Resorts from a "hold" rating to a "sell" rating in a report on Saturday, May 16th. Finally, Benchmark cut their price objective on shares of Red Rock Resorts from $67.00 to $63.00 and set a "buy" rating on the stock in a research note on Thursday, April 30th. Twelve research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $67.53.

Red Rock Resorts Stock Down 1.4%

Red Rock Resorts stock opened at $60.45 on Tuesday. The business's 50-day moving average price is $56.39 and its 200 day moving average price is $59.11. The company has a quick ratio of 0.76, a current ratio of 0.81 and a debt-to-equity ratio of 14.42. The firm has a market cap of $6.35 billion, a price-to-earnings ratio of 19.44, a price-to-earnings-growth ratio of 4.65 and a beta of 1.36. Red Rock Resorts, Inc. has a 52 week low of $49.47 and a 52 week high of $68.99.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The company reported $0.73 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.90 by ($0.17). Red Rock Resorts had a net margin of 9.21% and a return on equity of 61.67%. The company had revenue of $507.32 million during the quarter, compared to analyst estimates of $505.63 million. During the same period in the previous year, the firm posted $0.75 earnings per share. The company's revenue was up 1.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Red Rock Resorts, Inc. will post 1.53 earnings per share for the current year.

Red Rock Resorts Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th will be issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Monday, June 15th. Red Rock Resorts's payout ratio is 33.44%.

About Red Rock Resorts

Red Rock Resorts, Inc NASDAQ: RRR is a publicly traded gaming and hospitality company headquartered in Summerlin, Nevada. The company owns and operates a diversified portfolio of full-service casino resorts and neighborhood gaming properties in the Las Vegas valley. Its core business activities include resort hotel accommodations, casino gaming, food and beverage operations, entertainment and convention services designed to meet the needs of both leisure and business travelers.

The company's flagship resort, Red Rock Casino Resort & Spa, features a full range of table games, slot machines, a luxury spa, convention space, multiple signature restaurants and live entertainment venues.

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