Red Rock Resorts, Inc. $RRR Shares Sold by Comerica Bank

Key Points

• Comerica Bank reduced its stake in Red Rock Resorts by 91.2% in Q4, selling 353,802 shares and leaving 34,042 shares valued at about $2.11 million.
• Red Rock Resorts reported quarterly EPS of $0.73, missing consensus by $0.17, while revenue of $507.3 million slightly exceeded expectations.
• The company declared a quarterly dividend of $0.26 (annualized $1.04, ~2.0% yield; ex-dividend June 15), and analysts maintain a consensus Moderate Buy rating with a $67.93 price target.

Comerica Bank decreased its position in shares of Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report) by 91.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,042 shares of the company's stock after selling 353,802 shares during the period. Comerica Bank's holdings in Red Rock Resorts were worth $2,109,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Salomon & Ludwin LLC acquired a new position in shares of Red Rock Resorts during the 4th quarter valued at $25,000. Strs Ohio acquired a new stake in shares of Red Rock Resorts in the third quarter valued at $37,000. GAMMA Investing LLC boosted its stake in Red Rock Resorts by 53.8% during the fourth quarter. GAMMA Investing LLC now owns 752 shares of the company's stock valued at $47,000 after buying an additional 263 shares in the last quarter. Canada Pension Plan Investment Board bought a new position in Red Rock Resorts during the second quarter valued at about $94,000. Finally, Russell Investments Group Ltd. grew its holdings in Red Rock Resorts by 1,385.7% during the second quarter. Russell Investments Group Ltd. now owns 1,872 shares of the company's stock worth $97,000 after acquiring an additional 1,746 shares during the period. 47.84% of the stock is currently owned by institutional investors and hedge funds.

Red Rock Resorts Trading Up 2.4%

Shares of RRR opened at $52.92 on Wednesday. The business's 50-day moving average price is $57.20 and its 200 day moving average price is $59.22. The company has a current ratio of 0.79, a quick ratio of 0.74 and a debt-to-equity ratio of 10.26. The stock has a market capitalization of $5.56 billion, a P/E ratio of 17.02, a P/E/G ratio of 2.16 and a beta of 1.35. Red Rock Resorts, Inc. has a 1-year low of $43.16 and a 1-year high of $68.99.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last posted its quarterly earnings data on Wednesday, April 29th. The company reported $0.73 EPS for the quarter, missing analysts' consensus estimates of $0.90 by ($0.17). The firm had revenue of $507.32 million for the quarter, compared to analysts' expectations of $505.63 million. Red Rock Resorts had a net margin of 9.21% and a return on equity of 58.18%. Red Rock Resorts's quarterly revenue was up 1.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.75 earnings per share. Analysts expect that Red Rock Resorts, Inc. will post 2.25 earnings per share for the current year.

Red Rock Resorts Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 15th will be paid a $0.26 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $1.04 dividend on an annualized basis and a yield of 2.0%. Red Rock Resorts's dividend payout ratio (DPR) is currently 33.44%.

Analysts Set New Price Targets

A number of brokerages have weighed in on RRR. JPMorgan Chase & Co. cut their price target on shares of Red Rock Resorts from $73.00 to $66.00 and set an "overweight" rating for the company in a report on Thursday, April 30th. Jefferies Financial Group reduced their price objective on shares of Red Rock Resorts from $79.00 to $74.00 and set a "buy" rating for the company in a research report on Monday, April 6th. Citizens Jmp dropped their target price on shares of Red Rock Resorts from $71.00 to $67.00 and set a "market outperform" rating on the stock in a report on Thursday, April 30th. Susquehanna cut their target price on shares of Red Rock Resorts from $77.00 to $70.00 and set a "positive" rating for the company in a research note on Thursday, April 30th. Finally, Morgan Stanley raised their target price on shares of Red Rock Resorts from $62.00 to $63.00 and gave the stock an "equal weight" rating in a report on Wednesday, April 8th. Twelve analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $67.93.

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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