Fox Run Management L.L.C. Reduces Stock Position in Red Rock Resorts, Inc. $RRR

Key Points

• Fox Run Management L.L.C. has reduced its stake in Red Rock Resorts by 47.6%, selling 4,193 shares, and now owns 4,616 shares valued at approximately $200,000.
• Red Rock Resorts recently announced a quarterly dividend of $0.25 per share, resulting in an annualized dividend yield of 1.7%.
• The company reported $0.95 EPS for the last quarter, significantly surpassing analysts' expectations of $0.40, and saw an 8.2% increase in quarterly revenue compared to the previous year.

Fox Run Management L.L.C. cut its position in Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report) by 47.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,616 shares of the company's stock after selling 4,193 shares during the period. Fox Run Management L.L.C.'s holdings in Red Rock Resorts were worth $200,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. Bamco Inc. NY grew its stake in shares of Red Rock Resorts by 6.9% in the 4th quarter. Bamco Inc. NY now owns 11,356,201 shares of the company's stock valued at $525,111,000 after buying an additional 732,917 shares during the period. Eminence Capital LP grew its stake in shares of Red Rock Resorts by 36.1% in the 4th quarter. Eminence Capital LP now owns 2,056,588 shares of the company's stock valued at $95,097,000 after buying an additional 546,047 shares during the period. Vaughan Nelson Investment Management L.P. grew its stake in shares of Red Rock Resorts by 19.2% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,602,368 shares of the company's stock valued at $69,494,000 after buying an additional 258,310 shares during the period. T. Rowe Price Investment Management Inc. grew its stake in shares of Red Rock Resorts by 3.3% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 1,225,188 shares of the company's stock valued at $56,653,000 after buying an additional 38,620 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in shares of Red Rock Resorts by 2.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 500,365 shares of the company's stock valued at $23,138,000 after buying an additional 9,918 shares during the period. 47.84% of the stock is currently owned by institutional investors and hedge funds.

Red Rock Resorts Stock Performance

Shares of Red Rock Resorts stock traded up $0.64 during mid-day trading on Tuesday, hitting $62.57. 578,574 shares of the stock were exchanged, compared to its average volume of 968,867. Red Rock Resorts, Inc. has a 12 month low of $35.09 and a 12 month high of $62.61. The company has a 50-day simple moving average of $56.18 and a 200 day simple moving average of $49.44. The company has a debt-to-equity ratio of 11.28, a quick ratio of 0.84 and a current ratio of 0.89. The company has a market capitalization of $6.60 billion, a P/E ratio of 21.28, a P/E/G ratio of 2.50 and a beta of 1.66.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last posted its earnings results on Tuesday, July 29th. The company reported $0.95 EPS for the quarter, topping the consensus estimate of $0.40 by $0.55. The firm had revenue of $526.27 million for the quarter, compared to analysts' expectations of $485.44 million. Red Rock Resorts had a net margin of 8.89% and a return on equity of 59.97%. The company's quarterly revenue was up 8.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.59 EPS. Sell-side analysts anticipate that Red Rock Resorts, Inc. will post 1.76 earnings per share 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 issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Monday, September 15th. Red Rock Resorts's payout ratio is 34.01%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. JMP Securities raised their target price on Red Rock Resorts from $57.00 to $64.00 and gave the company a "market outperform" rating in a research note on Wednesday, July 30th. Mizuho lifted their price target on Red Rock Resorts from $59.00 to $62.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Stifel Nicolaus set a $60.00 price target on Red Rock Resorts and gave the company a "hold" rating in a research note on Wednesday, July 30th. Susquehanna reiterated a "positive" rating and set a $68.00 price target (up previously from $65.00) on shares of Red Rock Resorts in a research note on Wednesday, July 30th. Finally, Truist Financial upgraded Red Rock Resorts from a "hold" rating to a "buy" rating and lifted their price target for the company from $45.00 to $67.00 in a research note on Wednesday, July 16th. Eight equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $60.73.

Insider Buying and Selling

In related news, EVP Jeffrey T. Welch sold 56,653 shares of Red Rock Resorts stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $60.23, for a total value of $3,412,210.19. Following the sale, the executive vice president owned 314,767 shares of the company's stock, valued at approximately $18,958,416.41. The trade was a 15.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Stephen Lawrence Cootey sold 121,400 shares of Red Rock Resorts stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $60.04, for a total transaction of $7,288,856.00. Following the completion of the sale, the chief financial officer directly owned 260,268 shares in the company, valued at $15,626,490.72. This trade represents a 31.81% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 262,703 shares of company stock valued at $15,764,672. 53.28% of the stock is owned by company insiders.

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.