Red Rock Resorts, Inc. $RRR Stake Lifted by Hsbc Holdings PLC

Key Points

• HSBC Holdings PLC increased its stake in Red Rock Resorts by 168.3% in the first quarter, ending with 86,798 shares worth about $4.64 million.
• Red Rock Resorts reported Q1 earnings of $0.73 per share, which missed analysts’ estimate of $0.90, though revenue came in slightly above expectations at $507.3 million.
• The company paid a quarterly dividend of $0.26 per share and has a 1.6% dividend yield; Wall Street remains constructive overall with a Moderate Buy consensus and a target price of $71.24.

Hsbc Holdings PLC raised its stake in Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report) by 168.3% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 86,798 shares of the company's stock after buying an additional 54,443 shares during the quarter. Hsbc Holdings PLC owned approximately 0.08% of Red Rock Resorts worth $4,642,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Salomon & Ludwin LLC acquired a new position in Red Rock Resorts during the 4th quarter worth $25,000. Kestra Advisory Services LLC bought a new stake in shares of Red Rock Resorts during the fourth quarter valued at about $27,000. Rockefeller Capital Management L.P. raised its stake in shares of Red Rock Resorts by 1,924.0% during the fourth 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 in the last quarter. GAMMA Investing LLC lifted its holdings in Red Rock Resorts by 53.8% in the fourth quarter. GAMMA Investing LLC now owns 752 shares of the company's stock worth $47,000 after purchasing an additional 263 shares during the period. Finally, PNC Financial Services Group Inc. lifted its holdings in 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 worth $91,000 after purchasing an additional 733 shares during the period. Institutional investors and hedge funds own 47.84% of the company's stock.

Red Rock Resorts Price Performance

Shares of RRR opened at $63.92 on Friday. The business's 50-day moving average is $61.12 and its 200-day moving average is $59.72. The company has a debt-to-equity ratio of 14.42, a current ratio of 0.81 and a quick ratio of 0.76. The company has a market capitalization of $6.71 billion, a price-to-earnings ratio of 20.55, a P/E/G ratio of 4.61 and a beta of 1.35. Red Rock Resorts, Inc. has a fifty-two week low of $50.52 and a fifty-two week high of $68.99.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The company reported $0.73 earnings per share for the quarter, missing analysts' consensus estimates of $0.90 by ($0.17). The company had revenue of $507.32 million during the quarter, compared to analyst estimates of $505.63 million. Red Rock Resorts had a return on equity of 61.67% and a net margin of 9.21%.The company's revenue was up 1.9% compared to the same quarter last year. During the same period last year, the company posted $0.75 earnings per share. Equities research analysts expect that Red Rock Resorts, Inc. will post 1.52 EPS for the current fiscal year.

Red Rock Resorts Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a dividend yield of 1.6%. The ex-dividend date of this dividend was Monday, June 15th. Red Rock Resorts's dividend payout ratio is currently 33.44%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on RRR shares. Citizens Jmp lowered their price objective on shares of Red Rock Resorts from $71.00 to $67.00 and set a "market outperform" rating on the stock in a research note on Thursday, April 30th. Morgan Stanley set a $61.00 target price on Red Rock Resorts in a research report on Wednesday. Jefferies Financial Group reaffirmed a "buy" rating on shares of Red Rock Resorts in a research note on Thursday, July 2nd. JPMorgan Chase & Co. lifted their price target on Red Rock Resorts from $66.00 to $72.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Finally, Zacks Research downgraded Red Rock Resorts from a "hold" rating to a "strong sell" rating in a research note on Wednesday, May 6th. Fourteen 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 company. According to MarketBeat.com, Red Rock Resorts has a consensus rating of "Moderate Buy" and a consensus target price of $71.24.

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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