Shellback Capital LP Has $4.34 Million Stock Holdings in Red Rock Resorts, Inc. $RRR

Key Points

• Shellback Capital LP increased its stake in Red Rock Resorts by 300%, owning 100,000 shares worth approximately $4.34 million after acquiring an additional 75,000 shares in the first quarter.
• Insider transactions included EVP Jeffrey T. Welch selling over 56,000 shares for $3.41 million and CFO Stephen Lawrence Cootey selling 121,400 shares valued at $7.29 million on the same day, indicating significant insider activity.
• Red Rock Resorts reported a quarterly revenue of $526.27 million, exceeding analysts' expectations, with a notable 8.2% year-over-year revenue growth and an EPS of $0.95.

Shellback Capital LP grew its holdings in Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report) by 300.0% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 100,000 shares of the company's stock after buying an additional 75,000 shares during the quarter. Shellback Capital LP owned approximately 0.09% of Red Rock Resorts worth $4,337,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Eminence Capital LP increased its position in Red Rock Resorts by 20.5% in the 1st quarter. Eminence Capital LP now owns 2,478,311 shares of the company's stock valued at $107,484,000 after acquiring an additional 421,723 shares in the last quarter. Vaughan Nelson Investment Management L.P. grew its stake in shares of Red Rock Resorts by 19.2% during the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,602,368 shares of the company's stock valued at $69,494,000 after purchasing an additional 258,310 shares during the last quarter. Nuveen LLC acquired a new stake in shares of Red Rock Resorts in the first quarter valued at approximately $11,025,000. D. E. Shaw & Co. Inc. raised its position in Red Rock Resorts by 537.7% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 215,397 shares of the company's stock worth $9,960,000 after purchasing an additional 181,619 shares during the last quarter. Finally, Millennium Management LLC lifted its holdings in Red Rock Resorts by 56.2% during the 1st quarter. Millennium Management LLC now owns 430,150 shares of the company's stock worth $18,656,000 after buying an additional 154,839 shares in the last quarter. Institutional investors and hedge funds own 47.84% of the company's stock.

Red Rock Resorts Stock Up 0.9%

NASDAQ RRR traded up $0.53 during trading hours on Wednesday, reaching $61.51. 520,592 shares of the company's stock were exchanged, compared to its average volume of 719,560. Red Rock Resorts, Inc. has a one year low of $35.09 and a one year high of $63.60. 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's 50-day moving average is $58.30 and its two-hundred day moving average is $50.13. The company has a market capitalization of $6.49 billion, a price-to-earnings ratio of 20.92, a price-to-earnings-growth ratio of 2.48 and a beta of 1.46.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last announced its earnings results on Tuesday, July 29th. The company reported $0.95 earnings per share for the quarter, topping analysts' consensus estimates of $0.40 by $0.55. The firm had revenue of $526.27 million during the quarter, compared to analyst estimates 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 revenue for the quarter was up 8.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.59 EPS. On average, analysts forecast that Red Rock Resorts, Inc. will post 1.76 EPS for the current fiscal year.

Red Rock Resorts Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Monday, September 15th. Red Rock Resorts's dividend payout ratio (DPR) is currently 34.01%.

Insider Buying and Selling at Red Rock Resorts

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

Analysts Set New Price Targets

Several research firms have recently commented on RRR. Stifel Nicolaus set a $60.00 target price on Red Rock Resorts and gave the company a "hold" rating in a research note on Wednesday, July 30th. Mizuho boosted their price objective on Red Rock Resorts from $59.00 to $62.00 and gave the stock an "outperform" rating in a report on Thursday, July 31st. Barclays raised their target price on shares of Red Rock Resorts from $62.00 to $65.00 and gave the company an "overweight" rating in a research note on Wednesday, July 30th. Susquehanna reissued a "positive" rating and set a $68.00 price target (up from $65.00) on shares of Red Rock Resorts in a research note on Wednesday, July 30th. Finally, JMP Securities raised 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 research note on Wednesday, July 30th. Eight equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $60.73.

Red Rock Resorts Company Profile

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.