State of Alaska Department of Revenue Raises Holdings in Red Rock Resorts, Inc. $RRR

Key Points

• State of Alaska Department of Revenue increased its stake in Red Rock Resorts by 1,111.8% in Q4, adding 35,612 shares to hold 38,815 shares worth about $2.40 million at quarter-end.
• Red Rock Resorts beat quarterly estimates (EPS $0.75 vs $0.41; revenue $511.8M vs $500.9M), and Wall Street is broadly positive with a "Moderate Buy" consensus and an average price target of $71.36.

State of Alaska Department of Revenue lifted its holdings in shares of Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report) by 1,111.8% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 38,815 shares of the company's stock after acquiring an additional 35,612 shares during the period. State of Alaska Department of Revenue's holdings in Red Rock Resorts were worth $2,403,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of Red Rock Resorts by 6.7% during the third quarter. Vanguard Group Inc. now owns 5,564,421 shares of the company's stock worth $339,764,000 after acquiring an additional 349,822 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of Red Rock Resorts by 2,248.2% during the third quarter. Arrowstreet Capital Limited Partnership now owns 1,354,644 shares of the company's stock worth $82,715,000 after acquiring an additional 1,296,956 shares during the last quarter. Balyasny Asset Management L.P. grew its stake in shares of Red Rock Resorts by 53.8% during the second quarter. Balyasny Asset Management L.P. now owns 793,371 shares of the company's stock worth $41,279,000 after acquiring an additional 277,426 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Red Rock Resorts by 0.3% during the third quarter. Dimensional Fund Advisors LP now owns 493,420 shares of the company's stock worth $30,133,000 after acquiring an additional 1,589 shares during the last quarter. Finally, Millennium Management LLC grew its stake in shares of Red Rock Resorts by 56.2% during the first quarter. Millennium Management LLC now owns 430,150 shares of the company's stock worth $18,656,000 after acquiring an additional 154,839 shares during the last quarter. Hedge funds and other institutional investors own 47.84% of the company's stock.

Red Rock Resorts Trading Up 0.6%

Red Rock Resorts stock opened at $56.91 on Friday. The company has a quick ratio of 0.74, a current ratio of 0.79 and a debt-to-equity ratio of 10.26. Red Rock Resorts, Inc. has a 52 week low of $39.45 and a 52 week high of $68.99. The stock has a 50-day moving average price of $59.02 and a 200 day moving average price of $59.46. The company has a market capitalization of $5.98 billion, a price-to-earnings ratio of 18.18, a price-to-earnings-growth ratio of 2.35 and a beta of 1.48.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last released its quarterly earnings data on Tuesday, February 10th. The company reported $0.75 EPS for the quarter, topping the consensus estimate of $0.41 by $0.34. Red Rock Resorts had a return on equity of 58.13% and a net margin of 9.35%.The business had revenue of $511.78 million for the quarter, compared to analyst estimates of $500.90 million. During the same quarter in the prior year, the firm posted $0.76 EPS. The business's quarterly revenue was up 3.2% compared to the same quarter last year. Sell-side analysts anticipate that Red Rock Resorts, Inc. will post 1.76 EPS for the current year.

Red Rock Resorts Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Monday, March 16th were given a $0.26 dividend. This represents a $1.04 annualized dividend and a yield of 1.8%. The ex-dividend date was Monday, March 16th. Red Rock Resorts's dividend payout ratio is currently 33.23%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on RRR. Citigroup restated a "market outperform" rating on shares of Red Rock Resorts in a research note on Tuesday, March 10th. UBS Group set a $73.00 price target on Red Rock Resorts in a research note on Wednesday, December 24th. Truist Financial restated a "buy" rating and set a $80.00 price target (up from $75.00) on shares of Red Rock Resorts in a research note on Wednesday, February 11th. Jefferies Financial Group dropped their price target on Red Rock Resorts from $79.00 to $74.00 and set a "buy" rating on the stock in a research note on Monday, April 6th. Finally, Barclays boosted their price target on Red Rock Resorts from $65.00 to $69.00 and gave the stock an "overweight" rating in a research note on Friday, January 16th. Twelve investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $71.36.

Red Rock Resorts Company Profile

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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