T. Rowe Price Investment Management Inc. Sells 8,144 Shares of Red Rock Resorts, Inc. $RRR

Key Points

• T. Rowe Price Investment Management Inc. has reduced its stake in Red Rock Resorts, Inc. by 0.7%, bringing its total ownership to 1,217,044 shares valued at approximately $52.78 million.
• Multiple hedge funds, including Wellington Management Group LLP and Nuveen LLC, have increased their positions in Red Rock Resorts, indicating growing interest in the company.
• The company has announced a quarterly dividend of $0.25 per share to be paid on September 30th, reflecting a 1.6% dividend yield.

T. Rowe Price Investment Management Inc. decreased its stake in Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report) by 0.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,217,044 shares of the company's stock after selling 8,144 shares during the period. T. Rowe Price Investment Management Inc. owned approximately 1.15% of Red Rock Resorts worth $52,784,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of RRR. EntryPoint Capital LLC bought a new position in shares of Red Rock Resorts during the 1st quarter worth about $567,000. Wellington Management Group LLP increased its stake in Red Rock Resorts by 29.0% during the first quarter. Wellington Management Group LLP now owns 111,201 shares of the company's stock valued at $4,823,000 after acquiring an additional 24,971 shares during the period. Versor Investments LP raised its holdings in Red Rock Resorts by 57.6% in the 1st quarter. Versor Investments LP now owns 9,612 shares of the company's stock valued at $417,000 after acquiring an additional 3,512 shares in the last quarter. Nuveen LLC bought a new stake in shares of Red Rock Resorts in the 1st quarter worth approximately $11,025,000. Finally, Pandora Wealth Inc. bought a new stake in shares of Red Rock Resorts during the first quarter valued at approximately $43,000. 47.84% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Red Rock Resorts news, EVP Jeffrey T. Welch sold 56,653 shares of the stock in a transaction dated 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 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Stephen Lawrence Cootey sold 121,400 shares of the company's stock in a transaction dated Friday, August 1st. The shares were 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 in the company, valued at $15,626,490.72. This trade represents a 31.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 262,703 shares of company stock valued at $15,764,672. 53.81% of the stock is owned by insiders.

Red Rock Resorts Trading Down 0.4%

Red Rock Resorts stock traded down $0.24 during mid-day trading on Thursday, hitting $62.73. 150,345 shares of the company's stock were exchanged, compared to its average volume of 719,853. The company's 50 day simple moving average is $56.42 and its 200-day simple moving average is $49.53. The company has a quick ratio of 0.84, a current ratio of 0.89 and a debt-to-equity ratio of 11.28. The firm has a market capitalization of $6.62 billion, a P/E ratio of 21.34, a PEG ratio of 2.53 and a beta of 1.66. Red Rock Resorts, Inc. has a fifty-two week low of $35.09 and a fifty-two week high of $63.60.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last announced its quarterly earnings results on Tuesday, July 29th. The company reported $0.95 earnings per share for the quarter, beating analysts' consensus estimates of $0.40 by $0.55. Red Rock Resorts had a net margin of 8.89% and a return on equity of 59.97%. The firm had revenue of $526.27 million for the quarter, compared to analyst estimates of $485.44 million. During the same quarter in the previous year, the firm posted $0.59 earnings per share. The business's revenue was up 8.2% on a year-over-year basis. On average, equities analysts anticipate that Red Rock Resorts, Inc. will post 1.76 earnings per share for the current year.

Red Rock Resorts Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders 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 dividend yield of 1.6%. The ex-dividend date of this dividend is Monday, September 15th. Red Rock Resorts's dividend payout ratio (DPR) is presently 34.01%.

Analyst Ratings Changes

A number of research firms have recently weighed in on RRR. Truist Financial upgraded Red Rock Resorts from a "hold" rating to a "buy" rating and boosted their target price for the stock from $45.00 to $67.00 in a research report on Wednesday, July 16th. JPMorgan Chase & Co. initiated coverage on Red Rock Resorts in a report on Monday, June 23rd. They set an "overweight" rating and a $62.00 price objective for the company. Citigroup reaffirmed an "outperform" rating on shares of Red Rock Resorts in a research note on Friday, July 18th. Barclays lifted their price target on shares of Red Rock Resorts from $62.00 to $65.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. Finally, Mizuho increased their price objective on shares of Red Rock Resorts from $59.00 to $62.00 and gave the company an "outperform" rating in a report on Thursday, July 31st. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Red Rock Resorts has a consensus 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.