Vanguard Group Inc. Sells 47,253 Shares of Red Rock Resorts, Inc. $RRR

Key Points

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Vanguard Group Inc. trimmed its stake in shares of Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report) by 0.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,133,893 shares of the company's stock after selling 47,253 shares during the quarter. Vanguard Group Inc. owned about 4.84% of Red Rock Resorts worth $222,657,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RRR. GAMMA Investing LLC boosted its position in shares of Red Rock Resorts by 7,978.4% in the first quarter. GAMMA Investing LLC now owns 8,240 shares of the company's stock valued at $357,000 after acquiring an additional 8,138 shares during the period. Vaughan Nelson Investment Management L.P. raised its stake in Red Rock Resorts by 19.2% in 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 in the last quarter. SG Americas Securities LLC acquired a new position in Red Rock Resorts in the first quarter valued at about $750,000. KBC Group NV raised its stake in Red Rock Resorts by 44.6% in the first quarter. KBC Group NV now owns 2,887 shares of the company's stock valued at $125,000 after purchasing an additional 891 shares in the last quarter. Finally, Malaga Cove Capital LLC raised its stake in Red Rock Resorts by 85.3% during the first quarter. Malaga Cove Capital LLC now owns 24,783 shares of the company's stock worth $1,075,000 after acquiring an additional 11,406 shares in the last quarter. 47.84% of the stock is owned by institutional investors.

Red Rock Resorts Price Performance

Shares of Red Rock Resorts stock opened at $59.50 on Tuesday. The company has a debt-to-equity ratio of 11.28, a current ratio of 0.89 and a quick ratio of 0.84. The business's 50 day simple moving average is $54.76 and its two-hundred day simple moving average is $48.93. The stock has a market capitalization of $6.28 billion, a P/E ratio of 20.24, a price-to-earnings-growth ratio of 2.38 and a beta of 1.66. Red Rock Resorts, Inc. has a one year low of $35.09 and a one year high of $62.00.

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

Red Rock Resorts Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be given a dividend of $0.25 per share. The ex-dividend date is Monday, September 15th. This represents a $1.00 annualized dividend and a dividend yield of 1.7%. Red Rock Resorts's payout ratio is currently 34.01%.

Insider Activity at Red Rock Resorts

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 stock was sold at an average price of $60.23, for a total transaction of $3,412,210.19. Following the sale, the executive vice president directly owned 314,767 shares in the company, valued at $18,958,416.41. The trade was a 15.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Kord Nichols sold 5,250 shares of Red Rock Resorts stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $61.00, for a total value of $320,250.00. Following the sale, the chief operating officer owned 124,111 shares in the company, valued at $7,570,771. This represents a 4.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 225,628 shares of company stock worth $13,501,984 over the last ninety days. 53.28% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on RRR. Barclays upped their price objective on 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 restated a "positive" rating and set a $68.00 price target (up from $65.00) on shares of Red Rock Resorts in a report on Wednesday, July 30th. Morgan Stanley increased their target price on Red Rock Resorts from $49.00 to $53.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 6th. Stifel Nicolaus set a $60.00 price target on Red Rock Resorts and gave the company a "hold" rating in a research report on Wednesday, July 30th. Finally, Macquarie reissued an "outperform" rating and issued a $58.00 price target on shares of Red Rock Resorts in a research report on Friday, May 2nd. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $60.73.

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.

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