VIRGINIA RETIREMENT SYSTEMS ET Al Purchases New Shares in Red Rock Resorts, Inc. $RRR

Key Points

• Virginia Retirement Systems acquired 49,500 shares of Red Rock Resorts worth approximately $3.22 million during the second quarter. Institutional investors collectively own 47.84% of the company.
• Analysts maintain a generally favorable outlook, with 16 Buy ratings and four Holds, an overall “Moderate Buy” consensus, and an average price target of $71.94.
• Red Rock Resorts beat quarterly earnings expectations with $0.67 EPS and $510.26 million in revenue, while revenue declined 3% year over year. The company also declared a quarterly dividend of $0.26 per share, representing a 1.9% annualized yield.

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report) during the second quarter, according to the company in its most recent filing with the SEC. The fund acquired 49,500 shares of the company's stock, valued at approximately $3,220,000.

A number of other institutional investors have also recently added to or reduced their stakes in the company. AQR Capital Management LLC acquired a new stake in shares of Red Rock Resorts during the first quarter valued at about $308,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Red Rock Resorts by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 29,272 shares of the company's stock worth $1,270,000 after acquiring an additional 1,282 shares in the last quarter. Millennium Management LLC boosted its holdings in Red Rock Resorts by 56.2% in the first quarter. Millennium Management LLC now owns 430,150 shares of the company's stock valued at $18,656,000 after purchasing an additional 154,839 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Red Rock Resorts by 4.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 106,275 shares of the company's stock valued at $4,609,000 after purchasing an additional 4,699 shares during the last quarter. Finally, American Century Companies Inc. grew its stake in Red Rock Resorts by 9.1% during the 2nd quarter. American Century Companies Inc. now owns 25,884 shares of the company's stock valued at $1,347,000 after purchasing an additional 2,166 shares in the last quarter. Institutional investors and hedge funds own 47.84% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Stifel Nicolaus set a $74.00 target price on Red Rock Resorts in a research report on Wednesday, August 5th. Morgan Stanley set a $61.00 price target on shares of Red Rock Resorts in a research report on Wednesday, July 22nd. Capital One Financial upgraded shares of Red Rock Resorts to a "buy" rating in a research note on Wednesday. Jefferies Financial Group reaffirmed a "buy" rating on shares of Red Rock Resorts in a report on Thursday, July 2nd. Finally, Bank of America increased their price objective on shares of Red Rock Resorts from $60.00 to $70.00 and gave the company a "neutral" rating in a research note on Monday, July 20th. Sixteen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $71.94.

Insider Buying and Selling at Red Rock Resorts

In other news, President Scott Kreeger sold 31,159 shares of the firm's stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $61.78, for a total value of $1,925,003.02. Following the transaction, the president directly owned 203,881 shares in the company, valued at approximately $12,595,768.18. This trade represents a 13.26% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 54.34% of the company's stock.

Red Rock Resorts Trading Down 0.6%

NASDAQ:RRR opened at $54.69 on Friday. The company has a market cap of $5.74 billion, a PE ratio of 19.33, a P/E/G ratio of 4.51 and a beta of 1.31. The business's 50 day moving average is $61.96 and its two-hundred day moving average is $59.17. The company has a quick ratio of 0.63, a current ratio of 0.68 and a debt-to-equity ratio of 12.33. Red Rock Resorts, Inc. has a 52 week low of $50.52 and a 52 week high of $68.99.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported $0.67 earnings per share for the quarter, beating analysts' consensus estimates of $0.51 by $0.16. The business had revenue of $510.26 million during the quarter, compared to the consensus estimate of $500.08 million. Red Rock Resorts had a return on equity of 56.19% and a net margin of 8.43%.The business's quarterly revenue was down 3.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.95 EPS. On average, analysts predict that Red Rock Resorts, Inc. will post 1.54 EPS for the current year.

Red Rock Resorts Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Tuesday, September 15th. Red Rock Resorts's dividend payout ratio is 36.75%.

Red Rock Resorts Company Profile

Red Rock Resorts, Inc is a gaming and entertainment company based in Las Vegas, Nevada. Through its subsidiary Station Casinos, the company owns and operates casino resorts, hotel properties, and neighborhood casinos, with a primary focus on the Southern Nevada market.

Its properties offer casino gaming, hotel accommodations, restaurants, bars, entertainment venues, meeting and event spaces, and other amenities. The portfolio includes Red Rock Casino Resort & Spa, Green Valley Ranch Resort Spa and Casino, Durango Casino & Resort, Palace Station, Boulder Station, Sunset Station, Santa Fe Station, and a number of Wildfire casino locations.

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