Voya Investment Management LLC Lowers Stock Position in Red Rock Resorts, Inc. $RRR

Key Points

• Voya Investment Management LLC reduced its stake in Red Rock Resorts by 9.5%, resulting in ownership of 111,774 shares valued at approximately $4.85 million as of its latest SEC filing.
• Red Rock Resorts reported $0.95 earnings per share for the recent quarter, significantly surpassing the consensus estimate of $0.40, with revenues increasing by 8.2% year-over-year.
• The company announced a quarterly dividend of $0.25 per share to be paid on September 30th, yielding 1.6% at an annualized rate of $1.00.

Voya Investment Management LLC cut its position in shares of Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report) by 9.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 111,774 shares of the company's stock after selling 11,701 shares during the period. Voya Investment Management LLC owned 0.11% of Red Rock Resorts worth $4,848,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Eminence Capital LP lifted its holdings in Red Rock Resorts by 20.5% during the first quarter. Eminence Capital LP now owns 2,478,311 shares of the company's stock valued at $107,484,000 after purchasing an additional 421,723 shares in the last quarter. Vaughan Nelson Investment Management L.P. lifted its holdings in 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 in the last quarter. Nuveen LLC purchased a new position in Red Rock Resorts during the first quarter valued at $11,025,000. Millennium Management LLC lifted its holdings in Red Rock Resorts by 56.2% during 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 in the last quarter. Finally, Trexquant Investment LP lifted its holdings in Red Rock Resorts by 116.8% during the first quarter. Trexquant Investment LP now owns 247,242 shares of the company's stock valued at $10,723,000 after purchasing an additional 133,208 shares in the last quarter. 47.84% of the stock is owned by hedge funds and other institutional investors.

Red Rock Resorts Price Performance

Red Rock Resorts stock opened at $60.99 on Friday. Red Rock Resorts, Inc. has a 12-month low of $35.09 and a 12-month high of $63.60. The stock has a market cap of $6.43 billion, a P/E ratio of 20.74, a PEG ratio of 2.45 and a beta of 1.46. The company has a 50-day moving average price of $59.07 and a 200 day moving average price of $50.66. The company has a current ratio of 0.89, a quick ratio of 0.84 and a debt-to-equity ratio of 11.28.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The company reported $0.95 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts' expectations of $485.44 million. During the same period last year, the business earned $0.59 earnings per share. Red Rock Resorts's revenue was up 8.2% compared to the same quarter last year. Sell-side analysts anticipate that Red Rock Resorts, Inc. will post 1.76 earnings per share for the current year.

Red Rock Resorts Announces Dividend

The company also recently disclosed 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. This represents a $1.00 annualized dividend and a yield of 1.6%. The ex-dividend date is Monday, September 15th. Red Rock Resorts's dividend payout ratio (DPR) is presently 34.01%.

Analysts Set New Price Targets

RRR has been the topic of several recent analyst reports. 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. Truist Financial raised shares of Red Rock Resorts from a "hold" rating to a "buy" rating and increased their price objective for the company from $45.00 to $67.00 in a report on Wednesday, July 16th. JMP Securities increased their price objective on shares of Red Rock Resorts from $64.00 to $65.00 and gave the company a "market outperform" rating in a report on Tuesday. Citigroup reiterated an "outperform" rating on shares of Red Rock Resorts in a research report on Tuesday. Finally, Barclays increased 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 report on Wednesday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $60.82.

Insider Buying and Selling

In related news, COO Kord Nichols sold 37,075 shares of the firm's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $61.03, for a total transaction of $2,262,687.25. Following the completion of the sale, the chief operating officer directly owned 87,036 shares in the company, valued at approximately $5,311,807.08. This trade represents a 29.87% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Stephen Lawrence Cootey sold 121,400 shares of the stock in a transaction dated 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 transaction, the chief financial officer directly owned 260,268 shares of the company's stock, valued at approximately $15,626,490.72. This trade represents a 31.81% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 262,703 shares of company stock worth $15,764,672. Insiders own 53.81% of the company's stock.

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.

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