WBI Investments LLC Takes Position in Red Rock Resorts, Inc. $RRR

Key Points

• WBI Investments LLC has invested approximately $210,000 in Red Rock Resorts, acquiring 4,847 shares of the company.
• Multiple institutional investors increased their stakes in Red Rock Resorts, with GAMMA Investing LLC raising holdings by 7,978.4% during the first quarter.
• Red Rock Resorts announced a quarterly dividend of $0.25 per share, which will be paid on September 30th, representing an annualized yield of 1.6%.

WBI Investments LLC purchased a new position in shares of Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm purchased 4,847 shares of the company's stock, valued at approximately $210,000.

A number of other hedge funds have also added to or reduced their stakes in RRR. Pandora Wealth Inc. purchased a new position in Red Rock Resorts in the first quarter worth $43,000. US Bancorp DE raised its holdings in Red Rock Resorts by 1,664.4% in the 1st quarter. US Bancorp DE now owns 1,041 shares of the company's stock worth $45,000 after acquiring an additional 982 shares during the last quarter. New Age Alpha Advisors LLC purchased a new stake in Red Rock Resorts during the first quarter valued at $89,000. PNC Financial Services Group Inc. increased its stake in shares of Red Rock Resorts by 51.1% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,854 shares of the company's stock worth $124,000 after purchasing an additional 965 shares in the last quarter. Finally, KBC Group NV increased its holdings in Red Rock Resorts by 44.6% in the 1st quarter. KBC Group NV now owns 2,887 shares of the company's stock worth $125,000 after acquiring an additional 891 shares in the last quarter. Hedge funds and other institutional investors own 47.84% of the company's stock.

Insider Activity

In related news, COO Kord Nichols sold 42,325 shares of Red Rock Resorts stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $58.61, for a total transaction of $2,480,668.25. Following the sale, the chief operating officer owned 129,361 shares of the company's stock, valued at $7,581,848.21. The trade was a 24.65% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Stephen Lawrence Cootey sold 121,400 shares of the business's 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 completion of the sale, the chief financial officer directly owned 260,268 shares of the company's stock, valued at $15,626,490.72. The trade was a 31.81% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 262,703 shares of company stock valued at $15,764,672. Company insiders own 53.28% of the company's stock.

Analysts Set New Price Targets

RRR has been the subject of a number of research analyst reports. Truist Financial upgraded Red Rock Resorts from a "hold" rating to a "buy" rating and raised their price objective for the company from $45.00 to $67.00 in a research report on Wednesday, July 16th. Susquehanna restated a "positive" rating and set a $68.00 target price (up from $65.00) on shares of Red Rock Resorts in a research note on Wednesday, July 30th. Barclays boosted their price target 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. Stifel Nicolaus set a $60.00 price objective on Red Rock Resorts and gave the company a "hold" rating in a report on Wednesday, July 30th. Finally, Mizuho raised their price target on shares of Red Rock Resorts from $59.00 to $62.00 and gave the stock an "outperform" rating in a research note on Thursday, July 31st. One investment 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 stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $60.82.

Red Rock Resorts Stock Performance

Shares of NASDAQ:RRR traded up $1.04 during midday trading on Wednesday, hitting $60.75. The stock had a trading volume of 82,039 shares, compared to its average volume of 710,437. 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, Inc. has a 1 year low of $35.09 and a 1 year high of $63.60. The company has a market capitalization of $6.41 billion, a PE ratio of 20.68, a P/E/G ratio of 2.47 and a beta of 1.46. The stock has a 50 day moving average price of $58.88 and a two-hundred day moving average price of $50.51.

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

Red Rock Resorts Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 15th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.00 dividend on an annualized basis and a yield of 1.6%. Red Rock Resorts's dividend payout ratio (DPR) is currently 34.01%.

Red Rock Resorts 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.