WBI Investments LLC Invests $210,000 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 acquired a new position in shares of Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 4,847 shares of the company's stock, valued at approximately $210,000.

Other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC raised its holdings in shares of Red Rock Resorts by 7,978.4% during the first quarter. GAMMA Investing LLC now owns 8,240 shares of the company's stock worth $357,000 after purchasing an additional 8,138 shares during the last quarter. Vaughan Nelson Investment Management L.P. raised its holdings in shares of 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 worth $69,494,000 after purchasing an additional 258,310 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Red Rock Resorts during the first quarter worth $750,000. Malaga Cove Capital LLC raised its holdings in shares of 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 purchasing an additional 11,406 shares during the last quarter. Finally, KBC Group NV raised its holdings in shares of Red Rock Resorts by 44.6% during the first quarter. KBC Group NV now owns 2,887 shares of the company's stock worth $125,000 after purchasing an additional 891 shares during the last quarter. Hedge funds and other institutional investors own 47.84% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on RRR. Morgan Stanley raised their target price on shares of Red Rock Resorts from $49.00 to $53.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 6th. JPMorgan Chase & Co. initiated coverage on shares of Red Rock Resorts in a report on Monday, June 23rd. They set an "overweight" rating and a $62.00 target price for the company. Truist Financial raised shares of Red Rock Resorts from a "hold" rating to a "buy" rating and lifted their price objective for the company from $45.00 to $67.00 in a report on Wednesday, July 16th. Mizuho lifted 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. Finally, Citigroup reaffirmed an "outperform" rating on shares of Red Rock Resorts in a report on Friday, July 18th. Eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $60.73.

Red Rock Resorts Stock Up 0.3%

RRR opened at $61.67 on Friday. Red Rock Resorts, Inc. has a fifty-two week low of $35.09 and a fifty-two week high of $63.60. The company has a debt-to-equity ratio of 11.28, a quick ratio of 0.84 and a current ratio of 0.89. The company has a fifty day moving average of $58.55 and a two-hundred day moving average of $50.28. The stock has a market capitalization of $6.51 billion, a price-to-earnings ratio of 20.98, a PEG ratio of 2.48 and a beta of 1.46.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last released its 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. The business had revenue of $526.27 million during the quarter, compared to analysts' expectations of $485.44 million. Red Rock Resorts had a net margin of 8.89% and a return on equity of 59.97%. The company's quarterly revenue was up 8.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.59 earnings per share. On average, research analysts expect that Red Rock Resorts, Inc. will post 1.76 earnings per share for the current year.

Red Rock Resorts Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders 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 dividend yield of 1.6%. Red Rock Resorts's payout ratio is currently 34.01%.

Insider Transactions at Red Rock Resorts

In other news, EVP Jeffrey T. Welch sold 56,653 shares of the business's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $60.23, for a total transaction of $3,412,210.19. Following the completion of the sale, the executive vice president owned 314,767 shares of the company's stock, 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 Securities & Exchange Commission, which is available at this link. 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 sale, the chief financial officer directly owned 260,268 shares of the company's stock, valued at $15,626,490.72. This represents a 31.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold 262,703 shares of company stock valued at $15,764,672 over the last 90 days. Corporate 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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