Wellington Management Group LLP Has $4.82 Million Stake in Red Rock Resorts, Inc. $RRR

Key Points

• Wellington Management Group LLP increased its holdings in Red Rock Resorts by 29% during Q1, owning 111,201 shares valued at approximately $4.82 million.
• Analysts have raised their target prices for Red Rock Resorts, with estimates now averaging $60.73 per share, while the stock is currently trading around $61.87.
• Red Rock Resorts announced a quarterly dividend of $0.25 per share to be paid on September 30th, indicating an annualized yield of 1.6%.

Wellington Management Group LLP raised its stake in Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report) by 29.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 111,201 shares of the company's stock after acquiring an additional 24,971 shares during the period. Wellington Management Group LLP owned approximately 0.10% of Red Rock Resorts worth $4,823,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Bamco Inc. NY increased its position in shares of Red Rock Resorts by 6.9% in the fourth quarter. Bamco Inc. NY now owns 11,356,201 shares of the company's stock worth $525,111,000 after purchasing an additional 732,917 shares during the period. Eminence Capital LP grew its stake in Red Rock Resorts by 36.1% during the fourth quarter. Eminence Capital LP now owns 2,056,588 shares of the company's stock worth $95,097,000 after buying an additional 546,047 shares in the last quarter. Vaughan Nelson Investment Management L.P. increased its holdings in Red Rock Resorts by 19.2% in the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 1,602,368 shares of the company's stock valued at $69,494,000 after buying an additional 258,310 shares during the period. Nuveen LLC acquired a new position in shares of Red Rock Resorts in the 1st quarter valued at approximately $11,025,000. Finally, D. E. Shaw & Co. Inc. raised its position in shares of Red Rock Resorts by 537.7% in the 4th quarter. D. E. Shaw & Co. Inc. now owns 215,397 shares of the company's stock valued at $9,960,000 after buying an additional 181,619 shares in the last quarter. 47.84% of the stock is currently owned by institutional investors.

Red Rock Resorts Trading Up 0.1%

Shares of RRR stock traded up $0.06 during mid-day trading on Thursday, reaching $61.97. 622,874 shares of the stock traded hands, compared to its average volume of 754,451. The company has a market cap of $6.54 billion, a price-to-earnings ratio of 21.08, a price-to-earnings-growth ratio of 2.50 and a beta of 1.46. The company has a quick ratio of 0.84, a current ratio of 0.89 and a debt-to-equity ratio of 11.28. The stock's fifty day simple moving average is $57.75 and its two-hundred day simple moving average is $49.96. Red Rock Resorts, Inc. has a 1-year low of $35.09 and a 1-year high of $63.60.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last issued its quarterly earnings data on Tuesday, July 29th. The company reported $0.95 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 business had revenue of $526.27 million during the quarter, compared to analyst estimates of $485.44 million. During the same quarter last year, the business earned $0.59 EPS. The firm's quarterly revenue was up 8.2% on a year-over-year basis. On average, research analysts anticipate that Red Rock Resorts, Inc. will post 1.76 EPS for the current fiscal year.

Red Rock Resorts Dividend Announcement

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

Analysts Set New Price Targets

Several research firms recently issued reports on RRR. Mizuho increased 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 report on Thursday, July 31st. Citigroup reaffirmed an "outperform" rating on shares of Red Rock Resorts in a report on Friday, July 18th. Susquehanna reissued a "positive" rating and set a $68.00 price target (up previously from $65.00) on shares of Red Rock Resorts in a report on Wednesday, July 30th. JPMorgan Chase & Co. began coverage on Red Rock Resorts in a research note on Monday, June 23rd. They issued an "overweight" rating and a $62.00 price objective on the stock. Finally, Truist Financial raised Red Rock Resorts from a "hold" rating to a "buy" rating and boosted their target price for the stock from $45.00 to $67.00 in a research note on Wednesday, July 16th. Eight analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, Red Rock Resorts presently has an average rating of "Moderate Buy" and a consensus target price of $60.73.

Insider Buying and Selling

In related news, EVP Jeffrey T. Welch sold 56,653 shares of the stock in a transaction on Friday, August 1st. The stock was sold at an average price of $60.23, for a total value of $3,412,210.19. Following the completion of the sale, the executive vice president directly owned 314,767 shares in the company, valued at $18,958,416.41. This represents a 15.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Kord Nichols sold 37,075 shares of the firm's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $61.03, for a total value of $2,262,687.25. Following the transaction, the chief operating officer directly owned 87,036 shares of the company's stock, valued at approximately $5,311,807.08. This represents a 29.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 262,703 shares of company stock valued at $15,764,672 over the last 90 days. 53.81% of the stock is owned by insiders.

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.