Insider Selling: Red Rock Resorts, Inc. (NASDAQ:RRR) CFO Sells 121,400 Shares of Stock

Key Points

• Red Rock Resorts CFO Stephen Lawrence Cootey sold 121,400 shares of stock on August 1st, representing a 31.81% decrease in his holdings.
• The company's stock price fell by 2.2%, closing at $59.22 following the insider sale.
• Red Rock Resorts recently announced a quarterly dividend of $0.25, to be paid on September 30th, with a yield of 1.7%.

Red Rock Resorts, Inc. (NASDAQ:RRR - Get Free Report) CFO Stephen Lawrence Cootey sold 121,400 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were 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. This trade represents a 31.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Red Rock Resorts Stock Down 2.2%

Shares of Red Rock Resorts stock traded down $1.32 during trading on Monday, hitting $59.22. 839,561 shares of the stock traded hands, compared to its average volume of 910,150. The stock has a market cap of $6.28 billion, a P/E ratio of 20.14, a PEG ratio of 3.59 and a beta of 1.66. The company has a debt-to-equity ratio of 9.04, a quick ratio of 0.87 and a current ratio of 0.92. Red Rock Resorts, Inc. has a twelve month low of $35.09 and a twelve month high of $62.00. The company has a fifty day moving average price of $52.65 and a two-hundred day moving average price of $48.09.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last posted its earnings results on Tuesday, July 29th. The company reported $0.95 earnings per share for the quarter, topping the consensus estimate of $0.40 by $0.55. Red Rock Resorts had a return on equity of 59.56% and a net margin of 8.89%. The firm had revenue of $526.27 million during the quarter, compared to analyst estimates of $485.44 million. During the same period in the previous year, the company earned $0.59 EPS. The company's revenue for the quarter was up 8.2% on a year-over-year basis. Equities research analysts predict that Red Rock Resorts, Inc. will post 1.76 EPS for the current fiscal year.

Red Rock Resorts Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 15th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.7%. The ex-dividend date is Monday, September 15th. Red Rock Resorts's payout ratio is 34.01%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of RRR. Sterling Capital Management LLC lifted its holdings in shares of Red Rock Resorts by 654.7% during the fourth quarter. Sterling Capital Management LLC now owns 883 shares of the company's stock worth $41,000 after buying an additional 766 shares during the last quarter. Ameritas Advisory Services LLC acquired a new position in shares of Red Rock Resorts during the second quarter worth approximately $42,000. Pandora Wealth Inc. acquired a new position in shares of Red Rock Resorts during the first quarter worth approximately $43,000. US Bancorp DE lifted its holdings in shares of Red Rock Resorts by 1,664.4% during the first quarter. US Bancorp DE now owns 1,041 shares of the company's stock worth $45,000 after buying an additional 982 shares during the last quarter. Finally, New Age Alpha Advisors LLC acquired a new position in shares of Red Rock Resorts during the first quarter worth approximately $89,000. 47.84% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have issued reports on RRR shares. Macquarie reaffirmed an "outperform" rating and issued a $58.00 price objective on shares of Red Rock Resorts in a research report on Friday, May 2nd. 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 report on Thursday. Truist Financial raised shares of Red Rock Resorts from a "hold" rating to a "buy" rating and raised their price target for the stock from $45.00 to $67.00 in a research report on Wednesday, July 16th. JPMorgan Chase & Co. assumed coverage on shares of Red Rock Resorts in a research report on Monday, June 23rd. They set an "overweight" rating and a $62.00 price target for the company. Finally, Stifel Nicolaus raised their price target on shares of Red Rock Resorts from $44.00 to $60.00 and gave the stock a "hold" rating in a research report on Wednesday, July 30th. Four research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $60.36.

About Red Rock Resorts

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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