Insider Selling: Red Rock Resorts, Inc. (NASDAQ:RRR) EVP Sells 56,653 Shares of Stock

Key Points

• Jeffrey T. Welch, EVP of Red Rock Resorts, sold 56,653 shares at an average price of $60.23, totaling over $3.4 million, resulting in a 15.25% decrease in his ownership position.
• Red Rock Resorts reported $0.95 earnings per share (EPS) for the latest quarter, significantly exceeding analyst expectations, with revenue of $526.27 million compared to a forecast of $485.44 million.
• The company declared a quarterly dividend of $0.25 per share, with an ex-dividend date set for September 15th, reflecting a 1.7% yield.

Red Rock Resorts, Inc. (NASDAQ:RRR - Get Free Report) EVP Jeffrey T. Welch sold 56,653 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $60.23, for a total value of $3,412,210.19. Following the completion of the transaction, the executive vice president owned 314,767 shares in the company, valued at approximately $18,958,416.41. This trade represents a 15.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

Red Rock Resorts Trading Down 2.2%

NASDAQ:RRR traded down $1.32 on Monday, reaching $59.22. The company's stock had a trading volume of 839,561 shares, compared to its average volume of 910,150. The company has a quick ratio of 0.87, a current ratio of 0.92 and a debt-to-equity ratio of 9.04. The firm has a market cap of $6.28 billion, a price-to-earnings ratio of 20.14, a price-to-earnings-growth ratio of 3.59 and a beta of 1.66. Red Rock Resorts, Inc. has a 12-month low of $35.09 and a 12-month high of $62.00. The stock has a 50 day moving average price of $52.65 and a 200 day moving average price of $48.09.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last posted its quarterly earnings data on Tuesday, July 29th. The company reported $0.95 earnings per share (EPS) for the quarter, beating the consensus estimate 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 return on equity of 59.56% and a net margin of 8.89%. The company's quarterly revenue was up 8.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.59 EPS. On average, equities analysts anticipate that Red Rock Resorts, Inc. will post 1.76 EPS for the current fiscal 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 issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Monday, September 15th. Red Rock Resorts's payout ratio is currently 34.01%.

Institutional Investors Weigh In On Red Rock Resorts

Several large investors have recently bought and sold shares of RRR. Long Pond Capital LP increased its holdings in shares of Red Rock Resorts by 142.5% in the 4th quarter. Long Pond Capital LP now owns 1,474,153 shares of the company's stock valued at $68,165,000 after acquiring an additional 866,320 shares during the last quarter. Bamco Inc. NY increased its holdings in shares of Red Rock Resorts by 6.9% in the 4th quarter. Bamco Inc. NY now owns 11,356,201 shares of the company's stock valued at $525,111,000 after acquiring an additional 732,917 shares during the last quarter. Eminence Capital LP increased its holdings in shares of Red Rock Resorts by 36.1% in the 4th quarter. Eminence Capital LP now owns 2,056,588 shares of the company's stock valued at $95,097,000 after acquiring an additional 546,047 shares during the last quarter. Vaughan Nelson Investment Management L.P. increased its holdings in shares of 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 acquiring an additional 258,310 shares during the last quarter. Finally, Nuveen LLC purchased a new position in shares of Red Rock Resorts in the 1st quarter valued at about $11,025,000. Hedge funds and other institutional investors own 47.84% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on RRR shares. Barclays raised their target price on Red Rock Resorts from $62.00 to $65.00 and gave the company an "overweight" rating in a research report on Wednesday, July 30th. Citigroup reiterated an "outperform" rating on shares of Red Rock Resorts in a research report on Friday, July 18th. Macquarie reiterated an "outperform" rating and set a $58.00 price objective on shares of Red Rock Resorts in a research report on Friday, May 2nd. JPMorgan Chase & Co. began coverage on Red Rock Resorts in a research report on Monday, June 23rd. They set an "overweight" rating and a $62.00 price objective on the stock. Finally, Mizuho lifted their price objective on Red Rock Resorts from $59.00 to $62.00 and gave the stock an "outperform" rating in a research report on Thursday. Four equities 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.com, the company has an average rating of "Moderate Buy" and an average target price 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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