Red Rock Resorts (NASDAQ:RRR) Raised to "Neutral" at Bank of America

Red Rock Resorts (NASDAQ:RRR - Get Free Report) was upgraded by equities researchers at Bank of America from an "underperform" rating to a "neutral" rating in a research report issued on Monday, May 13th, MarketBeat reports. The brokerage presently has a $55.00 price target on the stock, down from their prior price target of $57.00. Bank of America's price target points to a potential upside of 6.61% from the stock's previous close.

RRR has been the topic of a number of other reports. Stifel Nicolaus lowered their target price on shares of Red Rock Resorts from $61.00 to $59.00 and set a "hold" rating on the stock in a report on Wednesday, May 8th. JMP Securities dropped their price objective on shares of Red Rock Resorts from $66.00 to $65.00 and set a "market outperform" rating for the company in a report on Wednesday, May 8th. Macquarie raised Red Rock Resorts from a "neutral" rating to an "outperform" rating and lifted their target price for the stock from $51.00 to $58.00 in a report on Wednesday, January 17th. JPMorgan Chase & Co. increased their price target on Red Rock Resorts from $63.00 to $69.00 and gave the company an "overweight" rating in a research note on Monday, April 1st. Finally, Susquehanna raised their price target on Red Rock Resorts from $52.00 to $66.00 and gave the company a "positive" rating in a report on Thursday, February 8th. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $61.58.

Red Rock Resorts Stock Performance

Shares of NASDAQ RRR traded up $0.27 during midday trading on Monday, hitting $51.59. 27,358 shares of the stock traded hands, compared to its average volume of 441,035. The company has a debt-to-equity ratio of 18.49, a quick ratio of 0.85 and a current ratio of 0.90. The firm has a market capitalization of $5.43 billion, a P/E ratio of 17.82, a PEG ratio of 2.45 and a beta of 2.08. The firm has a 50-day moving average of $56.78 and a two-hundred day moving average of $53.13. Red Rock Resorts has a one year low of $37.82 and a one year high of $63.28.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last posted its quarterly earnings data on Tuesday, May 7th. The company reported $0.68 EPS for the quarter, topping the consensus estimate of $0.50 by $0.18. The firm had revenue of $488.90 million for the quarter, compared to the consensus estimate of $490.49 million. Red Rock Resorts had a return on equity of 98.44% and a net margin of 9.79%. The business's revenue for the quarter was up 12.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.75 earnings per share. On average, equities analysts forecast that Red Rock Resorts will post 1.83 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Vice President Lorenzo J. Fertitta acquired 800,000 shares of the stock in a transaction on Monday, May 13th. The stock was bought at an average cost of $50.39 per share, with a total value of $40,312,000.00. Following the transaction, the insider now directly owns 47,447,301 shares in the company, valued at $2,390,869,497.39. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Stephen Lawrence Cootey sold 7,520 shares of Red Rock Resorts stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $57.74, for a total value of $434,204.80. Following the completion of the sale, the chief financial officer now directly owns 243,808 shares in the company, valued at $14,077,473.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Vice President Lorenzo J. Fertitta bought 800,000 shares of the company's stock in a transaction on Monday, May 13th. The shares were acquired at an average price of $50.39 per share, for a total transaction of $40,312,000.00. Following the completion of the acquisition, the insider now owns 47,447,301 shares in the company, valued at $2,390,869,497.39. The disclosure for this purchase can be found here. 53.28% of the stock is currently owned by insiders.

Institutional Trading of Red Rock Resorts

Institutional investors have recently modified their holdings of the company. Bamco Inc. NY grew its holdings in shares of Red Rock Resorts by 0.5% during the first quarter. Bamco Inc. NY now owns 10,409,100 shares of the company's stock valued at $622,672,000 after buying an additional 50,246 shares during the last quarter. FMR LLC increased its holdings in shares of Red Rock Resorts by 46.4% in the third quarter. FMR LLC now owns 5,249,335 shares of the company's stock valued at $215,223,000 after purchasing an additional 1,663,839 shares during the period. Vanguard Group Inc. raised its stake in shares of Red Rock Resorts by 4.3% in the first quarter. Vanguard Group Inc. now owns 5,136,942 shares of the company's stock worth $307,292,000 after purchasing an additional 209,593 shares during the last quarter. Diamond Hill Capital Management Inc. lifted its holdings in shares of Red Rock Resorts by 1.9% during the third quarter. Diamond Hill Capital Management Inc. now owns 4,827,336 shares of the company's stock worth $197,921,000 after purchasing an additional 91,798 shares during the period. Finally, Eminence Capital LP boosted its position in Red Rock Resorts by 21.1% in the fourth quarter. Eminence Capital LP now owns 2,373,556 shares of the company's stock valued at $126,582,000 after buying an additional 413,871 shares during the last quarter. 47.84% of the stock is currently owned by institutional investors.

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.