Red Rock Resorts, Inc. (NASDAQ:RRR) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Key Points

• Red Rock Resorts, Inc. has received a consensus rating of "Moderate Buy" with 8 buy ratings and 4 hold ratings from covering brokerages, reflecting positive sentiment towards the stock.
• Analysts have set an average 12-month target price of $60.73, with several firms raising their price targets significantly, like Truist Financial's increase from $45.00 to $67.00.
• The company reported $0.95 earnings per share for the last quarter, exceeding estimates, and announced a quarterly dividend of $0.25, reflecting financial strength and commitment to shareholders.

Shares of Red Rock Resorts, Inc. (NASDAQ:RRR - Get Free Report) have been given a consensus rating of "Moderate Buy" by the twelve research firms that are presently covering the company, Marketbeat Ratings reports. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $60.7273.

A number of analysts have issued reports on the company. Truist Financial raised Red Rock Resorts from a "hold" rating to a "buy" rating and lifted their price target for the stock from $45.00 to $67.00 in a report on Wednesday, July 16th. Mizuho boosted their price target on Red Rock Resorts from $59.00 to $62.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. JPMorgan Chase & Co. initiated coverage on Red Rock Resorts in a research report on Monday, June 23rd. They set an "overweight" rating and a $62.00 target price on the stock. Morgan Stanley boosted their price target on Red Rock Resorts from $49.00 to $53.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 6th. Finally, Susquehanna reaffirmed a "positive" rating and issued a $68.00 target price (up previously from $65.00) on shares of Red Rock Resorts in a research note on Wednesday, July 30th.

Red Rock Resorts Trading Up 0.3%

Shares of NASDAQ:RRR opened at $61.67 on Friday. The stock has a market cap 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 has a 52-week low of $35.09 and a 52-week high of $63.60. The business has a 50-day moving average price of $58.55 and a 200-day moving average price of $50.28. The company has a quick ratio of 0.84, a current ratio of 0.89 and a debt-to-equity ratio of 11.28.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last released its earnings results on Tuesday, July 29th. The company reported $0.95 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.55. The business 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 59.97% and a net margin of 8.89%.The business's quarterly revenue was up 8.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.59 earnings per share. Equities analysts predict that Red Rock Resorts will post 1.76 EPS for the current year.

Red Rock Resorts Announces Dividend

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

Insider Activity at Red Rock Resorts

In other Red Rock Resorts news, EVP Jeffrey T. Welch sold 56,653 shares of Red Rock Resorts stock in a transaction on 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. This trade represents a 15.25% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Stephen Lawrence Cootey sold 121,400 shares of Red Rock Resorts stock in a transaction on 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 completion of the transaction, the chief financial officer owned 260,268 shares in the company, valued at $15,626,490.72. This trade represents a 31.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 262,703 shares of company stock worth $15,764,672 over the last quarter. 53.81% of the stock is currently owned by company insiders.

Institutional Trading of Red Rock Resorts

Several hedge funds have recently modified their holdings of the stock. BNP Paribas Financial Markets increased its stake in Red Rock Resorts by 121.4% in the fourth quarter. BNP Paribas Financial Markets now owns 34,039 shares of the company's stock valued at $1,574,000 after purchasing an additional 18,665 shares in the last quarter. D. E. Shaw & Co. Inc. lifted its stake in Red Rock Resorts by 537.7% in the fourth quarter. D. E. Shaw & Co. Inc. now owns 215,397 shares of the company's stock valued at $9,960,000 after acquiring an additional 181,619 shares during the last quarter. Deutsche Bank AG lifted its stake in Red Rock Resorts by 47.4% in the fourth quarter. Deutsche Bank AG now owns 41,788 shares of the company's stock valued at $1,932,000 after acquiring an additional 13,441 shares during the last quarter. Gotham Asset Management LLC acquired a new stake in Red Rock Resorts in the fourth quarter valued at $379,000. Finally, Jefferies Financial Group Inc. bought a new position in shares of Red Rock Resorts in the fourth quarter valued at about $1,826,000. 47.84% of the stock is 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.

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