Analysts Set Red Rock Resorts, Inc. (NASDAQ:RRR) Target Price at $60.73

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.

Red Rock Resorts, Inc. (NASDAQ:RRR - Get Free Report) has been assigned a consensus rating of "Moderate Buy" from the thirteen analysts that are covering the firm, Marketbeat reports. Four equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokers that have covered the stock in the last year is $60.8182.

Several research analysts recently issued reports on the stock. Morgan Stanley increased their price target on shares of 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. Barclays lifted their price target on Red Rock Resorts from $62.00 to $65.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 30th. 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 research report on Wednesday, July 16th. JPMorgan Chase & Co. initiated coverage on Red Rock Resorts in a research report on Monday, June 23rd. They issued an "overweight" rating and a $62.00 price target for the company. Finally, JMP Securities lifted their price target on Red Rock Resorts from $64.00 to $65.00 and gave the stock a "market outperform" rating in a research report on Tuesday.

Insider Transactions at Red Rock Resorts

In other news, COO Kord Nichols sold 42,325 shares of Red Rock Resorts stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $58.61, for a total value of $2,480,668.25. Following the completion of the transaction, the chief operating officer owned 129,361 shares of the company's stock, valued at $7,581,848.21. The trade was a 24.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jeffrey T. Welch sold 56,653 shares of Red Rock Resorts stock in a transaction dated 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 transaction, the executive vice president directly owned 314,767 shares of the company's stock, valued at approximately $18,958,416.41. This represents a 15.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 262,703 shares of company stock valued at $15,764,672 in the last quarter. 53.81% of the stock is owned by insiders.

Institutional Investors Weigh In On Red Rock Resorts

Several large investors have recently bought and sold shares of the business. Bamco Inc. NY increased its holdings in Red Rock Resorts by 5.7% in the 2nd quarter. Bamco Inc. NY now owns 12,269,004 shares of the company's stock worth $638,356,000 after buying an additional 666,593 shares in the last quarter. Eminence Capital LP increased its holdings in Red Rock Resorts by 23.4% in the 2nd quarter. Eminence Capital LP now owns 3,059,372 shares of the company's stock worth $159,179,000 after buying an additional 581,061 shares in the last quarter. Vaughan Nelson Investment Management L.P. increased its holdings in Red Rock Resorts by 10.7% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,773,603 shares of the company's stock worth $92,281,000 after buying an additional 171,235 shares in the last quarter. Balyasny Asset Management L.P. increased its holdings in Red Rock Resorts by 53.8% in the 2nd quarter. Balyasny Asset Management L.P. now owns 793,371 shares of the company's stock worth $41,279,000 after buying an additional 277,426 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in Red Rock Resorts by 56.2% in the 1st quarter. Millennium Management LLC now owns 430,150 shares of the company's stock worth $18,656,000 after buying an additional 154,839 shares in the last quarter. 47.84% of the stock is currently owned by institutional investors.

Red Rock Resorts Stock Up 1.5%

Shares of Red Rock Resorts stock traded up $0.92 during trading on Friday, hitting $60.63. The company's stock had a trading volume of 430,930 shares, compared to its average volume of 608,653. The company has a debt-to-equity ratio of 11.28, a quick ratio of 0.84 and a current ratio of 0.89. The company has a fifty day simple moving average of $59.00 and a two-hundred day simple moving average of $50.58. The company has a market capitalization of $6.40 billion, a PE ratio of 20.62, a P/E/G ratio of 2.41 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.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The company reported $0.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.55. The company had revenue of $526.27 million during the quarter, compared to analyst estimates of $485.44 million. Red Rock Resorts had a net margin of 8.89% and a return on equity of 59.97%. Red Rock Resorts's quarterly revenue was up 8.2% compared to the same quarter last year. During the same period last year, the business earned $0.59 EPS. Equities research analysts predict that Red Rock Resorts will post 1.76 earnings per share for the current year.

Red Rock Resorts Dividend Announcement

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

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.