Insider Selling: Red Rock Resorts (NASDAQ:RRR) COO Sells 37,075 Shares of Stock

Key Points

• Kord Nichols, COO of Red Rock Resorts, sold over $2.26 million worth of stock, significantly reducing his ownership by 29.87% to 87,036 shares.
• Red Rock Resorts reported robust quarterly earnings, with earnings per share of $0.95, exceeding estimates by $0.55, and a revenue increase of 8.2% year-over-year.
• The company declared a quarterly dividend of $0.25 per share, amounting to a 1.6% yield, payable on September 30th.

Red Rock Resorts, Inc. (NASDAQ:RRR - Get Free Report) COO Kord Nichols sold 37,075 shares of the firm's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $61.03, for a total transaction of $2,262,687.25. Following the completion of the transaction, the chief operating officer owned 87,036 shares in the company, valued at approximately $5,311,807.08. The trade was a 29.87% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website.

Kord Nichols also recently made the following trade(s):

• On Wednesday, August 13th, Kord Nichols sold 5,250 shares of Red Rock Resorts stock. The stock was sold at an average price of $61.00, for a total value of $320,250.00.
• On Tuesday, August 12th, Kord Nichols sold 42,325 shares of Red Rock Resorts stock. The shares were sold at an average price of $58.61, for a total transaction of $2,480,668.25.

Red Rock Resorts Stock Performance

Shares of RRR traded down $0.01 during mid-day trading on Thursday, reaching $62.96. 667,375 shares of the company's stock traded hands, compared to its average volume of 722,750. The company has a debt-to-equity ratio of 11.28, a quick ratio of 0.84 and a current ratio of 0.89. Red Rock Resorts, Inc. has a 12 month low of $35.09 and a 12 month high of $63.60. The business's 50-day moving average price is $56.42 and its 200-day moving average price is $49.53. The stock has a market capitalization of $6.64 billion, a P/E ratio of 21.41, a price-to-earnings-growth ratio of 2.53 and a beta of 1.66.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last issued its quarterly earnings results on Tuesday, July 29th. The company reported $0.95 EPS for the quarter, beating analysts' consensus estimates of $0.40 by $0.55. The company had revenue of $526.27 million for the quarter, compared to analyst estimates of $485.44 million. Red Rock Resorts had a return on equity of 59.97% 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 period last year, the company earned $0.59 earnings per share. Equities analysts predict that Red Rock Resorts, Inc. 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 paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Monday, September 15th. Red Rock Resorts's dividend payout ratio is currently 34.01%.

Hedge Funds Weigh In On Red Rock Resorts

Hedge funds have recently modified their holdings of the stock. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Red Rock Resorts by 230.5% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 552 shares of the company's stock valued at $29,000 after buying an additional 385 shares during the last quarter. Ameritas Advisory Services LLC acquired a new stake in Red Rock Resorts in the second quarter valued at approximately $42,000. Pandora Wealth Inc. acquired a new stake in Red Rock Resorts in the first quarter valued at approximately $43,000. US Bancorp DE grew its position in Red Rock Resorts by 1,664.4% in the first quarter. US Bancorp DE now owns 1,041 shares of the company's stock worth $45,000 after acquiring an additional 982 shares in the last quarter. Finally, Atlantic Union Bankshares Corp acquired a new position in shares of Red Rock Resorts during the 2nd quarter worth $62,000. 47.84% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently commented on RRR shares. Susquehanna reiterated a "positive" rating and set a $68.00 price objective (up previously from $65.00) on shares of Red Rock Resorts in a research note on Wednesday, July 30th. JPMorgan Chase & Co. began coverage on Red Rock Resorts in a research note on Monday, June 23rd. They set an "overweight" rating and a $62.00 price target for the company. Barclays boosted their price objective on Red Rock Resorts from $62.00 to $65.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 30th. Morgan Stanley upped their price objective on Red Rock Resorts from $49.00 to $53.00 and gave the company an "equal weight" rating in a report on Wednesday, August 6th. Finally, Mizuho raised their target price on Red Rock Resorts from $59.00 to $62.00 and gave the company an "outperform" rating in a research note on Thursday, July 31st. Eight investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $60.73.

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.