Red Rock Resorts (NASDAQ:RRR) President Scott Kreeger Sells 31,159 Shares of Stock

Key Points

• Red Rock Resorts President Scott Kreeger sold 31,159 shares at an average price of $61.78, generating approximately $1.93 million. The sale reduced his direct ownership by 13.26% to 203,881 shares.
• Red Rock Resorts reported quarterly earnings of $0.67 per share, exceeding estimates of $0.51, while revenue reached $510.26 million, above expectations but down 3% year over year.
• The company declared a quarterly dividend of $0.26 per share, equivalent to an annualized $1.04 dividend and a 1.7% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $71.88.

Red Rock Resorts, Inc. (NASDAQ:RRR - Get Free Report) President Scott Kreeger sold 31,159 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $61.78, for a total transaction of $1,925,003.02. Following the completion of the transaction, the president directly owned 203,881 shares in the company, valued at $12,595,768.18. The trade was a 13.26% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Red Rock Resorts Price Performance

Shares of NASDAQ RRR traded down $0.59 during mid-day trading on Monday, reaching $61.29. 722,620 shares of the company were exchanged, compared to its average volume of 723,343. Red Rock Resorts, Inc. has a 52 week low of $50.52 and a 52 week high of $68.99. The company's 50 day moving average price is $62.98 and its 200 day moving average price is $59.82. The stock has a market capitalization of $6.44 billion, a PE ratio of 21.66, a PEG ratio of 4.58 and a beta of 1.36. The company has a quick ratio of 0.76, a current ratio of 0.81 and a debt-to-equity ratio of 14.42.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The company reported $0.67 earnings per share for the quarter, beating analysts' consensus estimates of $0.51 by $0.16. The business had revenue of $510.26 million for the quarter, compared to the consensus estimate of $500.08 million. Red Rock Resorts had a return on equity of 55.65% and a net margin of 8.43%.The company's revenue for the quarter was down 3.0% on a year-over-year basis. During the same quarter last year, the business posted $0.95 earnings per share. Sell-side analysts forecast that Red Rock Resorts, Inc. will post 1.5 earnings per share for the current fiscal year.

Red Rock Resorts Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date is Tuesday, September 15th. Red Rock Resorts's dividend payout ratio (DPR) is presently 36.75%.

Institutional Trading of Red Rock Resorts

Large investors have recently added to or reduced their stakes in the stock. Salomon & Ludwin LLC purchased a new stake in shares of Red Rock Resorts in the 4th quarter worth about $25,000. Kestra Advisory Services LLC bought a new position in Red Rock Resorts in the fourth quarter worth about $27,000. Rockefeller Capital Management L.P. lifted its stake in shares of Red Rock Resorts by 1,924.0% in the 4th quarter. Rockefeller Capital Management L.P. now owns 506 shares of the company's stock valued at $31,000 after purchasing an additional 481 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Red Rock Resorts by 98.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 1,474 shares of the company's stock valued at $91,000 after purchasing an additional 733 shares in the last quarter. Finally, Canada Pension Plan Investment Board purchased a new stake in Red Rock Resorts in the second quarter worth $94,000. Institutional investors own 47.84% of the company's stock.

Wall Street Analysts Forecast Growth

RRR has been the subject of a number of recent research reports. Truist Financial boosted their price objective on shares of Red Rock Resorts from $68.00 to $75.00 and gave the stock a "buy" rating in a report on Monday, July 20th. Zacks Research lowered shares of Red Rock Resorts from a "hold" rating to a "strong sell" rating in a report on Wednesday, May 6th. Stifel Nicolaus set a $74.00 price target on shares of Red Rock Resorts in a research note on Wednesday, August 5th. JPMorgan Chase & Co. upped their price target on shares of Red Rock Resorts from $66.00 to $72.00 and gave the company an "overweight" rating in a research report on Wednesday, July 15th. Finally, Benchmark raised their price objective on Red Rock Resorts from $63.00 to $78.00 and gave the company a "buy" rating in a research note on Tuesday, July 21st. Fourteen investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $71.88.

About Red Rock Resorts

Red Rock Resorts, Inc NASDAQ: RRR is a publicly traded gaming and hospitality company headquartered in Summerlin, Nevada. The company owns and operates a diversified portfolio of full-service casino resorts and neighborhood gaming properties in the Las Vegas valley. Its core business activities include resort hotel accommodations, casino gaming, food and beverage operations, entertainment and convention services designed to meet the needs of both leisure and business travelers.

The company's flagship resort, Red Rock Casino Resort & Spa, features a full range of table games, slot machines, a luxury spa, convention space, multiple signature restaurants and live entertainment venues.

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