Red Rock Resorts (NASDAQ:RRR) Sets New 12-Month High - Here's What Happened

Key Points

• Red Rock Resorts' stock reached a new 52-week high at $62.14, closing at $61.91 with a trading volume of 109,808 shares.
• The company has received positive analyst ratings, with an average target price of $60.73, and several firms, including Mizuho and JPMorgan, have raised their price targets for the stock.
• Red Rock Resorts recently declared a quarterly dividend of $0.25, reflecting an annual yield of 1.6% and a dividend payout ratio of 34.01%.

Red Rock Resorts, Inc. (NASDAQ:RRR - Get Free Report) shares hit a new 52-week high on Monday . The stock traded as high as $62.14 and last traded at $61.91, with a volume of 109808 shares changing hands. The stock had previously closed at $61.44.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. JMP Securities raised their price target on shares of Red Rock Resorts from $57.00 to $64.00 and gave the company a "market outperform" rating in a research report on Wednesday, July 30th. Stifel Nicolaus set a $60.00 price target on shares of Red Rock Resorts and gave the company a "hold" rating in a research report on Wednesday, July 30th. Citigroup reissued an "outperform" rating on shares of Red Rock Resorts in a research report on Friday, July 18th. Mizuho raised their price target on shares of Red Rock Resorts from $59.00 to $62.00 and gave the company an "outperform" rating in a research report on Thursday, July 31st. Finally, JPMorgan Chase & Co. assumed coverage on shares of Red Rock Resorts in a research report on Monday, June 23rd. They set an "overweight" rating and a $62.00 price target for the company. Eight analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $60.73.

Red Rock Resorts Stock Down 0.0%

The company has a quick ratio of 0.84, a current ratio of 0.89 and a debt-to-equity ratio of 11.28. The company's fifty day moving average is $56.67 and its 200-day moving average is $49.62. The company has a market cap of $6.64 billion, a PE ratio of 21.41, a PEG ratio of 2.54 and a beta of 1.66.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last issued its 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. Red Rock Resorts had a net margin of 8.89% and a return on equity of 59.97%. The company had revenue of $526.27 million for the quarter, compared to analysts' expectations of $485.44 million. During the same quarter last year, the company posted $0.59 earnings per share. The firm's quarterly revenue was up 8.2% on a year-over-year basis. On average, analysts predict that Red Rock Resorts, Inc. will post 1.76 EPS for the current year.

Red Rock Resorts Announces Dividend

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

Insider Buying and Selling

In other news, COO Kord Nichols sold 37,075 shares of Red Rock Resorts stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $61.03, for a total transaction of $2,262,687.25. Following the transaction, the chief operating officer owned 87,036 shares in the company, valued at $5,311,807.08. This trade represents a 29.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Jeffrey T. Welch sold 56,653 shares of Red Rock Resorts stock in a transaction on Friday, August 1st. The stock was sold at an average price of $60.23, for a total transaction of $3,412,210.19. Following the transaction, the executive vice president owned 314,767 shares in the company, valued at $18,958,416.41. This represents a 15.25% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 262,703 shares of company stock worth $15,764,672. 53.81% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of RRR. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake 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 worth $29,000 after acquiring an additional 385 shares during the last quarter. Ameritas Advisory Services LLC bought a new stake in shares of Red Rock Resorts during the 2nd quarter valued at $42,000. Pandora Wealth Inc. bought a new stake in shares of Red Rock Resorts during the 1st quarter valued at $43,000. US Bancorp DE raised its position in shares of Red Rock Resorts by 1,664.4% during the 1st quarter. US Bancorp DE now owns 1,041 shares of the company's stock valued at $45,000 after purchasing an additional 982 shares during the period. Finally, Atlantic Union Bankshares Corp bought a new stake in shares of Red Rock Resorts during the 2nd quarter valued at $62,000. Hedge funds and other institutional investors own 47.84% of the company's stock.

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.