Red Rock Resorts (NASDAQ:RRR) Stock Price Passes Above Two Hundred Day Moving Average - Here's Why

Red Rock Resorts, Inc. (NASDAQ:RRR - Get Free Report) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $46.70 and traded as high as $55.27. Red Rock Resorts shares last traded at $54.85, with a volume of 923,597 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on RRR. Morgan Stanley reduced their price objective on Red Rock Resorts from $45.00 to $43.00 and set an "equal weight" rating on the stock in a research note on Wednesday, April 16th. JPMorgan Chase & Co. began coverage on Red Rock Resorts in a research note on Monday, June 23rd. They issued an "overweight" rating and a $62.00 price objective on the stock. Susquehanna reduced their price objective on Red Rock Resorts from $61.00 to $52.00 and set a "positive" rating on the stock in a research note on Wednesday, April 16th. Stifel Nicolaus cut their price target on Red Rock Resorts from $54.00 to $44.00 and set a "hold" rating on the stock in a research note on Friday, May 2nd. Finally, Mizuho raised Red Rock Resorts from a "neutral" rating to an "outperform" rating and set a $50.00 price objective for the company in a research report on Monday, June 2nd. Five research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $52.00.

Red Rock Resorts Stock Up 0.2%

The firm has a 50 day moving average price of $48.59 and a two-hundred day moving average price of $46.70. The company has a quick ratio of 0.87, a current ratio of 0.92 and a debt-to-equity ratio of 9.04. The company has a market capitalization of $5.82 billion, a price-to-earnings ratio of 21.26, a P/E/G ratio of 5.78 and a beta of 1.62.

Red Rock Resorts (NASDAQ:RRR - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.80 EPS for the quarter, topping analysts' consensus estimates of $0.47 by $0.33. Red Rock Resorts had a return on equity of 56.45% and a net margin of 8.01%. The business had revenue of $497.86 million during the quarter, compared to the consensus estimate of $499.12 million. During the same period last year, the firm earned $0.68 earnings per share. The company's revenue for the quarter was up 1.8% compared to the same quarter last year. As a group, sell-side analysts expect that Red Rock Resorts, Inc. will post 1.76 earnings per share for the current year.

Red Rock Resorts Dividend Announcement

The firm also recently disclosed an annual dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 16th were given a dividend of $1.00 per share. The ex-dividend date was Monday, June 16th. This represents a dividend yield of 2.29%. Red Rock Resorts's dividend payout ratio is presently 38.76%.

Institutional Investors Weigh In On Red Rock Resorts

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its holdings in shares of Red Rock Resorts by 7,978.4% in the first quarter. GAMMA Investing LLC now owns 8,240 shares of the company's stock valued at $357,000 after buying an additional 8,138 shares in the last quarter. Vaughan Nelson Investment Management L.P. increased its holdings in shares of Red Rock Resorts by 19.2% in the first quarter. Vaughan Nelson Investment Management L.P. now owns 1,602,368 shares of the company's stock valued at $69,494,000 after buying an additional 258,310 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of Red Rock Resorts in the first quarter valued at $750,000. OFI Invest Asset Management bought a new position in shares of Red Rock Resorts in the fourth quarter valued at $2,054,000. Finally, Bank of New York Mellon Corp increased its holdings in shares of Red Rock Resorts by 8.7% in the fourth quarter. Bank of New York Mellon Corp now owns 397,771 shares of the company's stock valued at $18,393,000 after buying an additional 31,858 shares in the last quarter. 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.

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