Red Rock Resorts (NASDAQ:RRR) Reaches New 52-Week High at $59.77

Shares of Red Rock Resorts, Inc. (NASDAQ:RRR) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $59.77 and last traded at $59.76, with a volume of 67306 shares trading hands. The stock had previously closed at $57.23.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Wells Fargo & Company increased their target price on shares of Red Rock Resorts from $57.00 to $62.00 and gave the company an “overweight” rating in a research note on Thursday, February 8th. Mizuho began coverage on shares of Red Rock Resorts in a research report on Tuesday. They issued a “buy” rating and a $69.00 price target for the company. JPMorgan Chase & Co. increased their price target on shares of Red Rock Resorts from $53.00 to $63.00 and gave the stock an “overweight” rating in a research report on Thursday, February 8th. Truist Financial increased their price target on shares of Red Rock Resorts from $46.00 to $55.00 and gave the stock a “hold” rating in a research report on Wednesday, December 20th. Finally, Barclays boosted their target price on Red Rock Resorts from $60.00 to $62.00 and gave the stock an “overweight” rating in a report on Thursday, February 8th. Four analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $60.27.

Red Rock Resorts Stock Performance

The firm has a fifty day moving average of $56.44 and a 200-day moving average of $49.07. The firm has a market cap of $6.29 billion, a P/E ratio of 20.42, a PEG ratio of 4.07 and a beta of 2.06. The company has a quick ratio of 0.76, a current ratio of 0.81 and a debt-to-equity ratio of 13.54.

Red Rock Resorts (NASDAQ:RRR) last released its earnings results on Wednesday, February 7th. The company reported $0.95 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.55. Red Rock Resorts had a return on equity of 114.32% and a net margin of 10.21%. The firm had revenue of $462.71 million for the quarter, compared to analyst estimates of $440.75 million. During the same quarter in the prior year, the firm posted $1.00 earnings per share. The company’s quarterly revenue was up 8.8% on a year-over-year basis. Research analysts predict that Red Rock Resorts, Inc. will post 1.9 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 Friday, March 29th. Stockholders of record on Friday, March 15th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date is Thursday, March 14th. Red Rock Resorts’s dividend payout ratio is currently 33.90%.

Insider Transactions at Red Rock Resorts

In other news, CFO Stephen Lawrence Cootey sold 7,520 shares of the firm’s stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $57.74, for a total transaction of $434,204.80. Following the sale, the chief financial officer now owns 243,808 shares of the company’s stock, valued at $14,077,473.92. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 54.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in RRR. Envestnet Asset Management Inc. acquired a new stake in Red Rock Resorts during the 1st quarter worth approximately $371,000. JPMorgan Chase & Co. raised its holdings in Red Rock Resorts by 463.8% in the 1st quarter. JPMorgan Chase & Co. now owns 304,173 shares of the company’s stock valued at $14,771,000 after acquiring an additional 250,227 shares in the last quarter. Raymond James & Associates acquired a new position in Red Rock Resorts in the 1st quarter valued at $1,307,000. Bank of Montreal Can acquired a new position in Red Rock Resorts in the 1st quarter valued at $303,000. Finally, MetLife Investment Management LLC raised its holdings in Red Rock Resorts by 34.4% in the 1st quarter. MetLife Investment Management LLC now owns 28,612 shares of the company’s stock valued at $1,389,000 after acquiring an additional 7,318 shares in the last quarter. 47.84% of the stock is currently owned by institutional investors.

Red Rock Resorts Company Profile

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.