Lorenzo Fertitta Buys 800,000 Shares of Red Rock Resorts, Inc. (NASDAQ:RRR) Stock

Red Rock Resorts, Inc. (NASDAQ:RRRGet Free Report) Vice President Lorenzo Fertitta acquired 800,000 shares of the company’s stock in a transaction on Monday, May 13th. The stock was purchased at an average cost of $50.39 per share, for a total transaction of $40,312,000.00. Following the completion of the purchase, the insider now directly owns 47,447,301 shares in the company, valued at approximately $2,390,869,497.39. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website.

Red Rock Resorts Trading Up 0.5 %

NASDAQ:RRR traded up $0.27 on Monday, hitting $51.59. 27,358 shares of the stock were exchanged, compared to its average volume of 441,035. The stock has a market cap of $5.43 billion, a PE ratio of 17.82, a PEG ratio of 2.45 and a beta of 2.08. Red Rock Resorts, Inc. has a fifty-two week low of $37.82 and a fifty-two week high of $63.28. The company has a current ratio of 0.90, a quick ratio of 0.85 and a debt-to-equity ratio of 18.49. The stock has a fifty day moving average of $56.78 and a 200-day moving average of $53.13.

Red Rock Resorts (NASDAQ:RRRGet Free Report) last released its quarterly earnings data on Tuesday, May 7th. The company reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.18. The company had revenue of $488.90 million during the quarter, compared to analyst estimates of $490.49 million. Red Rock Resorts had a net margin of 9.79% and a return on equity of 98.44%. The business’s quarterly revenue was up 12.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.75 earnings per share. As a group, equities analysts expect that Red Rock Resorts, Inc. will post 1.83 earnings per share for the current fiscal year.

Red Rock Resorts Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be given a dividend of $0.25 per share. The ex-dividend date is Friday, June 14th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.94%. Red Rock Resorts’s payout ratio is currently 34.72%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp lifted its holdings in Red Rock Resorts by 1.1% in the 3rd quarter. Bank of New York Mellon Corp now owns 401,209 shares of the company’s stock worth $16,450,000 after buying an additional 4,432 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Red Rock Resorts by 13.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,201 shares of the company’s stock worth $459,000 after acquiring an additional 1,330 shares during the last quarter. TD Asset Management Inc lifted its stake in shares of Red Rock Resorts by 5.3% in the third quarter. TD Asset Management Inc now owns 35,606 shares of the company’s stock worth $1,460,000 after acquiring an additional 1,800 shares in the last quarter. Malaga Cove Capital LLC purchased a new position in Red Rock Resorts in the third quarter valued at about $242,000. Finally, Diamond Hill Capital Management Inc. grew its stake in Red Rock Resorts by 1.9% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 4,827,336 shares of the company’s stock valued at $197,921,000 after purchasing an additional 91,798 shares in the last quarter. 47.84% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on RRR. JMP Securities decreased their price target on Red Rock Resorts from $66.00 to $65.00 and set a “market outperform” rating on the stock in a research note on Wednesday, May 8th. Bank of America upgraded shares of Red Rock Resorts from an “underperform” rating to a “neutral” rating and lowered their target price for the stock from $57.00 to $55.00 in a research report on Monday, May 13th. Susquehanna lifted their price target on shares of Red Rock Resorts from $52.00 to $66.00 and gave the company a “positive” rating in a research report on Thursday, February 8th. Morgan Stanley upped their price target on Red Rock Resorts from $51.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 9th. Finally, Wells Fargo & Company reduced their price objective on Red Rock Resorts from $66.00 to $63.00 and set an “overweight” rating for the company in a report on Wednesday, May 8th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $61.58.

View Our Latest Report on Red Rock Resorts

About Red Rock Resorts

(Get Free Report)

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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