Red Rock Resorts, Inc. (NASDAQ:RRR – Get Free Report) was the recipient of a large drop in short interest in December. As of December 31st, there was short interest totalling 1,780,000 shares, a drop of 35.0% from the December 15th total of 2,740,000 shares. Based on an average daily volume of 454,600 shares, the short-interest ratio is currently 3.9 days. Approximately 3.6% of the shares of the stock are short sold.
Analyst Ratings Changes
A number of research firms recently weighed in on RRR. Truist Financial raised their price target on Red Rock Resorts from $46.00 to $55.00 and gave the company a “hold” rating in a report on Wednesday, December 20th. Wells Fargo & Company lowered their target price on Red Rock Resorts from $55.00 to $53.00 and set an “overweight” rating for the company in a research note on Tuesday, November 7th. Morgan Stanley reissued an “equal weight” rating and issued a $48.00 target price (down from $49.00) on shares of Red Rock Resorts in a research note on Tuesday, January 9th. Stifel Nicolaus lifted their target price on Red Rock Resorts from $47.00 to $54.00 and gave the company a “hold” rating in a research note on Thursday, December 21st. Finally, JPMorgan Chase & Co. lowered their target price on Red Rock Resorts from $54.00 to $50.00 and set an “overweight” rating for the company in a research note on Wednesday, November 8th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $52.63.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently added to or reduced their stakes in RRR. Sequoia Financial Advisors LLC bought a new position in Red Rock Resorts during the second quarter worth about $173,703,000. FMR LLC raised its stake in shares of Red Rock Resorts by 46.4% in the 3rd quarter. FMR LLC now owns 5,249,335 shares of the company’s stock valued at $215,223,000 after purchasing an additional 1,663,839 shares during the period. Bamco Inc. NY raised its stake in shares of Red Rock Resorts by 10.8% in the 3rd quarter. Bamco Inc. NY now owns 9,856,963 shares of the company’s stock valued at $404,135,000 after purchasing an additional 962,841 shares during the period. Comerica Bank acquired a new stake in shares of Red Rock Resorts in the 2nd quarter valued at about $27,069,000. Finally, Capital Research Global Investors acquired a new stake in shares of Red Rock Resorts in the 1st quarter valued at about $23,794,000. 51.21% of the stock is currently owned by institutional investors.
Red Rock Resorts Trading Down 0.9 %
Shares of NASDAQ:RRR traded down $0.44 during midday trading on Friday, hitting $49.79. The company had a trading volume of 212,643 shares, compared to its average volume of 361,556. Red Rock Resorts has a 12 month low of $37.82 and a 12 month high of $54.63. The company has a current ratio of 0.80, a quick ratio of 0.76 and a debt-to-equity ratio of 20.81. The stock has a market cap of $5.20 billion, a price-to-earnings ratio of 14.27, a PEG ratio of 26.02 and a beta of 2.10. The firm has a fifty day simple moving average of $47.75 and a 200 day simple moving average of $45.34.
Red Rock Resorts (NASDAQ:RRR – Get Free Report) last posted its quarterly earnings results on Tuesday, November 7th. The company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.19. Red Rock Resorts had a return on equity of 159.42% and a net margin of 12.54%. The business had revenue of $411.61 million for the quarter, compared to analyst estimates of $410.87 million. During the same period last year, the company earned $0.84 EPS. The firm’s revenue was down .7% on a year-over-year basis. On average, analysts predict that Red Rock Resorts will post 1.56 EPS for the current year.
Red Rock Resorts Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, December 29th. Shareholders of record on Friday, December 15th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Thursday, December 14th. This represents a $1.00 annualized dividend and a yield of 2.01%. Red Rock Resorts’s dividend payout ratio is presently 28.65%.
Red Rock Resorts Company Profile
Red Rock Resorts, Inc, through its interest in Station Holdco and Station LLC, develops and operates casino and entertainment properties in the United States. It operates through two segments, Las Vegas Operations and Native American Management. The company owns and operates 6 gaming and entertainment facilities, and 9 smaller casinos in the Las Vegas regional market.