Mackenzie Financial Corp trimmed its holdings in Red Rock Resorts, Inc. (NASDAQ:RRR – Get Rating) by 27.4% during the second quarter, Holdings Channel reports. The firm owned 49,360 shares of the company’s stock after selling 18,661 shares during the quarter. Mackenzie Financial Corp’s holdings in Red Rock Resorts were worth $1,647,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Truist Financial Corp raised its stake in Red Rock Resorts by 17.7% during the 1st quarter. Truist Financial Corp now owns 6,296 shares of the company’s stock worth $305,000 after buying an additional 949 shares during the period. Versor Investments LP acquired a new position in Red Rock Resorts during the 1st quarter worth approximately $430,000. Envestnet Asset Management Inc. acquired a new position in Red Rock Resorts during the 1st quarter worth approximately $371,000. New York State Common Retirement Fund raised its stake in Red Rock Resorts by 45.4% during the 1st quarter. New York State Common Retirement Fund now owns 194,996 shares of the company’s stock worth $9,469,000 after buying an additional 60,926 shares during the period. Finally, Aigen Investment Management LP acquired a new position in Red Rock Resorts during the 1st quarter worth approximately $789,000. 52.30% of the stock is owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other Red Rock Resorts news, COO Robert A. Finch sold 22,663 shares of Red Rock Resorts stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $39.41, for a total value of $893,148.83. Following the completion of the sale, the chief operating officer now owns 111,214 shares of the company’s stock, valued at approximately $4,382,943.74. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 50.18% of the stock is currently owned by insiders.
Red Rock Resorts Price Performance
Red Rock Resorts Cuts Dividend
The business also recently announced a dividend, which will be paid on Friday, December 9th. Shareholders of record on Wednesday, November 30th will be given a $1.00 dividend. This represents a yield of 9.41%. The ex-dividend date is Tuesday, November 29th. Red Rock Resorts’s dividend payout ratio (DPR) is presently 31.65%.
Analysts Set New Price Targets
A number of research analysts recently weighed in on the company. Morgan Stanley assumed coverage on Red Rock Resorts in a research note on Monday. They set an “overweight” rating and a $52.00 price target on the stock. StockNews.com downgraded Red Rock Resorts from a “buy” rating to a “hold” rating in a research note on Saturday, November 5th. CBRE Group reaffirmed a “hold” rating and issued a $44.00 target price on shares of Red Rock Resorts in a report on Thursday, October 20th. JMP Securities initiated coverage on Red Rock Resorts in a report on Thursday, September 22nd. They set an “outperform” rating and a $50.00 price objective for the company. Finally, Jefferies Financial Group initiated coverage on Red Rock Resorts in a report on Wednesday, September 7th. They set a “buy” rating and a $50.00 price objective for the company. One analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $47.62.
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 9 gaming and entertainment facilities, and 10 smaller casinos in the Las Vegas regional market.
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