Red Rock Resorts (NASDAQ:RRR) Cut to Hold at Truist Financial

Truist Financial lowered shares of Red Rock Resorts (NASDAQ:RRRGet Rating) from a buy rating to a hold rating in a research report released on Wednesday morning, Marketbeat reports. They currently have $45.00 price objective on the stock, down from their prior price objective of $46.00.

Other equities analysts also recently issued reports about the company. ING Group assumed coverage on Red Rock Resorts in a research report on Thursday, October 20th. They set a hold rating and a $44.00 price objective for the company. JMP Securities assumed coverage on Red Rock Resorts in a report on Thursday, September 22nd. They issued an outperform rating and a $50.00 price target for the company. Morgan Stanley assumed coverage on Red Rock Resorts in a report on Monday, November 21st. They issued an overweight rating and a $52.00 price target for the company. StockNews.com downgraded Red Rock Resorts from a buy rating to a hold rating in a report on Saturday, November 5th. Finally, CBRE Group reaffirmed a hold rating and issued a $44.00 price target on shares of Red Rock Resorts in a report on Thursday, October 20th. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Red Rock Resorts currently has a consensus rating of Moderate Buy and a consensus price target of $47.42.

Red Rock Resorts Stock Performance

Shares of Red Rock Resorts stock opened at $43.54 on Wednesday. Red Rock Resorts has a one year low of $30.98 and a one year high of $54.29. The company has a market cap of $4.53 billion, a PE ratio of 13.78, a P/E/G ratio of 6.58 and a beta of 2.16. The company has a debt-to-equity ratio of 352.28, a quick ratio of 0.69 and a current ratio of 0.74. The business has a 50-day simple moving average of $42.63 and a 200-day simple moving average of $39.58.

Red Rock Resorts (NASDAQ:RRRGet Rating) last announced its quarterly earnings data on Thursday, October 27th. The company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.49 by $0.35. Red Rock Resorts had a return on equity of 753.52% and a net margin of 15.80%. The business had revenue of $414.44 million during the quarter, compared to the consensus estimate of $407.55 million. On average, equities research analysts forecast that Red Rock Resorts will post 1.7 EPS for the current fiscal year.

Red Rock Resorts Cuts Dividend

The company also recently disclosed a None dividend, which was paid on Friday, December 9th. Stockholders of record on Wednesday, November 30th were issued a $1.00 dividend. This represents a dividend yield of 9.41%. The ex-dividend date of this dividend was Tuesday, November 29th. Red Rock Resorts’s payout ratio is currently 31.65%.

Institutional Investors Weigh In On Red Rock Resorts

Several large investors have recently modified their holdings of RRR. Nelson Van Denburg & Campbell Wealth Management Group LLC raised its stake in shares of Red Rock Resorts by 32.9% during the third quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 13,413 shares of the company’s stock worth $459,000 after purchasing an additional 3,324 shares during the last quarter. Comerica Bank purchased a new stake in shares of Red Rock Resorts during the second quarter worth approximately $6,368,000. AdvisorShares Investments LLC raised its stake in shares of Red Rock Resorts by 56.3% during the second quarter. AdvisorShares Investments LLC now owns 22,375 shares of the company’s stock worth $747,000 after purchasing an additional 8,059 shares during the last quarter. Long Pond Capital LP purchased a new stake in shares of Red Rock Resorts during the second quarter worth approximately $27,421,000. Finally, SG Americas Securities LLC raised its stake in shares of Red Rock Resorts by 222.7% during the second quarter. SG Americas Securities LLC now owns 15,024 shares of the company’s stock worth $501,000 after purchasing an additional 10,368 shares during the last quarter. 52.45% of the stock is owned by institutional investors and hedge funds.

About Red Rock Resorts

(Get Rating)

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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Analyst Recommendations for Red Rock Resorts (NASDAQ:RRR)

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