State of New Jersey Common Pension Fund D Reduces Position in Red Rock Resorts, Inc. (NASDAQ:RRR)

State of New Jersey Common Pension Fund D decreased its holdings in Red Rock Resorts, Inc. (NASDAQ:RRRGet Rating) by 4.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 58,099 shares of the company’s stock after selling 2,936 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Red Rock Resorts were worth $1,990,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in RRR. Creative Planning increased its holdings in shares of Red Rock Resorts by 5.3% in the second quarter. Creative Planning now owns 6,048 shares of the company’s stock valued at $202,000 after purchasing an additional 305 shares during the last quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC purchased a new stake in Red Rock Resorts in the 1st quarter valued at $30,000. Nisa Investment Advisors LLC increased its stake in shares of Red Rock Resorts by 16.6% in the 2nd quarter. Nisa Investment Advisors LLC now owns 4,910 shares of the company’s stock worth $164,000 after acquiring an additional 700 shares during the last quarter. Beacon Pointe Advisors LLC raised its holdings in shares of Red Rock Resorts by 18.4% during the 1st quarter. Beacon Pointe Advisors LLC now owns 5,906 shares of the company’s stock worth $287,000 after acquiring an additional 919 shares during the period. Finally, Institute for Wealth Management LLC. boosted its position in shares of Red Rock Resorts by 13.9% during the 2nd quarter. Institute for Wealth Management LLC. now owns 9,448 shares of the company’s stock valued at $315,000 after acquiring an additional 1,153 shares during the last quarter. 52.45% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

RRR has been the subject of several recent analyst reports. JMP Securities assumed coverage on shares of Red Rock Resorts in a research report on Thursday, September 22nd. They set an “outperform” rating and a $50.00 price objective for the company. StockNews.com downgraded shares of Red Rock Resorts from a “buy” rating to a “hold” rating in a report on Saturday, November 5th. CBRE Group reiterated a “hold” rating and issued a $44.00 price objective on shares of Red Rock Resorts in a report on Thursday, October 20th. Truist Financial cut Red Rock Resorts from a “buy” rating to a “hold” rating and cut their target price for the stock from $46.00 to $45.00 in a research note on Wednesday, January 11th. Finally, ING Group started coverage on Red Rock Resorts in a research note on Thursday, October 20th. They issued a “hold” rating and a $44.00 price target on the stock. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $47.42.

Red Rock Resorts Stock Performance

Shares of Red Rock Resorts stock opened at $42.77 on Friday. The stock has a market capitalization of $4.45 billion, a price-to-earnings ratio of 13.53, a price-to-earnings-growth ratio of 6.69 and a beta of 2.16. The company has a debt-to-equity ratio of 352.28, a current ratio of 0.74 and a quick ratio of 0.69. The business has a 50-day moving average of $42.77 and a 200 day moving average of $39.84. Red Rock Resorts, Inc. has a 12 month low of $30.98 and a 12 month high of $54.29.

Red Rock Resorts (NASDAQ:RRRGet Rating) last issued its quarterly earnings results on Thursday, October 27th. The company reported $0.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.35. The business had revenue of $414.44 million for the quarter, compared to analysts’ expectations of $407.55 million. Red Rock Resorts had a net margin of 15.80% and a return on equity of 753.52%. As a group, sell-side analysts forecast that Red Rock Resorts, Inc. will post 1.69 earnings per share for the current year.

Red Rock Resorts Cuts Dividend

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

Red Rock Resorts Profile

(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.

Further Reading

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Institutional Ownership by Quarter for Red Rock Resorts (NASDAQ:RRR)

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