Red Rock Resorts (NASDAQ:RRR – Free Report) had its price objective boosted by Wells Fargo & Company from $57.00 to $62.00 in a research note published on Thursday morning, Benzinga reports. The brokerage currently has an overweight rating on the stock.
A number of other brokerages have also recently issued reports on RRR. Stifel Nicolaus upped their target price on Red Rock Resorts from $47.00 to $54.00 and gave the company a hold rating in a research report on Thursday, December 21st. JPMorgan Chase & Co. reduced their price objective 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. JMP Securities upped their price objective on Red Rock Resorts from $52.00 to $55.00 and gave the company a market outperform rating in a research note on Thursday, January 18th. Morgan Stanley reaffirmed an equal weight rating and set a $48.00 price objective (down from $49.00) on shares of Red Rock Resorts in a research note on Tuesday, January 9th. Finally, Truist Financial upped their price objective on Red Rock Resorts from $46.00 to $55.00 and gave the company a hold rating in a research note on Wednesday, December 20th. Four investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Red Rock Resorts currently has a consensus rating of Moderate Buy and an average price target of $59.10.
Red Rock Resorts Stock Up 4.8 %
Red Rock Resorts (NASDAQ:RRR – Get Free Report) last announced its earnings results on Wednesday, February 7th. The company reported $0.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.55. The firm had revenue of $462.71 million during the quarter, compared to analysts’ expectations of $440.75 million. Red Rock Resorts had a return on equity of 141.95% and a net margin of 10.21%. The business’s revenue was up 8.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.00 EPS. Equities research analysts forecast that Red Rock Resorts will post 1.86 earnings per share for the current year.
Red Rock Resorts Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Investors 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 1.73%. Red Rock Resorts’s dividend payout ratio is presently 33.90%.
Hedge Funds Weigh In On Red Rock Resorts
Hedge funds and other institutional investors have recently bought and sold shares of the company. Nelson Van Denburg & Campbell Wealth Management Group LLC acquired a new position in Red Rock Resorts during the first quarter worth $30,000. Lazard Asset Management LLC acquired a new position in Red Rock Resorts during the fourth quarter worth $34,000. Spotlight Asset Group Inc. acquired a new position in Red Rock Resorts during the second quarter worth $47,000. Tower Research Capital LLC TRC raised its holdings in Red Rock Resorts by 601.1% during the first quarter. Tower Research Capital LLC TRC now owns 1,283 shares of the company’s stock worth $57,000 after purchasing an additional 1,100 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new position in Red Rock Resorts during the second quarter worth $92,000. 51.21% of the stock is owned by institutional investors and hedge funds.
About Red Rock Resorts
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.
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