Red Rock Resorts (NASDAQ:RRR) Sets New 52-Week High Following Analyst Upgrade

Red Rock Resorts, Inc. (NASDAQ:RRR)’s share price reached a new 52-week high during trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $63.00 to $69.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Red Rock Resorts traded as high as $61.33 and last traded at $61.23, with a volume of 39071 shares. The stock had previously closed at $59.82.

Several other equities analysts have also issued reports on RRR. JMP Securities lifted their price target on Red Rock Resorts from $55.00 to $61.00 and gave the company a “market outperform” rating in a research note on Thursday, February 8th. Barclays raised their price objective on Red Rock Resorts from $60.00 to $62.00 and gave the company an “overweight” rating in a report on Thursday, February 8th. Macquarie raised Red Rock Resorts from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $51.00 to $58.00 in a report on Wednesday, January 17th. Wells Fargo & Company lifted their target price on Red Rock Resorts from $57.00 to $62.00 and gave the stock an “overweight” rating in a report on Thursday, February 8th. Finally, Stifel Nicolaus lifted their target price on Red Rock Resorts from $47.00 to $54.00 and gave the stock a “hold” rating in a report on Thursday, December 21st. Four equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $60.82.

Insiders Place Their Bets

In other Red Rock Resorts news, CFO Stephen Lawrence Cootey sold 7,520 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $57.74, for a total transaction of $434,204.80. Following the completion of the sale, the chief financial officer now directly owns 243,808 shares of the company’s stock, valued at approximately $14,077,473.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 54.20% of the company’s stock.

Hedge Funds Weigh In On Red Rock Resorts

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Nelson Van Denburg & Campbell Wealth Management Group LLC purchased a new position in Red Rock Resorts in the first quarter valued at approximately $30,000. Lazard Asset Management LLC purchased a new position in Red Rock Resorts in the fourth quarter valued at approximately $34,000. KBC Group NV purchased a new position in Red Rock Resorts in the fourth quarter valued at approximately $56,000. Tower Research Capital LLC TRC lifted its stake in Red Rock Resorts by 601.1% in the first quarter. Tower Research Capital LLC TRC now owns 1,283 shares of the company’s stock valued at $57,000 after purchasing an additional 1,100 shares during the last quarter. Finally, Quantbot Technologies LP purchased a new position in Red Rock Resorts in the second quarter valued at approximately $92,000. Hedge funds and other institutional investors own 47.84% of the company’s stock.

Red Rock Resorts Trading Up 2.5 %

The company has a quick ratio of 0.76, a current ratio of 0.81 and a debt-to-equity ratio of 13.54. The firm has a 50 day moving average of $56.86 and a 200 day moving average of $49.45. The firm has a market cap of $6.45 billion, a PE ratio of 20.78, a P/E/G ratio of 4.09 and a beta of 2.06.

Red Rock Resorts (NASDAQ:RRR) last posted its quarterly earnings results on Wednesday, February 7th. The company reported $0.95 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.55. Red Rock Resorts had a return on equity of 114.32% and a net margin of 10.21%. The firm had revenue of $462.71 million during the quarter, compared to analyst estimates of $440.75 million. During the same period last year, the company earned $1.00 earnings per share. The business’s revenue for the quarter was up 8.8% on a year-over-year basis. Equities analysts anticipate that Red Rock Resorts, Inc. will post 1.9 earnings per share for the current year.

Red Rock Resorts Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date was Thursday, March 14th. Red Rock Resorts’s payout ratio is currently 33.90%.

About Red Rock Resorts

Red Rock Resorts, Inc, through its interest in Station Casinos LLC, develops and operates casino and entertainment properties in the United States. The company owns and operates gaming and entertainment facilities, including Durango Casino & Resort and smaller casinos in the Las Vegas regional market.