Vaughan Nelson Investment Management L.P. Increases Stock Position in Red Rock Resorts, Inc. (NASDAQ:RRR)

Vaughan Nelson Investment Management L.P. grew its stake in Red Rock Resorts, Inc. (NASDAQ:RRR) by 24.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 944,340 shares of the company’s stock after buying an additional 188,095 shares during the period. Vaughan Nelson Investment Management L.P. owned approximately 0.90% of Red Rock Resorts worth $56,491,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Virtu Financial LLC bought a new stake in shares of Red Rock Resorts in the 4th quarter valued at about $212,000. Core Wealth Partners LLC bought a new stake in Red Rock Resorts during the 4th quarter valued at approximately $213,000. Valeo Financial Advisors LLC purchased a new position in shares of Red Rock Resorts during the 4th quarter worth approximately $255,000. VELA Investment Management LLC bought a new position in shares of Red Rock Resorts in the 4th quarter worth approximately $256,000. Finally, Institute for Wealth Management LLC. lifted its stake in shares of Red Rock Resorts by 4.2% in the 4th quarter. Institute for Wealth Management LLC. now owns 7,557 shares of the company’s stock valued at $403,000 after purchasing an additional 308 shares during the period. Hedge funds and other institutional investors own 47.84% of the company’s stock.

Insider Buying and Selling

In related news, CEO Frank J. Fertitta III sold 800,000 shares of Red Rock Resorts stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $50.39, for a total transaction of $40,312,000.00. Following the completion of the transaction, the chief executive officer now directly owns 45,847,301 shares of the company’s stock, valued at approximately $2,310,245,497.39. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 53.28% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on RRR. Truist Financial upped their price target on Red Rock Resorts from $58.00 to $60.00 and gave the stock a “hold” rating in a research note on Tuesday, April 23rd. JMP Securities reduced their price target on shares of Red Rock Resorts from $66.00 to $65.00 and set a “market outperform” rating for the company in a research report on Wednesday, May 8th. Bank of America raised Red Rock Resorts from an “underperform” rating to a “neutral” rating and lowered their price objective for the company from $57.00 to $55.00 in a research report on Monday, May 13th. Morgan Stanley lifted their target price on Red Rock Resorts from $51.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 9th. Finally, Wells Fargo & Company lowered their price target on Red Rock Resorts from $66.00 to $63.00 and set an “overweight” rating on the stock in a report on Wednesday, May 8th. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $61.58.

Red Rock Resorts Price Performance

Shares of RRR traded down $0.09 during midday trading on Tuesday, hitting $53.69. 53,960 shares of the company traded hands, compared to its average volume of 450,463. The stock has a market cap of $5.67 billion, a price-to-earnings ratio of 18.67, a PEG ratio of 2.62 and a beta of 2.04. The firm has a 50 day moving average of $52.21 and a 200-day moving average of $54.62. The company has a debt-to-equity ratio of 18.49, a quick ratio of 0.85 and a current ratio of 0.90. Red Rock Resorts, Inc. has a 52 week low of $37.82 and a 52 week high of $63.28.

Red Rock Resorts (NASDAQ:RRR) last released its quarterly earnings results on Tuesday, May 7th. The company reported $0.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.18. Red Rock Resorts had a net margin of 9.79% and a return on equity of 98.44%. The company had revenue of $488.90 million for the quarter, compared to the consensus estimate of $490.49 million. During the same quarter in the prior year, the firm earned $0.75 earnings per share. Red Rock Resorts’s revenue was up 12.7% on a year-over-year basis. On average, analysts forecast that Red Rock Resorts, Inc. will post 1.82 EPS for the current fiscal year.

Red Rock Resorts Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, June 14th. This represents a $1.00 annualized dividend and a yield of 1.86%. Red Rock Resorts’s payout ratio is presently 34.72%.

Red Rock Resorts Company Profile

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.