Massachusetts Financial Services Co. MA Has $96.60 Million Stake in Red Rock Resorts, Inc. (NASDAQ:RRR)

Massachusetts Financial Services Co. MA trimmed its position in shares of Red Rock Resorts, Inc. (NASDAQ:RRR) by 23.2% during the second quarter, HoldingsChannel reports. The institutional investor owned 1,758,613 shares of the company’s stock after selling 532,093 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Red Rock Resorts were worth $96,601,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of RRR. Capital World Investors acquired a new stake in shares of Red Rock Resorts in the 4th quarter valued at approximately $24,897,000. Eminence Capital LP boosted its stake in shares of Red Rock Resorts by 21.1% in the 4th quarter. Eminence Capital LP now owns 2,373,556 shares of the company’s stock valued at $126,582,000 after purchasing an additional 413,871 shares in the last quarter. Hantz Financial Services Inc. acquired a new stake in shares of Red Rock Resorts in the 2nd quarter valued at approximately $14,384,000. Vaughan Nelson Investment Management L.P. boosted its stake in shares of Red Rock Resorts by 26.7% in the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,196,195 shares of the company’s stock valued at $65,706,000 after purchasing an additional 251,855 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Red Rock Resorts in the 4th quarter valued at approximately $12,880,000. 47.84% of the stock is currently owned by institutional investors and hedge funds.

Red Rock Resorts Stock Performance

NASDAQ RRR opened at $53.87 on Thursday. The company has a fifty day simple moving average of $56.17 and a 200 day simple moving average of $55.32. Red Rock Resorts, Inc. has a 12-month low of $37.82 and a 12-month high of $63.28. The company has a current ratio of 0.94, a quick ratio of 0.89 and a debt-to-equity ratio of 15.15. The company has a market cap of $5.69 billion, a P/E ratio of 18.70, a PEG ratio of 5.35 and a beta of 2.04.

Red Rock Resorts (NASDAQ:RRR) last posted its quarterly earnings results on Tuesday, July 23rd. The company reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.43 by $0.16. Red Rock Resorts had a net margin of 9.21% and a return on equity of 83.84%. The business had revenue of $486.40 million during the quarter, compared to the consensus estimate of $475.80 million. During the same quarter last year, the firm posted $0.65 EPS. Red Rock Resorts’s revenue was up 16.9% compared to the same quarter last year. Sell-side analysts predict that Red Rock Resorts, Inc. will post 1.62 earnings per share for the current fiscal year.

Red Rock Resorts Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.86%. The ex-dividend date is Monday, September 16th. Red Rock Resorts’s payout ratio is currently 34.72%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on RRR shares. Wells Fargo & Company downgraded shares of Red Rock Resorts from an “overweight” rating to an “equal weight” rating and lifted their target price for the stock from $63.00 to $64.00 in a research report on Wednesday, July 24th. JPMorgan Chase & Co. lifted their target price on shares of Red Rock Resorts from $62.00 to $69.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Barclays lifted their target price on shares of Red Rock Resorts from $63.00 to $65.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 24th. Susquehanna lifted their target price on shares of Red Rock Resorts from $63.00 to $70.00 and gave the stock a “positive” rating in a research report on Wednesday, July 24th. Finally, Truist Financial cut their target price on shares of Red Rock Resorts from $64.00 to $63.00 and set a “hold” rating on the stock in a research report on Wednesday, July 24th. Six analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $63.50.

Insider Activity at Red Rock Resorts

In other Red Rock Resorts news, VP Lorenzo J. Fertitta purchased 33,000 shares of Red Rock Resorts stock in a transaction that occurred on Thursday, August 1st. The stock was acquired at an average price of $54.49 per share, with a total value of $1,798,170.00. Following the transaction, the vice president now owns 47,480,301 shares in the company, valued at approximately $2,587,201,601.49. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Red Rock Resorts news, COO Kord Nichols sold 49,464 shares of Red Rock Resorts stock in a transaction on Monday, July 29th. The shares were sold at an average price of $58.00, for a total transaction of $2,868,912.00. Following the transaction, the chief operating officer now directly owns 71,946 shares of the company’s stock, valued at approximately $4,172,868. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Lorenzo J. Fertitta acquired 33,000 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were purchased at an average cost of $54.49 per share, for a total transaction of $1,798,170.00. Following the completion of the acquisition, the vice president now directly owns 47,480,301 shares in the company, valued at $2,587,201,601.49. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 200,000 shares of company stock valued at $10,426,000. 53.28% of the stock is owned by company insiders.

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.