Red Rock Resorts, Inc. (NASDAQ:RRR) Shares Acquired by Seven Eight Capital LP

Seven Eight Capital LP boosted its holdings in Red Rock Resorts, Inc. (NASDAQ:RRR) by 477.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 28,914 shares of the company’s stock after purchasing an additional 23,907 shares during the quarter. Seven Eight Capital LP’s holdings in Red Rock Resorts were worth $1,588,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. Covestor Ltd increased its stake in shares of Red Rock Resorts by 16,666.7% during the 1st quarter. Covestor Ltd now owns 503 shares of the company’s stock valued at $30,000 after acquiring an additional 500 shares during the last quarter. Headlands Technologies LLC acquired a new position in Red Rock Resorts during the first quarter worth approximately $78,000. nVerses Capital LLC purchased a new position in Red Rock Resorts during the second quarter worth approximately $154,000. Virtu Financial LLC acquired a new position in shares of Red Rock Resorts in the 4th quarter valued at $212,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Red Rock Resorts during the 1st quarter valued at $236,000. 47.84% of the stock is currently owned by hedge funds and other institutional investors.

Red Rock Resorts Price Performance

RRR opened at $54.23 on Friday. Red Rock Resorts, Inc. has a twelve month low of $37.82 and a twelve month high of $63.28. The firm has a market cap of $5.73 billion, a price-to-earnings ratio of 18.83, a PEG ratio of 5.36 and a beta of 2.04. 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 fifty day simple moving average of $56.10 and a 200 day simple moving average of $55.31.

Red Rock Resorts (NASDAQ:RRR) last announced its earnings results on Tuesday, July 23rd. The company reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.16. The business had revenue of $486.40 million for the quarter, compared to analyst estimates of $475.80 million. Red Rock Resorts had a return on equity of 83.84% and a net margin of 9.21%. The company’s revenue for the quarter was up 16.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.65 earnings per share. Equities research analysts expect that Red Rock Resorts, Inc. will post 1.61 EPS for the current fiscal year.

Red Rock Resorts Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 16th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.84%. The ex-dividend date of this dividend is Monday, September 16th. Red Rock Resorts’s payout ratio is 34.72%.

Insider Activity

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

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Susquehanna lifted their target price on Red Rock Resorts from $63.00 to $70.00 and gave the company a “positive” rating in a report on Wednesday, July 24th. Barclays raised their price objective on Red Rock Resorts from $63.00 to $65.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Macquarie boosted their target price on Red Rock Resorts from $62.00 to $65.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. JPMorgan Chase & Co. raised their price target on shares of Red Rock Resorts from $62.00 to $69.00 and gave the company an “overweight” rating in a report on Wednesday, July 24th. Finally, Morgan Stanley boosted their price objective on shares of Red Rock Resorts from $54.00 to $56.00 and gave the stock an “equal weight” rating in a research note on Wednesday, September 4th. Six research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $63.50.

Red Rock Resorts 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.