Long Pond Capital LP Purchases New Shares in Red Rock Resorts, Inc. (NASDAQ:RRR)

Long Pond Capital LP acquired a new position in Red Rock Resorts, Inc. (NASDAQ:RRR) during the second quarter, according to the company in its most recent filing with the SEC. The fund acquired 400,280 shares of the company’s stock, valued at approximately $21,987,000. Red Rock Resorts makes up 1.2% of Long Pond Capital LP’s holdings, making the stock its 25th biggest holding. Long Pond Capital LP owned 0.38% of Red Rock Resorts at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RRR. Bamco Inc. NY raised its stake in Red Rock Resorts by 0.5% during the first quarter. Bamco Inc. NY now owns 10,409,100 shares of the company’s stock valued at $622,672,000 after buying an additional 50,246 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Red Rock Resorts by 4.3% in the first quarter. Vanguard Group Inc. now owns 5,136,942 shares of the company’s stock worth $307,292,000 after purchasing an additional 209,593 shares during the period. Eminence Capital LP increased its stake in Red Rock Resorts by 21.1% during the fourth 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 during the last quarter. Vaughan Nelson Investment Management L.P. raised its holdings in shares of Red Rock Resorts by 26.7% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,196,195 shares of the company’s stock worth $65,706,000 after purchasing an additional 251,855 shares during the period. Finally, Capital World Investors acquired a new position in shares of Red Rock Resorts in the 4th quarter valued at about $24,897,000. 47.84% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Red Rock Resorts news, CEO Frank J. Fertitta III acquired 67,000 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were acquired at an average cost of $54.49 per share, for a total transaction of $3,650,830.00. Following the completion of the purchase, the chief executive officer now owns 45,914,301 shares of the company’s stock, valued at approximately $2,501,870,261.49. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Red Rock Resorts news, COO Kord Nichols sold 49,464 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief operating officer now 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 SEC, which is available at this hyperlink. Also, CEO Frank J. Fertitta III bought 67,000 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was purchased at an average price of $54.49 per share, with a total value of $3,650,830.00. Following the completion of the purchase, the chief executive officer now directly owns 45,914,301 shares of the company’s stock, valued at approximately $2,501,870,261.49. The disclosure for this purchase can be found here. In the last three months, insiders bought 200,000 shares of company stock valued at $10,426,000. Company insiders own 53.28% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. 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 report on Wednesday, July 24th. Morgan Stanley boosted their price objective on Red Rock Resorts from $54.00 to $56.00 and gave the company an “equal weight” rating in a research report on Wednesday, September 4th. Macquarie increased their target price on Red Rock Resorts from $62.00 to $65.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 24th. Barclays raised their target price on Red Rock Resorts from $63.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Finally, JPMorgan Chase & Co. upped their price target 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. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Red Rock Resorts has a consensus rating of “Moderate Buy” and a consensus target price of $63.50.

Red Rock Resorts Price Performance

NASDAQ RRR opened at $54.35 on Friday. The company has a quick ratio of 0.89, a current ratio of 0.94 and a debt-to-equity ratio of 15.15. The stock has a market capitalization of $5.74 billion, a PE ratio of 18.87, a price-to-earnings-growth ratio of 5.32 and a beta of 2.04. Red Rock Resorts, Inc. has a 12-month low of $37.82 and a 12-month high of $63.28. The company has a 50 day moving average price of $55.40 and a two-hundred day moving average price of $55.18.

Red Rock Resorts (NASDAQ:RRR) last released its quarterly earnings results on Tuesday, July 23rd. The company reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.16. The company had revenue of $486.40 million during the quarter, compared to the consensus estimate of $475.80 million. Red Rock Resorts had a return on equity of 83.84% and a net margin of 9.21%. The firm’s revenue was up 16.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.65 EPS. As a group, equities analysts predict that Red Rock Resorts, Inc. will post 1.66 earnings per share for the current fiscal year.

Red Rock Resorts Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders 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 is Monday, September 16th. Red Rock Resorts’s dividend payout ratio is 34.72%.

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.