ProShare Advisors LLC Lowers Position in Red Rock Resorts, Inc. (NASDAQ:RRR)

ProShare Advisors LLC lessened its stake in Red Rock Resorts, Inc. (NASDAQ:RRR) by 25.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,381 shares of the company’s stock after selling 2,178 shares during the quarter. ProShare Advisors LLC’s holdings in Red Rock Resorts were worth $351,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of RRR. Covestor Ltd raised its stake in Red Rock Resorts by 16,666.7% during the first quarter. Covestor Ltd now owns 503 shares of the company’s stock valued at $30,000 after purchasing an additional 500 shares in the last quarter. Headlands Technologies LLC purchased a new stake in Red Rock Resorts during the first quarter valued at $78,000. nVerses Capital LLC purchased a new stake in Red Rock Resorts during the second quarter valued at $154,000. Virtu Financial LLC purchased a new stake in Red Rock Resorts during the fourth quarter valued at $212,000. Finally, SG Americas Securities LLC purchased a new stake in Red Rock Resorts during the first quarter valued at $236,000. Hedge funds and other institutional investors own 47.84% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Wells Fargo & Company downgraded shares of Red Rock Resorts from an “overweight” rating to an “equal weight” rating and upped their price target for the company from $63.00 to $64.00 in a research note on Wednesday, July 24th. Morgan Stanley increased their target price on shares of Red Rock Resorts from $54.00 to $56.00 and gave the company an “equal weight” rating in a research note on Wednesday, September 4th. JPMorgan Chase & Co. increased their target price on shares of Red Rock Resorts from $62.00 to $69.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Truist Financial reduced 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 note on Wednesday, July 24th. Finally, Barclays increased their target price on shares of Red Rock Resorts from $63.00 to $65.00 and gave the company an “overweight” rating in a research note on Wednesday, July 24th. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $63.50.

Red Rock Resorts Trading Up 1.6 %

RRR stock opened at $54.98 on Thursday. The company has a market capitalization of $5.81 billion, a PE ratio of 19.09, a P/E/G ratio of 5.47 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 firm’s 50-day moving average is $55.06 and its 200 day moving average is $55.12. The company has a debt-to-equity ratio of 15.15, a current ratio of 0.94 and a quick ratio of 0.89.

Red Rock Resorts (NASDAQ:RRR) last posted its earnings results on Tuesday, July 23rd. The company reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.43 by $0.16. The business had revenue of $486.40 million for the quarter, compared to the consensus estimate of $475.80 million. Red Rock Resorts had a net margin of 9.21% and a return on equity of 83.84%. The company’s revenue for the quarter was up 16.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.65 EPS. On average, research analysts anticipate that Red Rock Resorts, Inc. will post 1.66 EPS for the current year.

Red Rock Resorts Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 16th were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.82%. The ex-dividend date was Monday, September 16th. Red Rock Resorts’s dividend payout ratio (DPR) is 34.72%.

Insider Buying and Selling at Red Rock Resorts

In other Red Rock Resorts news, COO Kord Nichols sold 49,464 shares of the firm’s stock in a transaction dated 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 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 at the SEC website. In other news, COO Kord Nichols sold 49,464 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $4,172,868. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Frank J. Fertitta III purchased 67,000 shares of the stock in a transaction dated Thursday, August 1st. The stock was purchased at an average price of $54.49 per share, for a total transaction of $3,650,830.00. Following the completion of the acquisition, the chief executive officer now directly owns 45,914,301 shares in the company, valued at approximately $2,501,870,261.49. The disclosure for this purchase can be found here. In the last quarter, insiders have acquired 200,000 shares of company stock valued at $10,426,000. Company insiders own 53.28% of the company’s stock.

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.