Red Rock Resorts (NASDAQ:RRR) Given New $58.00 Price Target at Wells Fargo & Company

Red Rock Resorts (NASDAQ:RRR) had its price objective trimmed by Wells Fargo & Company from $64.00 to $58.00 in a research report report published on Thursday morning, Benzinga reports. The firm currently has an equal weight rating on the stock.

Several other analysts also recently commented on RRR. Morgan Stanley upped their price target on shares of 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. Barclays upped their price target on shares of Red Rock Resorts from $63.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, July 24th. JMP Securities reiterated a “market outperform” rating and issued a $65.00 price target on shares of Red Rock Resorts in a research report on Monday, October 14th. JPMorgan Chase & Co. upped their price objective 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. Finally, Stifel Nicolaus upped their price objective on shares of Red Rock Resorts from $59.00 to $62.00 and gave the stock a “hold” rating in a research report on Wednesday, July 24th. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $63.00.

Red Rock Resorts Trading Down 0.6 %

Shares of Red Rock Resorts stock opened at $52.26 on Thursday. The company has a fifty day simple moving average of $54.62 and a 200-day simple moving average of $54.68. Red Rock Resorts 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 stock has a market cap of $5.52 billion, a price-to-earnings ratio of 18.15, a PEG ratio of 5.48 and a beta of 2.04.

Red Rock Resorts (NASDAQ:RRR) last released its quarterly earnings results on Tuesday, July 23rd. The company reported $0.59 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 firm had revenue of $486.40 million during the quarter, compared to the consensus estimate of $475.80 million. During the same quarter in the prior year, the firm earned $0.65 EPS. Red Rock Resorts’s revenue for the quarter was up 16.9% on a year-over-year basis. On average, equities analysts forecast that Red Rock Resorts will post 1.66 EPS for the current fiscal year.

Red Rock Resorts Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were paid a dividend of $0.25 per share. The ex-dividend date was Monday, September 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.91%. Red Rock Resorts’s dividend payout ratio (DPR) is presently 34.72%.

Insider Transactions at Red Rock Resorts

In related news, VP Lorenzo J. Fertitta purchased 33,000 shares of the stock in a transaction dated Monday, August 5th. The shares were acquired at an average cost of $49.77 per share, with a total value of $1,642,410.00. Following the purchase, the vice president now directly owns 47,546,301 shares in the company, valued at $2,366,379,400.77. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Red Rock Resorts news, CEO Frank J. Fertitta III acquired 67,000 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were purchased at an average cost of $54.49 per share, with a total value of $3,650,830.00. Following the purchase, the chief executive officer now owns 45,914,301 shares in the company, valued at approximately $2,501,870,261.49. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Lorenzo J. Fertitta acquired 33,000 shares of the stock in a transaction that occurred on Monday, August 5th. The stock was acquired at an average cost of $49.77 per share, for a total transaction of $1,642,410.00. Following the completion of the purchase, the vice president now owns 47,546,301 shares in the company, valued at $2,366,379,400.77. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 200,000 shares of company stock valued at $10,426,000 in the last ninety days. 53.28% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Red Rock Resorts

A number of large investors have recently added to or reduced their stakes in the business. Truist Financial Corp boosted its stake in shares of Red Rock Resorts by 0.9% during the 2nd quarter. Truist Financial Corp now owns 27,545 shares of the company’s stock worth $1,513,000 after purchasing an additional 241 shares during the last quarter. Sequoia Financial Advisors LLC boosted its stake in shares of Red Rock Resorts by 3.8% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 8,042 shares of the company’s stock worth $442,000 after purchasing an additional 292 shares during the last quarter. Arizona State Retirement System boosted its stake in shares of Red Rock Resorts by 3.3% during the 2nd quarter. Arizona State Retirement System now owns 14,086 shares of the company’s stock worth $774,000 after purchasing an additional 444 shares during the last quarter. WCG Wealth Advisors LLC boosted its stake in shares of Red Rock Resorts by 2.5% during the 2nd quarter. WCG Wealth Advisors LLC now owns 18,325 shares of the company’s stock worth $1,007,000 after purchasing an additional 450 shares during the last quarter. Finally, Covestor Ltd boosted 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 worth $30,000 after purchasing an additional 500 shares during the last quarter. 47.84% of the stock is owned by institutional investors and hedge funds.

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.