Eminence Capital LP Has $107.27 Million Stake in Red Rock Resorts, Inc. (NASDAQ:RRR)

Eminence Capital LP increased its position in Red Rock Resorts, Inc. (NASDAQ:RRR) by 23.7% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 1,952,754 shares of the company’s stock after purchasing an additional 374,128 shares during the period. Eminence Capital LP’s holdings in Red Rock Resorts were worth $107,265,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. 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 valued at $30,000 after buying an additional 500 shares during the period. Headlands Technologies LLC acquired a new stake in shares of Red Rock Resorts during the 1st quarter valued at $78,000. Point72 DIFC Ltd acquired a new stake in shares of Red Rock Resorts during the 2nd quarter valued at $98,000. nVerses Capital LLC acquired a new stake in shares of Red Rock Resorts during the 2nd quarter valued at $154,000. Finally, Virtu Financial LLC acquired a new stake in shares of Red Rock Resorts during the 4th quarter valued at $212,000. Institutional investors and hedge funds own 47.84% of the company’s stock.

Insider Transactions at Red Rock Resorts

In related news, VP Lorenzo J. Fertitta acquired 33,000 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were bought at an average price 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 in the company, valued at approximately $2,587,201,601.49. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Red Rock Resorts news, CEO Frank J. Fertitta III purchased 67,000 shares of the company’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 transaction, 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 transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Lorenzo J. Fertitta purchased 33,000 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was acquired at an average cost of $54.49 per share, with a total value of $1,798,170.00. Following the transaction, the vice president now directly owns 47,480,301 shares of the company’s stock, valued at $2,587,201,601.49. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 200,000 shares of company stock worth $10,426,000. 53.28% of the stock is currently owned by company insiders.

Red Rock Resorts Stock Performance

Shares of RRR opened at $53.80 on Thursday. The company has a market capitalization of $5.68 billion, a PE ratio of 18.68, a price-to-earnings-growth ratio of 5.32 and a beta of 2.04. Red Rock Resorts, Inc. has a one year low of $37.82 and a one year high of $63.28. The company has a debt-to-equity ratio of 15.15, a current ratio of 0.94 and a quick ratio of 0.89. The company’s fifty day moving average price is $55.49 and its 200 day moving average price is $55.18.

Red Rock Resorts (NASDAQ:RRR) last announced its earnings results on Tuesday, July 23rd. The company reported $0.59 EPS for the quarter, topping 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 for the quarter, compared to the consensus estimate of $475.80 million. During the same quarter last year, the firm posted $0.65 EPS. The business’s quarterly revenue was up 16.9% on a year-over-year basis. As a group, analysts expect that Red Rock Resorts, Inc. will post 1.66 earnings per share for the current year.

Red Rock Resorts Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Monday, September 16th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $1.00 annualized dividend and a dividend yield of 1.86%. Red Rock Resorts’s payout ratio is 34.72%.

Wall Street Analyst Weigh In

RRR has been the subject of a number of research reports. Morgan Stanley lifted 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. Stifel Nicolaus lifted their price objective on shares of Red Rock Resorts from $59.00 to $62.00 and gave the company a “hold” rating in a research note on Wednesday, July 24th. Barclays lifted their price objective 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. Macquarie lifted their price objective on shares of Red Rock Resorts from $62.00 to $65.00 and gave the company an “outperform” rating in a research note on Wednesday, July 24th. Finally, Susquehanna lifted their price objective on shares of Red Rock Resorts from $63.00 to $70.00 and gave the company a “positive” rating in a research note on Wednesday, July 24th. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price 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.