Point72 DIFC Ltd Purchases New Holdings in Red Rock Resorts, Inc. (NASDAQ:RRR)

Point72 DIFC Ltd acquired a new stake in shares of Red Rock Resorts, Inc. (NASDAQ:RRR) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 1,783 shares of the company’s stock, valued at approximately $98,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Covestor Ltd boosted its holdings 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 acquired a new stake in Red Rock Resorts in the 1st quarter valued at $78,000. nVerses Capital LLC bought a new stake in Red Rock Resorts in the second quarter valued at $154,000. Virtu Financial LLC acquired a new position in Red Rock Resorts during the fourth quarter worth $212,000. Finally, SG Americas Securities LLC bought a new position in shares of Red Rock Resorts during the first quarter valued at $236,000. 47.84% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, CEO Frank J. Fertitta III bought 67,000 shares of Red Rock Resorts stock in a transaction dated Thursday, August 1st. The stock was purchased at an average cost of $54.49 per share, with a total value of $3,650,830.00. Following the transaction, the chief executive officer now directly owns 45,914,301 shares of the company’s stock, valued at $2,501,870,261.49. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Red Rock Resorts news, COO Kord Nichols sold 49,464 shares of the company’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 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 legal filing with the SEC, which is available through the SEC website. Also, CEO Frank J. Fertitta III bought 67,000 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were bought at an average price of $54.49 per share, for a total transaction of $3,650,830.00. Following the transaction, the chief executive officer now owns 45,914,301 shares of the company’s stock, valued at $2,501,870,261.49. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 200,000 shares of company stock worth $10,426,000. 53.28% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of brokerages recently weighed in on RRR. Truist Financial lowered their price target on shares of Red Rock Resorts from $64.00 to $63.00 and set a “hold” rating for the company in a report on Wednesday, July 24th. Macquarie boosted their price objective on Red Rock Resorts from $62.00 to $65.00 and gave the stock an “outperform” rating in a report on Wednesday, July 24th. Susquehanna lifted their target price on Red Rock Resorts from $63.00 to $70.00 and gave the stock a “positive” rating in a report on Wednesday, July 24th. Stifel Nicolaus increased their price target on Red Rock Resorts from $59.00 to $62.00 and gave the stock a “hold” rating in a report on Wednesday, July 24th. Finally, 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. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $63.50.

Red Rock Resorts Price Performance

RRR stock opened at $54.12 on Wednesday. The company’s 50-day moving average price is $55.09 and its two-hundred day moving average price is $55.12. Red Rock Resorts, Inc. has a 12 month low of $37.82 and a 12 month high of $63.28. 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 firm has a market cap of $5.72 billion, a P/E ratio of 18.79, a P/E/G ratio of 5.47 and a beta of 2.04.

Red Rock Resorts (NASDAQ:RRR) last announced 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. Red Rock Resorts had a net margin of 9.21% and a return on equity of 83.84%. The company had revenue of $486.40 million during the quarter, compared to the consensus estimate of $475.80 million. During the same period in the prior year, the business earned $0.65 earnings per share. The company’s revenue for the quarter was up 16.9% compared to the same quarter last year. On average, analysts anticipate that Red Rock Resorts, Inc. will post 1.66 earnings per share for the current fiscal year.

Red Rock Resorts Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 16th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.85%. The ex-dividend date was Monday, September 16th. Red Rock Resorts’s dividend payout ratio is presently 34.72%.

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.