TD Asset Management Inc Trims Holdings in Red Rock Resorts, Inc. $RRR

TD Asset Management Inc cut its holdings in Red Rock Resorts, Inc. (NASDAQ:RRR) by 9.8% during the second quarter, Holdings Channel reports. The institutional investor owned 36,864 shares of the company’s stock after selling 3,998 shares during the quarter. TD Asset Management Inc’s holdings in Red Rock Resorts were worth $1,918,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of RRR. Eminence Capital LP grew its position in Red Rock Resorts by 20.5% during the 1st quarter. Eminence Capital LP now owns 2,478,311 shares of the company’s stock valued at $107,484,000 after purchasing an additional 421,723 shares during the last quarter. Nuveen LLC purchased a new stake in Red Rock Resorts during the 1st quarter valued at about $11,025,000. Vaughan Nelson Investment Management L.P. grew its position in Red Rock Resorts by 10.7% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 1,773,603 shares of the company’s stock valued at $92,281,000 after purchasing an additional 171,235 shares during the last quarter. Millennium Management LLC grew its position in Red Rock Resorts by 56.2% during the 1st quarter. Millennium Management LLC now owns 430,150 shares of the company’s stock valued at $18,656,000 after purchasing an additional 154,839 shares during the last quarter. Finally, Trexquant Investment LP grew its position in Red Rock Resorts by 116.8% during the 1st quarter. Trexquant Investment LP now owns 247,242 shares of the company’s stock valued at $10,723,000 after purchasing an additional 133,208 shares during the last quarter. 47.84% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Red Rock Resorts

In other news, CFO Stephen Lawrence Cootey sold 121,400 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $60.04, for a total value of $7,288,856.00. Following the transaction, the chief financial officer owned 260,268 shares in the company, valued at $15,626,490.72. This represents a 31.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Kord Nichols sold 42,325 shares of the stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $58.61, for a total transaction of $2,480,668.25. Following the completion of the transaction, the chief operating officer owned 129,361 shares in the company, valued at $7,581,848.21. This trade represents a 24.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 262,703 shares of company stock worth $15,764,672 in the last quarter. Company insiders own 53.28% of the company’s stock.

Red Rock Resorts Price Performance

RRR opened at $60.12 on Wednesday. The company has a debt-to-equity ratio of 11.28, a quick ratio of 0.84 and a current ratio of 0.89. The stock has a market capitalization of $6.34 billion, a P/E ratio of 20.45, a P/E/G ratio of 2.33 and a beta of 1.47. The company’s 50-day simple moving average is $60.43 and its two-hundred day simple moving average is $53.14. Red Rock Resorts, Inc. has a 52-week low of $35.09 and a 52-week high of $63.60.

Red Rock Resorts (NASDAQ:RRR) last posted its earnings results on Tuesday, July 29th. The company reported $0.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.55. The business had revenue of $526.27 million for the quarter, compared to analysts’ expectations of $485.44 million. Red Rock Resorts had a net margin of 8.89% and a return on equity of 59.97%. The business’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.59 EPS. As a group, analysts predict that Red Rock Resorts, Inc. will post 1.76 EPS for the current year.

Red Rock Resorts Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 1.7%. The ex-dividend date was Monday, September 15th. Red Rock Resorts’s dividend payout ratio is 34.01%.

Wall Street Analyst Weigh In

Several brokerages recently commented on RRR. Weiss Ratings reissued a “hold (c+)” rating on shares of Red Rock Resorts in a research report on Wednesday, October 8th. Zacks Research downgraded shares of Red Rock Resorts from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. Susquehanna reissued a “positive” rating and set a $68.00 price objective (up from $65.00) on shares of Red Rock Resorts in a research report on Wednesday, July 30th. Barclays increased their price objective on shares of Red Rock Resorts from $62.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, July 30th. Finally, Morgan Stanley upped their target price on shares of Red Rock Resorts from $49.00 to $53.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 6th. Eight research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Red Rock Resorts presently has an average rating of “Moderate Buy” and an average price target of $61.40.

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.