Red Rock Resorts (NASDAQ:RRR) Upgraded at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Red Rock Resorts (NASDAQ:RRR) to a hold rating in a research note released on Monday,Zacks.com reports.

A number of other research firms also recently commented on RRR. Jefferies Financial Group upgraded shares of Red Rock Resorts from a “hold” rating to a “buy” rating and dropped their target price for the stock from $66.00 to $65.00 in a report on Tuesday, November 4th. Truist Financial upped their price target on Red Rock Resorts from $68.00 to $70.00 and gave the company a “buy” rating in a report on Tuesday, October 21st. Citigroup reiterated an “outperform” rating on shares of Red Rock Resorts in a research report on Tuesday, September 16th. Zacks Research cut Red Rock Resorts from a “strong-buy” rating to a “hold” rating in a report on Friday, October 10th. Finally, Macquarie boosted their target price on Red Rock Resorts from $67.00 to $68.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 29th. Ten research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $64.55.

Red Rock Resorts Price Performance

Shares of Red Rock Resorts stock traded up $1.05 during trading on Monday, hitting $55.76. The stock had a trading volume of 25,697 shares, compared to its average volume of 759,243. The business has a fifty day moving average of $58.48 and a two-hundred day moving average of $55.50. Red Rock Resorts has a fifty-two week low of $35.09 and a fifty-two week high of $63.60. The firm has a market cap of $5.90 billion, a P/E ratio of 17.78, a PEG ratio of 1.94 and a beta of 1.51. The company has a debt-to-equity ratio of 10.11, a current ratio of 0.75 and a quick ratio of 0.70.

Red Rock Resorts (NASDAQ:RRR) last released its earnings results on Tuesday, October 28th. The company reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.32. Red Rock Resorts had a return on equity of 59.86% and a net margin of 9.52%.The firm had revenue of $475.57 million for the quarter, compared to analyst estimates of $477.25 million. During the same period in the previous year, the company earned $0.48 earnings per share. Red Rock Resorts’s revenue was up 1.6% compared to the same quarter last year. On average, sell-side analysts expect that Red Rock Resorts will post 1.76 earnings per share for the current fiscal year.

Red Rock Resorts declared that its Board of Directors has approved a share buyback plan on Tuesday, October 28th that authorizes the company to buyback $300.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 4.9% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Red Rock Resorts Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be issued a $0.26 dividend. The ex-dividend date is Monday, December 15th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.9%. This is a positive change from Red Rock Resorts’s previous quarterly dividend of $0.25. Red Rock Resorts’s dividend payout ratio is currently 31.85%.

Insider Activity

In other Red Rock Resorts news, COO Kord Nichols sold 37,075 shares of the business’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $61.03, for a total value of $2,262,687.25. Following the transaction, the chief operating officer owned 87,036 shares in the company, valued at $5,311,807.08. The trade was a 29.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 53.81% of the company’s stock.

Hedge Funds Weigh In On Red Rock Resorts

Several institutional investors have recently bought and sold shares of the stock. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Red Rock Resorts by 230.5% in the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 552 shares of the company’s stock valued at $29,000 after buying an additional 385 shares during the last quarter. Strs Ohio acquired a new position in Red Rock Resorts during the 3rd quarter valued at $37,000. Ameritas Advisory Services LLC bought a new stake in Red Rock Resorts in the 2nd quarter valued at $42,000. Pandora Wealth Inc. acquired a new stake in Red Rock Resorts in the 1st quarter worth $43,000. Finally, US Bancorp DE increased its holdings in shares of Red Rock Resorts by 1,664.4% during the 1st quarter. US Bancorp DE now owns 1,041 shares of the company’s stock worth $45,000 after purchasing an additional 982 shares during the period. 47.84% of the stock is currently owned by institutional investors.

About Red Rock Resorts

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.