Orvieto Partners L.P. Buys Shares of 50,000 Red Rock Resorts, Inc. $RRR

Orvieto Partners L.P. acquired a new position in shares of Red Rock Resorts, Inc. (NASDAQ:RRR) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 50,000 shares of the company’s stock, valued at approximately $2,668,000. Red Rock Resorts comprises 2.3% of Orvieto Partners L.P.’s investment portfolio, making the stock its 16th largest holding.

Other hedge funds have also made changes to their positions in the company. Salomon & Ludwin LLC acquired a new stake in shares of Red Rock Resorts during the 4th quarter worth about $25,000. Kestra Advisory Services LLC purchased a new stake in Red Rock Resorts during the fourth quarter worth about $27,000. Rockefeller Capital Management L.P. lifted its holdings in Red Rock Resorts by 1,924.0% during the 4th quarter. Rockefeller Capital Management L.P. now owns 506 shares of the company’s stock worth $31,000 after buying an additional 481 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Red Rock Resorts by 53.8% in the fourth quarter. GAMMA Investing LLC now owns 752 shares of the company’s stock valued at $47,000 after purchasing an additional 263 shares during the period. Finally, PNC Financial Services Group Inc. raised its position in Red Rock Resorts by 98.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,474 shares of the company’s stock valued at $91,000 after purchasing an additional 733 shares in the last quarter. Hedge funds and other institutional investors own 47.84% of the company’s stock.

Red Rock Resorts Trading Down 1.7%

Shares of Red Rock Resorts stock opened at $62.78 on Friday. The company has a debt-to-equity ratio of 14.42, a current ratio of 0.81 and a quick ratio of 0.76. The business has a 50 day moving average price of $60.87 and a 200 day moving average price of $59.69. The company has a market capitalization of $6.59 billion, a P/E ratio of 20.19, a P/E/G ratio of 4.69 and a beta of 1.35. Red Rock Resorts, Inc. has a 1 year low of $50.52 and a 1 year high of $68.99.

Red Rock Resorts (NASDAQ:RRR) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $0.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.90 by ($0.17). The company had revenue of $507.32 million during the quarter, compared to analysts’ expectations of $505.63 million. Red Rock Resorts had a net margin of 9.21% and a return on equity of 61.67%. The firm’s revenue was up 1.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.75 earnings per share. Sell-side analysts anticipate that Red Rock Resorts, Inc. will post 1.52 EPS for the current fiscal year.

Red Rock Resorts Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were issued a $0.26 dividend. The ex-dividend date was Monday, June 15th. This represents a $1.04 annualized dividend and a yield of 1.7%. Red Rock Resorts’s payout ratio is 33.44%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on RRR shares. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $72.00 target price on shares of Red Rock Resorts in a research report on Thursday, April 30th. Citigroup reaffirmed an “outperform” rating on shares of Red Rock Resorts in a report on Thursday, July 16th. Wall Street Zen raised Red Rock Resorts from a “sell” rating to a “hold” rating in a report on Sunday, July 12th. Susquehanna lowered their target price on shares of Red Rock Resorts from $77.00 to $70.00 and set a “positive” rating on the stock in a report on Thursday, April 30th. Finally, Zacks Research downgraded Red Rock Resorts from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 6th. Fourteen investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $71.24.

Red Rock Resorts Profile

Red Rock Resorts, Inc (NASDAQ: RRR) is a publicly traded gaming and hospitality company headquartered in Summerlin, Nevada. The company owns and operates a diversified portfolio of full-service casino resorts and neighborhood gaming properties in the Las Vegas valley. Its core business activities include resort hotel accommodations, casino gaming, food and beverage operations, entertainment and convention services designed to meet the needs of both leisure and business travelers.

The company’s flagship resort, Red Rock Casino Resort & Spa, features a full range of table games, slot machines, a luxury spa, convention space, multiple signature restaurants and live entertainment venues.