Red Rock Resorts (NASDAQ:RRR) Price Target Raised to $77.00

Red Rock Resorts (NASDAQ:RRR) had its target price increased by Wells Fargo & Company from $75.00 to $77.00 in a research note published on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other equities research analysts also recently weighed in on the company. Zacks Research downgraded Red Rock Resorts from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 6th. Citizens Jmp lowered their price target on Red Rock Resorts from $71.00 to $67.00 and set a “market outperform” rating for the company in a report on Thursday, April 30th. Citigroup restated a “buy” rating on shares of Red Rock Resorts in a research report on Wednesday. Stifel Nicolaus set a $70.00 price objective on Red Rock Resorts in a research note on Friday, May 29th. Finally, Weiss Ratings upgraded Red Rock Resorts from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, July 10th. Fourteen analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $71.88.

Red Rock Resorts Price Performance

Shares of NASDAQ:RRR opened at $61.88 on Wednesday. The firm has a 50 day moving average of $62.93 and a 200-day moving average of $59.84. Red Rock Resorts has a 12 month low of $50.52 and a 12 month high of $68.99. The company has a current ratio of 0.81, a quick ratio of 0.76 and a debt-to-equity ratio of 14.42. The stock has a market capitalization of $6.50 billion, a PE ratio of 21.87, a PEG ratio of 4.70 and a beta of 1.36.

Red Rock Resorts (NASDAQ:RRR) last posted its quarterly earnings results on Tuesday, August 4th. The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.16. The business had revenue of $510.26 million for the quarter, compared to analyst estimates of $500.08 million. Red Rock Resorts had a net margin of 8.43% and a return on equity of 55.65%. The firm’s revenue for the quarter was down 3.0% on a year-over-year basis. During the same quarter last year, the business posted $0.95 EPS. On average, equities research analysts predict that Red Rock Resorts will post 1.49 EPS for the current fiscal year.

Red Rock Resorts Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be given a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Tuesday, September 15th. Red Rock Resorts’s dividend payout ratio (DPR) is currently 36.75%.

Institutional Investors Weigh In On Red Rock Resorts

A number of institutional investors have recently made changes to their positions in the stock. Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in shares of Red Rock Resorts in the second quarter valued at about $120,743,000. Valeo Financial Advisors LLC lifted its stake in shares of Red Rock Resorts by 4.7% in the second quarter. Valeo Financial Advisors LLC now owns 5,201 shares of the company’s stock worth $338,000 after acquiring an additional 234 shares during the period. SWP Investment Management LLC acquired a new position in shares of Red Rock Resorts in the second quarter worth approximately $2,782,000. Empowered Funds LLC bought a new stake in Red Rock Resorts in the first quarter valued at approximately $269,000. Finally, Segall Bryant & Hamill LLC boosted its holdings in Red Rock Resorts by 123.6% in the first quarter. Segall Bryant & Hamill LLC now owns 36,165 shares of the company’s stock valued at $1,930,000 after acquiring an additional 19,991 shares during the last quarter. Institutional investors own 47.84% of the company’s stock.

About Red Rock Resorts

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.