Red Rock Resorts (NASDAQ:RRR) Price Target Raised to $70.00

Red Rock Resorts (NASDAQ:RRR) had its price objective increased by Bank of America from $60.00 to $70.00 in a research note issued to investors on Monday morning,Benzinga reports. The firm currently has a neutral rating on the stock.

Several other equities analysts also recently issued reports on the stock. Zacks Research downgraded shares of Red Rock Resorts from a “hold” rating to a “strong sell” rating in a report on Wednesday, May 6th. The Goldman Sachs Group reissued a “buy” rating and issued a $73.00 target price on shares of Red Rock Resorts in a research report on Wednesday, July 15th. UBS Group set a $75.00 target price on Red Rock Resorts in a research note on Thursday, July 2nd. Citigroup reaffirmed an “outperform” rating on shares of Red Rock Resorts in a research report on Thursday, July 16th. Finally, JPMorgan Chase & Co. boosted their price target on Red Rock Resorts from $66.00 to $72.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. Fourteen analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Red Rock Resorts has an average rating of “Moderate Buy” and a consensus price target of $71.24.

Red Rock Resorts Stock Down 0.5%

Shares of NASDAQ RRR opened at $63.89 on Monday. Red Rock Resorts has a 52-week low of $50.52 and a 52-week high of $68.99. The company has a debt-to-equity ratio of 14.42, a quick ratio of 0.76 and a current ratio of 0.81. The stock has a 50 day moving average price of $60.64 and a 200 day moving average price of $59.69. The firm has a market capitalization of $6.71 billion, a price-to-earnings ratio of 20.54, a PEG ratio of 4.66 and a beta of 1.35.

Red Rock Resorts (NASDAQ:RRR) last issued its quarterly earnings data on Wednesday, April 29th. The company reported $0.73 EPS for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.17). The business had revenue of $507.32 million during the quarter, compared to the consensus estimate of $505.63 million. Red Rock Resorts had a return on equity of 61.67% and a net margin of 9.21%.The business’s quarterly revenue was up 1.9% on a year-over-year basis. During the same period last year, the firm earned $0.75 EPS. Sell-side analysts expect that Red Rock Resorts will post 1.53 earnings per share for the current year.

Red Rock Resorts Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were issued a dividend of $0.26 per share. This represents a $1.04 annualized dividend and a dividend yield of 1.6%. The ex-dividend date was Monday, June 15th. Red Rock Resorts’s payout ratio is currently 33.44%.

Institutional Investors Weigh In On Red Rock Resorts

Hedge funds have recently modified their holdings of the company. Louisiana State Employees Retirement System purchased a new stake in shares of Red Rock Resorts in the 1st quarter valued at approximately $1,147,000. UBS Group AG boosted its position in shares of Red Rock Resorts by 205.1% during the 4th quarter. UBS Group AG now owns 476,311 shares of the company’s stock worth $29,507,000 after purchasing an additional 320,175 shares during the period. BI Asset Management Fondsmaeglerselskab A S increased its holdings in Red Rock Resorts by 54.8% in the 4th quarter. BI Asset Management Fondsmaeglerselskab A S now owns 125,800 shares of the company’s stock valued at $7,793,000 after purchasing an additional 44,546 shares during the last quarter. Legal & General Group Plc raised its position in Red Rock Resorts by 147.9% in the fourth quarter. Legal & General Group Plc now owns 119,453 shares of the company’s stock valued at $7,400,000 after purchasing an additional 71,274 shares during the period. Finally, Tudor Investment Corp ET AL purchased a new stake in Red Rock Resorts in the third quarter valued at approximately $15,114,000. Hedge funds and other institutional investors own 47.84% of the company’s stock.

Red Rock Resorts Company 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.