Red Rock Resorts, Inc. (NASDAQ:RRR) Receives $64.42 Average Price Target from Brokerages

by · The Cerbat Gem

Red Rock Resorts, Inc. (NASDAQ:RRR – Get Free Report) has been given a consensus rating of “Moderate Buy” by the fourteen analysts that are currently covering the company, Marketbeat reports. Four investment analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $64.4167.

RRR has been the subject of several recent research reports. Mizuho lifted their price objective on Red Rock Resorts from $62.00 to $67.00 and gave the stock an “outperform” rating in a report on Wednesday, October 29th. Stifel Nicolaus set a $68.00 target price on shares of Red Rock Resorts and gave the stock a “buy” rating in a research note on Monday, November 3rd. Citigroup assumed coverage on shares of Red Rock Resorts in a report on Thursday, November 20th. They issued a “buy” rating and a $63.00 price objective for the company. Zacks Research cut shares of Red Rock Resorts from a “strong-buy” rating to a “hold” rating in a report on Friday, October 10th. Finally, Truist Financial raised their price target on Red Rock Resorts from $68.00 to $70.00 and gave the stock a “buy” rating in a report on Tuesday, October 21st.

Read Our Latest Stock Report on Red Rock Resorts

Hedge Funds Weigh In On Red Rock Resorts

Several hedge funds have recently bought and sold shares of the company. CWM LLC lifted its stake in Red Rock Resorts by 4.6% in the 3rd quarter. CWM LLC now owns 4,663 shares of the company’s stock worth $285,000 after purchasing an additional 205 shares in the last quarter. Baron Wealth Management LLC boosted its stake in Red Rock Resorts by 1.5% during the third quarter. Baron Wealth Management LLC now owns 15,112 shares of the company’s stock valued at $923,000 after buying an additional 218 shares during the period. Arizona State Retirement System grew its position in Red Rock Resorts by 1.5% during the third quarter. Arizona State Retirement System now owns 15,103 shares of the company’s stock worth $922,000 after buying an additional 219 shares in the last quarter. Teacher Retirement System of Texas increased its stake in Red Rock Resorts by 4.6% in the 2nd quarter. Teacher Retirement System of Texas now owns 7,751 shares of the company’s stock worth $403,000 after acquiring an additional 340 shares during the last quarter. Finally, California State Teachers Retirement System raised its holdings in shares of Red Rock Resorts by 0.7% in the 2nd quarter. California State Teachers Retirement System now owns 46,720 shares of the company’s stock valued at $2,431,000 after acquiring an additional 343 shares in the last quarter. Hedge funds and other institutional investors own 47.84% of the company’s stock.

Red Rock Resorts Stock Performance

RRR stock opened at $62.51 on Friday. The company has a quick ratio of 0.70, a current ratio of 0.75 and a debt-to-equity ratio of 10.11. The firm has a market cap of $6.62 billion, a PE ratio of 19.91, a P/E/G ratio of 2.24 and a beta of 1.52. The business has a 50 day moving average of $58.11 and a 200-day moving average of $57.60. Red Rock Resorts has a 12-month low of $35.09 and a 12-month high of $64.25.

Red Rock Resorts (NASDAQ:RRR – Get Free Report) last posted its quarterly earnings data 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 net margin of 9.52% and a return on equity of 59.86%. The business had revenue of $475.57 million during the quarter, compared to the consensus estimate of $477.25 million. During the same quarter last year, the company posted $0.48 earnings per share. The firm’s quarterly revenue was up 1.6% compared to the same quarter last year. As a group, sell-side analysts expect that Red Rock Resorts will post 1.76 earnings per share for the current year.

Red Rock Resorts announced that its Board of Directors has authorized a stock 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 purchase up to 4.9% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Red Rock Resorts Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th will be issued a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Monday, December 15th. This is a boost from Red Rock Resorts’s previous quarterly dividend of $0.25. Red Rock Resorts’s payout ratio is presently 33.12%.

About Red Rock Resorts

(Get Free Report)

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.

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