Morgan Stanley Raises Red Rock Resorts (NASDAQ:RRR) Price Target to $56.00

Red Rock Resorts (NASDAQ:RRR) had its price objective increased by Morgan Stanley from $54.00 to $56.00 in a research report report published on Wednesday morning, Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

Several other equities research analysts have also recently weighed in on the stock. Truist Financial reduced their price target on shares of Red Rock Resorts from $64.00 to $63.00 and set a hold rating on the stock in a research report on Wednesday, July 24th. Wells Fargo & Company downgraded shares of Red Rock Resorts from an overweight rating to an equal weight rating and raised their target price for the company from $63.00 to $64.00 in a research report on Wednesday, July 24th. Barclays increased their target price on shares of Red Rock Resorts from $63.00 to $65.00 and gave the company an overweight rating in a research report on Wednesday, July 24th. Mizuho dropped their price target on shares of Red Rock Resorts from $69.00 to $66.00 and set a buy rating on the stock in a research report on Wednesday, May 8th. Finally, JPMorgan Chase & Co. increased their price objective on Red Rock Resorts from $62.00 to $69.00 and gave the company an overweight rating in a research note on Wednesday, July 24th. Six equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $63.50.

Red Rock Resorts Price Performance

NASDAQ RRR opened at $55.04 on Wednesday. Red Rock Resorts has a one year low of $37.82 and a one year high of $63.28. The stock has a 50-day moving average of $56.27 and a 200 day moving average of $55.51. The company has a debt-to-equity ratio of 15.15, a quick ratio of 0.89 and a current ratio of 0.94. The company has a market capitalization of $5.81 billion, a price-to-earnings ratio of 19.11, a PEG ratio of 5.70 and a beta of 2.04.

Red Rock Resorts (NASDAQ:RRR) last announced its quarterly earnings results on Tuesday, July 23rd. The company reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.43 by $0.16. Red Rock Resorts had a net margin of 9.21% and a return on equity of 83.84%. The firm had revenue of $486.40 million during the quarter, compared to analyst estimates of $475.80 million. During the same period in the previous year, the business posted $0.65 earnings per share. The business’s revenue for the quarter was up 16.9% on a year-over-year basis. On average, sell-side analysts forecast that Red Rock Resorts will post 1.66 EPS for the current year.

Red Rock Resorts Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 16th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 1.82%. The ex-dividend date of this dividend is Monday, September 16th. Red Rock Resorts’s dividend payout ratio (DPR) is 34.72%.

Insider Activity at Red Rock Resorts

In other Red Rock Resorts news, VP Lorenzo J. Fertitta acquired 33,000 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The shares were purchased at an average price of $54.49 per share, for a total transaction of $1,798,170.00. Following the completion of the purchase, the vice president now directly owns 47,480,301 shares in the company, valued at $2,587,201,601.49. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, COO Kord Nichols sold 49,464 shares of the firm’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $58.00, for a total value of $2,868,912.00. Following the completion of the sale, the chief operating officer now owns 71,946 shares of the company’s stock, valued at $4,172,868. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Lorenzo J. Fertitta acquired 33,000 shares of Red Rock Resorts stock in a transaction that occurred on Thursday, August 1st. The shares were purchased at an average cost of $54.49 per share, with a total value of $1,798,170.00. Following the transaction, the vice president now owns 47,480,301 shares of the company’s stock, valued at approximately $2,587,201,601.49. The disclosure for this purchase can be found here. Insiders have purchased 200,000 shares of company stock valued at $10,426,000 over the last ninety days. Corporate insiders own 53.28% of the company’s stock.

Institutional Trading of Red Rock Resorts

Large investors have recently made changes to their positions in the stock. New York State Common Retirement Fund grew its position in Red Rock Resorts by 11.7% in the fourth quarter. New York State Common Retirement Fund now owns 21,206 shares of the company’s stock valued at $1,131,000 after acquiring an additional 2,226 shares during the period. Truist Financial Corp boosted its holdings in shares of Red Rock Resorts by 2.4% in the 4th quarter. Truist Financial Corp now owns 26,837 shares of the company’s stock valued at $1,431,000 after purchasing an additional 627 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in shares of Red Rock Resorts by 21.3% during the 4th quarter. Russell Investments Group Ltd. now owns 21,686 shares of the company’s stock valued at $1,157,000 after purchasing an additional 3,810 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of Red Rock Resorts by 0.7% during the fourth quarter. Victory Capital Management Inc. now owns 248,881 shares of the company’s stock worth $13,273,000 after buying an additional 1,632 shares in the last quarter. Finally, Natixis Advisors L.P. acquired a new position in Red Rock Resorts in the 4th quarter worth about $6,595,000. Institutional investors own 47.84% of the company’s stock.

Red Rock Resorts Company Profile

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.