Red Rock Resorts (NASDAQ:RRR) Shares Down 7.1%

Shares of Red Rock Resorts, Inc. (NASDAQ:RRR) dropped 7.1% during trading on Friday . The stock traded as low as $54.59 and last traded at $55.05. Approximately 155,312 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 402,857 shares. The stock had previously closed at $59.23.

Analyst Upgrades and Downgrades

RRR has been the subject of several recent research reports. Macquarie raised shares of Red Rock Resorts from a “neutral” rating to an “outperform” rating and raised their price target for the company from $51.00 to $58.00 in a research report on Wednesday, January 17th. Barclays lifted their price objective on shares of Red Rock Resorts from $62.00 to $64.00 and gave the stock an “overweight” rating in a research report on Friday, April 19th. JMP Securities lifted their price objective on shares of Red Rock Resorts from $61.00 to $66.00 and gave the stock a “market outperform” rating in a research report on Friday, April 19th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Red Rock Resorts from $54.00 to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, January 24th. Finally, Susquehanna lifted their price objective on shares of Red Rock Resorts from $52.00 to $66.00 and gave the stock a “positive” rating in a research report on Thursday, February 8th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, Red Rock Resorts has an average rating of “Moderate Buy” and an average price target of $61.67.

Red Rock Resorts Trading Down 8.6 %

The firm has a market capitalization of $5.69 billion, a price-to-earnings ratio of 18.35, a price-to-earnings-growth ratio of 3.07 and a beta of 2.06. The business’s 50 day moving average price is $58.36 and its 200-day moving average price is $51.66. The company has a debt-to-equity ratio of 13.54, a current ratio of 0.81 and a quick ratio of 0.76.

Red Rock Resorts (NASDAQ:RRR) last posted its quarterly earnings results on Wednesday, February 7th. The company reported $0.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.55. The firm had revenue of $462.71 million during the quarter, compared to analysts’ expectations of $440.75 million. Red Rock Resorts had a net margin of 10.21% and a return on equity of 114.32%. The firm’s revenue for the quarter was up 8.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.00 earnings per share. Equities analysts forecast that Red Rock Resorts, Inc. will post 1.94 EPS for the current fiscal year.

Red Rock Resorts Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Friday, March 15th were issued a dividend of $0.25 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.00 annualized dividend and a yield of 1.85%. Red Rock Resorts’s dividend payout ratio is currently 33.90%.

Insiders Place Their Bets

In other Red Rock Resorts news, CFO Stephen Lawrence Cootey sold 7,520 shares of the company’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $57.74, for a total transaction of $434,204.80. Following the transaction, the chief financial officer now directly owns 243,808 shares in the company, valued at $14,077,473.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 54.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Red Rock Resorts

Several institutional investors and hedge funds have recently modified their holdings of the company. Coronation Fund Managers Ltd. raised its stake in shares of Red Rock Resorts by 2.8% in the 3rd quarter. Coronation Fund Managers Ltd. now owns 126,696 shares of the company’s stock valued at $5,195,000 after acquiring an additional 3,486 shares during the period. Bank of New York Mellon Corp grew its holdings in Red Rock Resorts by 1.1% during the 3rd quarter. Bank of New York Mellon Corp now owns 401,209 shares of the company’s stock valued at $16,450,000 after purchasing an additional 4,432 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Red Rock Resorts by 13.5% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,201 shares of the company’s stock valued at $459,000 after purchasing an additional 1,330 shares in the last quarter. TD Asset Management Inc grew its holdings in Red Rock Resorts by 5.3% during the 3rd quarter. TD Asset Management Inc now owns 35,606 shares of the company’s stock valued at $1,460,000 after purchasing an additional 1,800 shares in the last quarter. Finally, Malaga Cove Capital LLC acquired a new stake in Red Rock Resorts during the 3rd quarter valued at $242,000. Hedge funds and other 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.