Long Pond Capital LP Takes Position in Red Rock Resorts Inc (NASDAQ:RRR)

Long Pond Capital LP acquired a new stake in Red Rock Resorts Inc (NASDAQ:RRR) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 244,525 shares of the company’s stock, valued at approximately $5,252,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. LPL Financial LLC raised its holdings in shares of Red Rock Resorts by 8.6% in the 2nd quarter. LPL Financial LLC now owns 10,099 shares of the company’s stock valued at $217,000 after purchasing an additional 797 shares in the last quarter. Swiss National Bank raised its holdings in shares of Red Rock Resorts by 2.1% in the 2nd quarter. Swiss National Bank now owns 129,700 shares of the company’s stock valued at $2,786,000 after purchasing an additional 2,700 shares in the last quarter. Bank of Montreal Can raised its holdings in shares of Red Rock Resorts by 1,067.9% in the 2nd quarter. Bank of Montreal Can now owns 6,412 shares of the company’s stock valued at $138,000 after purchasing an additional 5,863 shares in the last quarter. NumerixS Investment Technologies Inc raised its holdings in shares of Red Rock Resorts by 151.3% in the 1st quarter. NumerixS Investment Technologies Inc now owns 9,800 shares of the company’s stock valued at $252,000 after purchasing an additional 5,900 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System acquired a new stake in shares of Red Rock Resorts in the 1st quarter valued at $269,000. Institutional investors and hedge funds own 63.33% of the company’s stock.

Shares of NASDAQ:RRR opened at $22.21 on Friday. The company’s fifty day moving average price is $20.15 and its 200 day moving average price is $23.47. Red Rock Resorts Inc has a 12 month low of $16.76 and a 12 month high of $30.62. The company has a debt-to-equity ratio of 3.62, a current ratio of 0.89 and a quick ratio of 0.83. The firm has a market capitalization of $2.60 billion, a P/E ratio of 16.95 and a beta of 2.08.

Red Rock Resorts (NASDAQ:RRR) last issued its earnings results on Tuesday, August 6th. The company reported $0.13 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.17 by ($0.04). The firm had revenue of $482.90 million during the quarter, compared to analysts’ expectations of $441.48 million. Red Rock Resorts had a net margin of 1.75% and a return on equity of 8.09%. The firm’s revenue was up 16.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.82 EPS. On average, sell-side analysts anticipate that Red Rock Resorts Inc will post 0.46 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, September 13th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $0.40 annualized dividend and a yield of 1.80%. Red Rock Resorts’s dividend payout ratio is currently 30.53%.

In other Red Rock Resorts news, Director Lorenzo J. Fertitta acquired 350,000 shares of the firm’s stock in a transaction on Thursday, August 8th. The stock was bought at an average cost of $18.41 per share, for a total transaction of $6,443,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Frank J. Fertitta III acquired 555,149 shares of the firm’s stock in a transaction on Friday, August 23rd. The shares were acquired at an average price of $19.30 per share, with a total value of $10,714,375.70. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 1,357,799 shares of company stock valued at $25,257,242. 40.19% of the stock is owned by insiders.

A number of equities research analysts have recently weighed in on the stock. Deutsche Bank set a $24.00 price objective on shares of Red Rock Resorts and gave the company a “buy” rating in a report on Monday, August 12th. Stifel Nicolaus set a $22.00 price objective on shares of Red Rock Resorts and gave the company a “hold” rating in a report on Wednesday, August 7th. Nomura reduced their price objective on shares of Red Rock Resorts from $36.00 to $26.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Wolfe Research began coverage on shares of Red Rock Resorts in a research note on Friday, June 14th. They set a “peer perform” rating on the stock. Finally, ValuEngine upgraded shares of Red Rock Resorts from a “sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Red Rock Resorts has an average rating of “Hold” and an average price target of $25.86.

About Red Rock Resorts

Red Rock Resorts, Inc, through its interest in Station Holdco and Station LLC, engages in casino entertainment, and gaming and entertainment businesses in the United States. It operates through two segments, Las Vegas operations and Native American management. The company develops, manages, and operates casino entertainment properties; and owns and operates 10 gaming and entertainment facilities, and 10 smaller casinos in the Las Vegas regional market.

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Institutional Ownership by Quarter for Red Rock Resorts (NASDAQ:RRR)

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