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

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

Wall Street Analyst Weigh In

Several research firms have recently weighed in on RRR. Mizuho began coverage on shares of Red Rock Resorts in a research report on Tuesday, March 26th. They set a “buy” rating and a $69.00 price objective for the company. JPMorgan Chase & Co. upped their price objective on shares of Red Rock Resorts from $63.00 to $69.00 and gave the company an “overweight” rating in a report on Monday, April 1st. Susquehanna upped their target price on shares of Red Rock Resorts from $52.00 to $66.00 and gave the stock a “positive” rating in a report on Thursday, February 8th. JMP Securities upped their target price on shares of Red Rock Resorts from $61.00 to $66.00 and gave the stock a “market outperform” rating in a report on Friday, April 19th. Finally, Macquarie upgraded shares of Red Rock Resorts from a “neutral” rating to an “outperform” rating and upped their target price for the stock from $51.00 to $58.00 in a report on Wednesday, January 17th. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $61.67.

Red Rock Resorts Stock Down 8.6 %

The stock’s 50-day moving average price is $58.36 and its two-hundred day moving average price is $51.66. The stock has a market capitalization of $5.69 billion, a P/E ratio of 18.35, a P/E/G ratio of 3.07 and a beta of 2.06. The company has a current ratio of 0.81, a quick ratio of 0.76 and a debt-to-equity ratio of 13.54.

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

Red Rock Resorts Announces Dividend

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

Insiders Place Their Bets

In other Red Rock Resorts news, CFO Stephen Lawrence Cootey sold 7,520 shares of the stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $57.74, for a total value of $434,204.80. Following the sale, the chief financial officer now directly owns 243,808 shares in the company, valued at approximately $14,077,473.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 54.20% of the company’s stock.

Institutional Trading of Red Rock Resorts

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vaughan Nelson Investment Management L.P. raised its position in shares of Red Rock Resorts by 24.9% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 944,340 shares of the company’s stock valued at $56,491,000 after buying an additional 188,095 shares in the last quarter. Virtu Financial LLC purchased a new position in Red Rock Resorts in the 4th quarter worth $212,000. Eminence Capital LP raised its position in Red Rock Resorts by 21.1% in the 4th quarter. Eminence Capital LP now owns 2,373,556 shares of the company’s stock worth $126,582,000 after purchasing an additional 413,871 shares during the period. Capital World Investors purchased a new position in Red Rock Resorts in the 4th quarter worth $24,897,000. Finally, Capstone Investment Advisors LLC raised its position in Red Rock Resorts by 44.9% in the 4th quarter. Capstone Investment Advisors LLC now owns 17,038 shares of the company’s stock worth $909,000 after purchasing an additional 5,276 shares during the period. 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.