Brokerages Set Red Rock Resorts, Inc. (NASDAQ:RRR) PT at $60.42

Shares of Red Rock Resorts, Inc. (NASDAQ:RRR) have earned a consensus recommendation of “Moderate Buy” from the twelve analysts that are covering the company, Marketbeat reports. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The average 12-month target price among brokerages that have covered the stock in the last year is $60.42.

Several analysts have issued reports on RRR shares. Macquarie cut their target price on shares of Red Rock Resorts from $65.00 to $64.00 and set an “outperform” rating on the stock in a research note on Friday, November 8th. JMP Securities reiterated a “market outperform” rating and set a $65.00 price objective on shares of Red Rock Resorts in a report on Monday, October 14th. Mizuho downgraded Red Rock Resorts from an “outperform” rating to a “neutral” rating and lowered their target price for the company from $57.00 to $44.00 in a research note on Monday, November 25th. Barclays cut their price target on shares of Red Rock Resorts from $65.00 to $62.00 and set an “overweight” rating on the stock in a report on Friday, November 8th. Finally, Wells Fargo & Company reduced their target price on Red Rock Resorts from $64.00 to $58.00 and set an “equal weight” rating for the company in a report on Thursday, October 17th.

Hedge Funds Weigh In On Red Rock Resorts

A number of institutional investors and hedge funds have recently modified their holdings of RRR. Sequoia Financial Advisors LLC raised its stake in shares of Red Rock Resorts by 3.8% in the second quarter. Sequoia Financial Advisors LLC now owns 8,042 shares of the company’s stock worth $442,000 after purchasing an additional 292 shares during the last quarter. OFI Invest Asset Management purchased a new position in shares of Red Rock Resorts during the 2nd quarter valued at $2,358,000. Vaughan Nelson Investment Management L.P. lifted its holdings in Red Rock Resorts by 26.7% during the second quarter. Vaughan Nelson Investment Management L.P. now owns 1,196,195 shares of the company’s stock valued at $65,706,000 after purchasing an additional 251,855 shares during the last quarter. Institute for Wealth Management LLC. boosted its holdings in Red Rock Resorts by 57.8% in the 2nd quarter. Institute for Wealth Management LLC. now owns 11,804 shares of the company’s stock worth $648,000 after buying an additional 4,322 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in shares of Red Rock Resorts by 6.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 404,153 shares of the company’s stock valued at $22,200,000 after purchasing an additional 24,992 shares during the period. 47.84% of the stock is currently owned by institutional investors.

Red Rock Resorts Price Performance

RRR opened at $49.49 on Wednesday. The firm has a market cap of $5.23 billion, a price-to-earnings ratio of 18.33, a price-to-earnings-growth ratio of 6.72 and a beta of 2.00. The company’s 50-day moving average price is $51.51 and its 200 day moving average price is $53.55. The company has a quick ratio of 0.96, a current ratio of 1.02 and a debt-to-equity ratio of 14.28. Red Rock Resorts has a fifty-two week low of $47.18 and a fifty-two week high of $63.28.

Red Rock Resorts Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 16th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $1.00 dividend on an annualized basis and a yield of 2.02%. Red Rock Resorts’s payout ratio is 37.04%.

About Red Rock Resorts

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.