29,247 shares of Red Rock Resorts, Inc. (NASDAQ: RRR) purchased by Jennison Associates LLC
Jennison Associates LLC bought a new position in shares of Red Rock Resorts, Inc. (NASDAQ: RRR – Get a rating) in the third quarter, according to its latest filing with the Securities and Exchange Commission. The fund bought 29,247 shares of the company, valued at around $1,002,000.
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Other major investors have also recently changed their positions in the company. Nelson Van Denburg & Campbell Wealth Management Group LLC increased its stake in Red Rock Resorts by 32.9% in Q3. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 13,413 shares of the company valued at $459,000 after buying 3,324 additional shares last quarter. Comerica Bank purchased a new stake in shares of Red Rock Resorts in Q2, valued at approximately $6,368,000. AdvisorShares Investments LLC increased its holdings of Red Rock Resorts shares by 56.3% in Q2. AdvisorShares Investments LLC now owns 22,375 shares of the company valued at $747,000 after purchasing an additional 8,059 shares in the last quarter. Long Pond Capital LP purchased a new stake in shares of Red Rock Resorts in Q2 valued at approximately $27,421,000. Finally, SG Americas Securities LLC increased its stake in shares of Red Rock Resorts by 222.7% in the 2nd quarter. SG Americas Securities LLC now owns 15,024 shares of the company valued at $501,000 after purchasing an additional 10,368 shares last quarter. 52.45% of the shares are held by hedge funds and other institutional investors.
Analysts set new price targets
RRR has been the subject of several recent research reports. JMP Securities launched coverage on shares of Red Rock Resorts in a Thursday, September 22 report. They issued an “outperform” rating and a price target of $50.00 for the company. Morgan Stanley launched a hedge on shares of Red Rock Resorts in a report on Monday, Nov. 21. They issued an “overweight” rating and a price target of $52.00 for the company. CBRE Group reaffirmed a “hold” rating and issued a price target of $44.00 on shares of Red Rock Resorts in a Thursday, October 20 report. ING Group began covering shares of Red Rock Resorts in a report on Thursday, October 20. They issued a “hold” rating and a price target of $44.00 for the company. At last, StockNews.com downgraded shares of Red Rock Resorts from a “buy” rating to a “hold” rating in a Saturday, Nov. 5 research note. Six investment analysts gave the stock a hold rating and six gave the company a buy rating. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $47.42.
Red Rock Resorts stock down 0.4%
NASDAQ: RRR opened at $42.77 on Friday. The company has a market capitalization of $4.45 billion, a PE ratio of 13.53, a P/E/G ratio of 6.69 and a beta of 2.16. Red Rock Resorts, Inc. has a 12-month low of $30.98 and a 12-month high of $54.29. The company has a current ratio of 0.74, a quick ratio of 0.69 and a debt ratio of 352.28. The company’s 50-day moving average is $42.77 and its two-hundred-day moving average is $39.84.
Red Rock Resorts (NASDAQ: RRR – Get a rating) last released its results on Thursday, October 27. The company reported earnings per share of $0.84 for the quarter, beating the consensus estimate of $0.49 by $0.35. The company posted revenue of $414.44 million for the quarter, versus a consensus estimate of $407.55 million. Red Rock Resorts had a net margin of 15.80% and a return on equity of 753.52%. Analysts expect Red Rock Resorts, Inc. to post EPS of 1.69 for the current year.
Red Rock Resorts cuts its dividend
The company also recently announced a nil dividend, which was paid on Friday, December 9. Shareholders of record on Wednesday, November 30 received a dividend of $1.00 per share. This represents a yield of 9.41%. The ex-dividend date was Tuesday, November 29. Red Rock Resorts’ dividend payout ratio is currently 31.65%.
Profile of Red Rock Resorts
Red Rock Resorts, Inc, through its interests in Station Holdco and Station LLC, develops and operates casino and entertainment properties in the United States. It operates through two segments, Las Vegas Operations and Native American Management. The Company owns and operates 9 gaming and entertainment facilities and 10 small casinos in the Las Vegas regional market.
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