Norges Bank Makes New $5.35 Million Investment in Red Rock Resorts, Inc. (NASDAQ:RRR)

Norges Bank bought a new position in Red Rock Resorts, Inc. (NASDAQ:RRR) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 115,737 shares of the company’s stock, valued at approximately $5,352,000.

Other large investors also recently modified their holdings of the company. JPMorgan Chase & Co. increased its position in Red Rock Resorts by 5.7% in the fourth quarter. JPMorgan Chase & Co. now owns 94,255 shares of the company’s stock worth $4,358,000 after purchasing an additional 5,058 shares during the period. Vanguard Group Inc. boosted its stake in shares of Red Rock Resorts by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 5,181,146 shares of the company’s stock valued at $239,576,000 after purchasing an additional 50,193 shares during the last quarter. Fox Run Management L.L.C. acquired a new stake in shares of Red Rock Resorts during the 4th quarter worth approximately $407,000. American Century Companies Inc. raised its stake in shares of Red Rock Resorts by 11.7% during the fourth quarter. American Century Companies Inc. now owns 34,530 shares of the company’s stock worth $1,597,000 after buying an additional 3,623 shares during the last quarter. Finally, Quantbot Technologies LP lifted its holdings in Red Rock Resorts by 258.7% in the fourth quarter. Quantbot Technologies LP now owns 21,512 shares of the company’s stock valued at $995,000 after buying an additional 15,514 shares during the period. 47.84% of the stock is currently owned by institutional investors and hedge funds.

Red Rock Resorts Stock Up 12.8 %

Shares of RRR stock opened at $42.41 on Thursday. Red Rock Resorts, Inc. has a 12-month low of $35.09 and a 12-month high of $61.73. The company has a quick ratio of 0.96, a current ratio of 1.02 and a debt-to-equity ratio of 14.28. The firm has a fifty day moving average of $46.49 and a 200-day moving average of $48.70. The company has a market capitalization of $4.50 billion, a price-to-earnings ratio of 16.90, a P/E/G ratio of 4.32 and a beta of 1.69.

Red Rock Resorts (NASDAQ:RRR) last released its earnings results on Tuesday, February 11th. The company reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.42 by $0.34. Red Rock Resorts had a return on equity of 71.00% and a net margin of 7.94%. As a group, equities research analysts predict that Red Rock Resorts, Inc. will post 1.76 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 Monday, March 31st. Shareholders of record on Monday, March 17th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.36%. The ex-dividend date of this dividend was Monday, March 17th. Red Rock Resorts’s payout ratio is 39.84%.

Wall Street Analyst Weigh In

A number of research firms have commented on RRR. Jefferies Financial Group reaffirmed a “hold” rating and set a $51.00 target price (down previously from $64.00) on shares of Red Rock Resorts in a report on Friday, January 3rd. Mizuho raised their target price on Red Rock Resorts from $44.00 to $52.00 and gave the stock a “neutral” rating in a report on Wednesday, February 12th. Stifel Nicolaus upped their price target on Red Rock Resorts from $50.00 to $54.00 and gave the company a “hold” rating in a research note on Wednesday, February 12th. Susquehanna increased their price target on shares of Red Rock Resorts from $60.00 to $61.00 and gave the company a “positive” rating in a research report on Wednesday, February 12th. Finally, JMP Securities decreased their price objective on shares of Red Rock Resorts from $61.00 to $57.00 and set a “market outperform” rating for the company in a report on Thursday, January 16th. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $57.33.

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.