Federated Hermes Inc. Raises Position in Red Rock Resorts, Inc. (NASDAQ:RRR)

Federated Hermes Inc. boosted its position in Red Rock Resorts, Inc. (NASDAQ:RRR) by 10.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 30,510 shares of the company’s stock after purchasing an additional 2,960 shares during the period. Federated Hermes Inc.’s holdings in Red Rock Resorts were worth $1,323,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of RRR. Raymond James Financial Inc. purchased a new stake in Red Rock Resorts during the 4th quarter worth about $292,000. American Century Companies Inc. boosted its stake in Red Rock Resorts by 11.7% in 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 in the last quarter. JPMorgan Chase & Co. boosted its position in Red Rock Resorts by 5.7% during the fourth quarter. JPMorgan Chase & Co. now owns 94,255 shares of the company’s stock valued at $4,358,000 after buying an additional 5,058 shares during the period. Norges Bank bought a new position in Red Rock Resorts during the 4th quarter worth approximately $5,352,000. Finally, Wells Fargo & Company MN grew its holdings in shares of Red Rock Resorts by 16.2% in the fourth quarter. Wells Fargo & Company MN now owns 34,520 shares of the company’s stock worth $1,596,000 after purchasing an additional 4,822 shares during the last quarter. Hedge funds and other institutional investors own 47.84% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on RRR shares. Susquehanna reaffirmed a “positive” rating and set a $68.00 price target (up previously from $65.00) on shares of Red Rock Resorts in a research report on Wednesday, July 30th. Truist Financial raised Red Rock Resorts from a “hold” rating to a “buy” rating and raised their price objective for the company from $45.00 to $67.00 in a research report on Wednesday, July 16th. JMP Securities lifted their price objective on Red Rock Resorts from $57.00 to $64.00 and gave the stock a “market outperform” rating in a report on Wednesday, July 30th. Macquarie reissued an “outperform” rating and issued a $58.00 target price on shares of Red Rock Resorts in a report on Friday, May 2nd. Finally, Barclays lifted their target price on Red Rock Resorts from $62.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, July 30th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Red Rock Resorts currently has an average rating of “Moderate Buy” and an average target price of $60.73.

Red Rock Resorts Stock Performance

Shares of Red Rock Resorts stock opened at $57.40 on Thursday. The company has a quick ratio of 0.87, a current ratio of 0.92 and a debt-to-equity ratio of 9.04. The firm has a market cap of $6.09 billion, a PE ratio of 19.52, a price-to-earnings-growth ratio of 2.41 and a beta of 1.66. The business’s fifty day simple moving average is $53.22 and its 200-day simple moving average is $48.31. Red Rock Resorts, Inc. has a 52 week low of $35.09 and a 52 week high of $62.00.

Red Rock Resorts (NASDAQ:RRR) last posted its quarterly earnings results on Tuesday, July 29th. The company reported $0.95 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.55. Red Rock Resorts had a return on equity of 59.56% and a net margin of 8.89%. The company had revenue of $526.27 million for the quarter, compared to analyst estimates of $485.44 million. During the same quarter last year, the company earned $0.59 EPS. Red Rock Resorts’s revenue for the quarter was up 8.2% compared to the same quarter last year. Equities analysts forecast that Red Rock Resorts, Inc. will post 1.76 earnings per share for the current year.

Red Rock Resorts Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 15th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.7%. The ex-dividend date is Monday, September 15th. Red Rock Resorts’s payout ratio is currently 34.01%.

Insider Activity at Red Rock Resorts

In related news, CFO Stephen Lawrence Cootey sold 121,400 shares of the business’s stock in a transaction on Friday, August 1st. The shares were sold at an average price of $60.04, for a total value of $7,288,856.00. Following the completion of the sale, the chief financial officer directly owned 260,268 shares of the company’s stock, valued at $15,626,490.72. The trade was a 31.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Jeffrey T. Welch sold 56,653 shares of Red Rock Resorts stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $60.23, for a total value of $3,412,210.19. Following the sale, the executive vice president owned 314,767 shares in the company, valued at $18,958,416.41. This trade represents a 15.25% decrease in their position. The disclosure for this sale can be found here. 53.81% of the stock is currently owned by insiders.

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.