Franklin Resources Inc. Sells 37,884 Shares of Red Rock Resorts, Inc. (NASDAQ:RRR)

Franklin Resources Inc. trimmed its holdings in Red Rock Resorts, Inc. (NASDAQ:RRR - Free Report) by 3.8% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 958,195 shares of the company's stock after selling 37,884 shares during the quarter. Franklin Resources Inc. owned 0.91% of Red Rock Resorts worth $50,545,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in the business. Long Pond Capital LP bought a new stake in shares of Red Rock Resorts in the 2nd quarter worth approximately $21,987,000. Eminence Capital LP increased its holdings in shares of Red Rock Resorts by 23.7% in the second quarter. Eminence Capital LP now owns 1,952,754 shares of the company's stock valued at $107,265,000 after buying an additional 374,128 shares in the last quarter. Sequoia Financial Advisors LLC lifted its position in shares of Red Rock Resorts by 4,050.3% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 333,769 shares of the company's stock valued at $18,170,000 after acquiring an additional 325,727 shares during the last quarter. Hantz Financial Services Inc. bought a new stake in shares of Red Rock Resorts during the 2nd quarter worth $14,384,000. Finally, Wellington Management Group LLP boosted its stake in shares of Red Rock Resorts by 239.0% during the 3rd quarter. Wellington Management Group LLP now owns 185,018 shares of the company's stock worth $10,072,000 after acquiring an additional 130,434 shares in the last quarter. Institutional investors own 47.84% of the company's stock.

Red Rock Resorts Price Performance

Shares of NASDAQ:RRR traded down $2.44 during midday trading on Wednesday, reaching $45.62. The company's stock had a trading volume of 599,535 shares, compared to its average volume of 494,187. The business's fifty day simple moving average is $51.16 and its 200-day simple moving average is $53.53. The company has a debt-to-equity ratio of 14.28, a current ratio of 1.02 and a quick ratio of 0.96. Red Rock Resorts, Inc. has a fifty-two week low of $45.33 and a fifty-two week high of $63.28. The company has a market capitalization of $4.82 billion, a P/E ratio of 16.90, a P/E/G ratio of 6.69 and a beta of 2.00.

Red Rock Resorts Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 16th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.19%. The ex-dividend date is Monday, December 16th. Red Rock Resorts's payout ratio is presently 37.04%.

Analyst Ratings Changes

Several brokerages have recently commented on RRR. Morgan Stanley upped their target price on Red Rock Resorts from $54.00 to $56.00 and gave the company an "equal weight" rating in a report on Wednesday, September 4th. JMP Securities reaffirmed a "market outperform" rating and set a $65.00 price objective on shares of Red Rock Resorts in a research note on Monday, October 14th. Mizuho downgraded shares of Red Rock Resorts from an "outperform" rating to a "neutral" rating and dropped their target price for the stock from $57.00 to $44.00 in a research report on Monday, November 25th. Truist Financial reduced their price target on shares of Red Rock Resorts from $63.00 to $58.00 and set a "hold" rating for the company in a research report on Wednesday, October 23rd. Finally, Macquarie lowered their price objective on shares of Red Rock Resorts from $65.00 to $64.00 and set an "outperform" rating on the stock in a research report on Friday, November 8th. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $60.42.

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.