Red Rock Resorts (NASDAQ:RRR) Hits New 52-Week Low - Here's What Happened

Red Rock Resorts, Inc. (NASDAQ:RRR - Get Free Report) shares hit a new 52-week low during mid-day trading on Friday . The company traded as low as $44.18 and last traded at $44.72, with a volume of 577568 shares trading hands. The stock had previously closed at $46.24.

Analysts Set New Price Targets

Several brokerages recently commented on RRR. Wells Fargo & Company reduced their price objective on shares of Red Rock Resorts from $64.00 to $58.00 and set an "equal weight" rating for the company in a research note on Thursday, October 17th. Macquarie lowered their price target on Red Rock Resorts from $65.00 to $64.00 and set an "outperform" rating on the stock in a report on Friday, November 8th. Jefferies Financial Group reaffirmed a "hold" rating and set a $51.00 price objective (down from $64.00) on shares of Red Rock Resorts in a report on Friday. Mizuho lowered 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 report on Monday, November 25th. Finally, Truist Financial dropped their target price on shares of Red Rock Resorts from $63.00 to $58.00 and set a "hold" rating for the company in a report on Wednesday, October 23rd. Seven investment analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $59.69.

Red Rock Resorts Price Performance

The company has a 50 day moving average of $49.69 and a 200 day moving average of $53.06. The stock has a market capitalization of $4.74 billion, a price-to-earnings ratio of 16.63, a price-to-earnings-growth ratio of 6.69 and a beta of 2.01. 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 Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 16th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date was Monday, December 16th. Red Rock Resorts's dividend payout ratio is currently 37.04%.

Institutional Investors Weigh In On Red Rock Resorts

Several hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. grew its stake in shares of Red Rock Resorts by 18.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 89,197 shares of the company's stock valued at $4,856,000 after buying an additional 14,148 shares during the period. Virtu Financial LLC acquired a new stake in Red Rock Resorts during the third quarter worth about $345,000. Geode Capital Management LLC increased its stake in Red Rock Resorts by 1.2% during the third quarter. Geode Capital Management LLC now owns 1,171,267 shares of the company's stock worth $63,776,000 after acquiring an additional 14,029 shares during the last quarter. Barclays PLC raised its holdings in shares of Red Rock Resorts by 227.9% in the 3rd quarter. Barclays PLC now owns 78,932 shares of the company's stock worth $4,297,000 after purchasing an additional 54,863 shares during the period. Finally, Y Intercept Hong Kong Ltd acquired a new position in shares of Red Rock Resorts in the 3rd quarter valued at about $233,000. 47.84% of the stock is owned by institutional investors and hedge funds.

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.