Brasada Capital Management LP Cuts Holdings in Monarch Casino & Resort, Inc. (NASDAQ:MCRI)

Brasada Capital Management LP decreased its position in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) by 52.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,000 shares of the company's stock after selling 7,610 shares during the quarter. Brasada Capital Management LP's holdings in Monarch Casino & Resort were worth $552,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. HighTower Advisors LLC purchased a new stake in Monarch Casino & Resort in the third quarter valued at $258,000. Barclays PLC boosted its position in Monarch Casino & Resort by 108.2% in the 3rd quarter. Barclays PLC now owns 33,508 shares of the company's stock worth $2,656,000 after purchasing an additional 17,413 shares in the last quarter. Franklin Resources Inc. increased its holdings in shares of Monarch Casino & Resort by 7.3% during the 3rd quarter. Franklin Resources Inc. now owns 8,822 shares of the company's stock valued at $665,000 after purchasing an additional 597 shares in the last quarter. Heritage Family Offices LLP lifted its stake in shares of Monarch Casino & Resort by 7.0% in the 4th quarter. Heritage Family Offices LLP now owns 2,993 shares of the company's stock valued at $236,000 after purchasing an additional 196 shares during the period. Finally, Ritholtz Wealth Management purchased a new stake in Monarch Casino & Resort during the fourth quarter worth $254,000. Institutional investors and hedge funds own 62.37% of the company's stock.

Analyst Ratings Changes

A number of brokerages have weighed in on MCRI. StockNews.com downgraded shares of Monarch Casino & Resort from a "strong-buy" rating to a "buy" rating in a research report on Wednesday, February 12th. Truist Financial dropped their price objective on Monarch Casino & Resort from $105.00 to $100.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Wells Fargo & Company increased their target price on Monarch Casino & Resort from $79.00 to $82.00 and gave the company an "underweight" rating in a research report on Wednesday, February 12th. Stifel Nicolaus cut their price target on shares of Monarch Casino & Resort from $90.00 to $81.00 and set a "hold" rating for the company in a report on Wednesday, April 23rd. Finally, Jefferies Financial Group lifted their target price on shares of Monarch Casino & Resort from $73.00 to $88.00 and gave the company a "hold" rating in a research report on Friday, January 3rd. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $88.60.

Monarch Casino & Resort Price Performance

MCRI traded down $1.15 on Monday, reaching $76.34. 28,451 shares of the company's stock were exchanged, compared to its average volume of 118,089. Monarch Casino & Resort, Inc. has a twelve month low of $64.58 and a twelve month high of $96.11. The stock has a market cap of $1.41 billion, a PE ratio of 15.43 and a beta of 1.57. The stock's fifty day moving average price is $81.39 and its 200-day moving average price is $82.06.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last posted its quarterly earnings results on Tuesday, April 22nd. The company reported $1.05 EPS for the quarter, beating the consensus estimate of $1.04 by $0.01. The firm had revenue of $125.39 million during the quarter, compared to analysts' expectations of $122.70 million. Monarch Casino & Resort had a return on equity of 18.27% and a net margin of 18.01%. As a group, research analysts predict that Monarch Casino & Resort, Inc. will post 5.13 earnings per share for the current fiscal year.

Monarch Casino & Resort Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Sunday, June 15th. Shareholders of record on Sunday, June 1st will be issued a $0.30 dividend. The ex-dividend date of this dividend is Friday, May 30th. This represents a $1.20 annualized dividend and a yield of 1.57%. Monarch Casino & Resort's payout ratio is 23.67%.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc engages in the ownership and operation of the Atlantis Casino Resort Spa, a hotel and casino facility in Reno, Nevada, and the Monarch Black Hawk Casino in Black Hawk, Colorado. The company was founded in 1993 and is headquartered in Reno, NV.