Martingale Asset Management L P Makes New $212,000 Investment in Monarch Casino & Resort, Inc. $MCRI

Key Points

• Martingale Asset Management L P acquired 2,725 shares of Monarch Casino & Resort, Inc., valued at approximately $212,000, marking a new position for the institutional investor in the first quarter.
• Several institutional investors increased their stakes in Monarch Casino & Resort, with Voya Investment Management LLC leading with a 128.4% increase in the fourth quarter.
• The company reported earnings of $1.44 per share for the last quarter, exceeding analysts' expectations, and has a current market capitalization of $1.92 billion.

Martingale Asset Management L P purchased a new stake in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,725 shares of the company's stock, valued at approximately $212,000.

Several other institutional investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Monarch Casino & Resort by 2.5% during the first quarter. Vanguard Group Inc. now owns 1,028,325 shares of the company's stock valued at $79,952,000 after buying an additional 24,616 shares during the period. American Century Companies Inc. grew its position in Monarch Casino & Resort by 10.5% during the first quarter. American Century Companies Inc. now owns 446,600 shares of the company's stock valued at $34,723,000 after buying an additional 42,527 shares during the period. Fuller & Thaler Asset Management Inc. grew its position in Monarch Casino & Resort by 40.1% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 343,565 shares of the company's stock valued at $26,712,000 after buying an additional 98,371 shares during the period. Wellington Management Group LLP grew its position in Monarch Casino & Resort by 10.9% during the first quarter. Wellington Management Group LLP now owns 233,513 shares of the company's stock valued at $18,156,000 after buying an additional 23,010 shares during the period. Finally, Invesco Ltd. grew its position in Monarch Casino & Resort by 147.1% during the first quarter. Invesco Ltd. now owns 222,770 shares of the company's stock valued at $17,320,000 after buying an additional 132,599 shares during the period. Institutional investors own 62.37% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on MCRI shares. Wall Street Zen upgraded shares of Monarch Casino & Resort from a "hold" rating to a "buy" rating in a research report on Sunday, July 13th. Wells Fargo & Company upgraded shares of Monarch Casino & Resort from an "underweight" rating to an "equal weight" rating and increased their target price for the stock from $83.00 to $89.00 in a research report on Thursday, July 17th. Stifel Nicolaus increased their target price on shares of Monarch Casino & Resort from $81.00 to $92.00 and gave the stock a "hold" rating in a research report on Thursday, July 17th. Finally, Truist Financial increased their target price on shares of Monarch Casino & Resort from $100.00 to $105.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. One analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $93.20.

Insider Buying and Selling

In related news, CEO John Farahi sold 2,000 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $105.78, for a total value of $211,560.00. Following the sale, the chief executive officer directly owned 560,110 shares of the company's stock, valued at $59,248,435.80. This trade represents a 0.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Craig F. Sullivan sold 12,200 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $105.55, for a total transaction of $1,287,710.00. The disclosure for this sale can be found here. Company insiders own 25.52% of the company's stock.

Monarch Casino & Resort Trading Down 0.8%

Shares of Monarch Casino & Resort stock traded down $0.79 on Monday, reaching $104.33. The stock had a trading volume of 117,381 shares, compared to its average volume of 78,848. Monarch Casino & Resort, Inc. has a 1 year low of $69.99 and a 1 year high of $113.88. The company has a market cap of $1.91 billion, a P/E ratio of 19.61 and a beta of 1.49. The business's 50 day moving average is $97.26 and its two-hundred day moving average is $87.43.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The company reported $1.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.22 by $0.22. The firm had revenue of $136.91 million for the quarter, compared to the consensus estimate of $129.76 million. Monarch Casino & Resort had a net margin of 18.70% and a return on equity of 18.99%. On average, equities analysts anticipate that Monarch Casino & Resort, Inc. will post 5.13 EPS for the current fiscal year.

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.