Algert Global LLC Acquires New Shares in Monarch Casino & Resort, Inc. $MCRI

Key Points

• Algert Global LLC acquired a new stake in Monarch Casino & Resort, purchasing 6,190 shares worth approximately $481,000 during the first quarter.
• Monarch Casino & Resort reported earnings of $1.44 EPS for the last quarter, exceeding estimates by $0.22 and generating revenues of $136.91 million.
• Several institutional investors significantly increased their holdings in Monarch Casino & Resort, with notable increases including CWM LLC, which raised its position by 264.7%.

Algert Global LLC purchased a new stake in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 6,190 shares of the company's stock, valued at approximately $481,000.

A number of other hedge funds have also recently made changes to their positions in MCRI. Barclays PLC boosted its stake in shares of Monarch Casino & Resort by 3.7% during the fourth quarter. Barclays PLC now owns 34,743 shares of the company's stock valued at $2,742,000 after purchasing an additional 1,235 shares in the last quarter. State of Tennessee Department of Treasury boosted its stake in shares of Monarch Casino & Resort by 3.0% during the fourth quarter. State of Tennessee Department of Treasury now owns 12,223 shares of the company's stock valued at $964,000 after purchasing an additional 361 shares in the last quarter. Dark Forest Capital Management LP acquired a new stake in shares of Monarch Casino & Resort during the fourth quarter valued at about $325,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Monarch Casino & Resort by 28.2% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 36,075 shares of the company's stock valued at $2,848,000 after purchasing an additional 7,933 shares in the last quarter. Finally, Voya Investment Management LLC boosted its stake in shares of Monarch Casino & Resort by 128.4% during the fourth quarter. Voya Investment Management LLC now owns 38,057 shares of the company's stock valued at $3,003,000 after purchasing an additional 21,391 shares in the last quarter. 62.37% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Monarch Casino & Resort

In other Monarch Casino & Resort news, CEO John Farahi sold 2,000 shares of the business's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $105.78, for a total value of $211,560.00. Following the transaction, the chief executive officer owned 560,110 shares of the company's stock, valued at approximately $59,248,435.80. The trade was a 0.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Craig F. Sullivan sold 12,200 shares of the company's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $105.55, for a total value of $1,287,710.00. The disclosure for this sale can be found here. 25.52% of the stock is currently owned by insiders.

Monarch Casino & Resort Trading Down 1.2%

MCRI stock traded down $1.27 during mid-day trading on Friday, reaching $103.55. The company's stock had a trading volume of 25,462 shares, compared to its average volume of 109,926. The company has a market cap of $1.89 billion, a price-to-earnings ratio of 19.46 and a beta of 1.56. The business's 50 day moving average price is $96.87 and its 200 day moving average price is $87.39. Monarch Casino & Resort, Inc. has a 12 month low of $69.99 and a 12 month high of $113.88.

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 the consensus estimate of $1.22 by $0.22. Monarch Casino & Resort had a return on equity of 18.99% and a net margin of 18.70%.The business had revenue of $136.91 million during the quarter, compared to the consensus estimate of $129.76 million. As a group, equities analysts expect that Monarch Casino & Resort, Inc. will post 5.13 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on MCRI. Wall Street Zen raised Monarch Casino & Resort from a "hold" rating to a "buy" rating in a research note on Sunday, July 13th. Wells Fargo & Company raised Monarch Casino & Resort from an "underweight" rating to an "equal weight" rating and lifted their price objective for the stock from $83.00 to $89.00 in a research note on Thursday, July 17th. Stifel Nicolaus lifted their price objective on Monarch Casino & Resort from $81.00 to $92.00 and gave the stock a "hold" rating in a research note on Thursday, July 17th. Finally, Truist Financial lifted their price objective on Monarch Casino & Resort from $100.00 to $105.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. One investment analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Monarch Casino & Resort currently has an average rating of "Hold" and a consensus target price of $93.20.

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.