AlphaQuest LLC Acquires 16,321 Shares of Monarch Casino & Resort, Inc. $MCRI

Key Points

• AlphaQuest LLC boosted its stake in Monarch Casino & Resort by 303.4% in the fourth quarter, buying 16,321 additional shares and bringing its total holdings to 21,701 shares worth about $2.08 million.
• Monarch Casino & Resort reported better-than-expected quarterly results, with EPS of $1.52 versus the $1.15 consensus and revenue of $136.55 million, up 8.9% year over year.
• The company announced a quarterly dividend of $0.30 per share to be paid June 15, while analysts currently have a Moderate Buy consensus with an average price target of $109.50.

AlphaQuest LLC raised its holdings in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) by 303.4% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 21,701 shares of the company's stock after acquiring an additional 16,321 shares during the quarter. AlphaQuest LLC owned approximately 0.12% of Monarch Casino & Resort worth $2,077,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Osaic Holdings Inc. grew its stake in shares of Monarch Casino & Resort by 210.0% during the 2nd quarter. Osaic Holdings Inc. now owns 465 shares of the company's stock worth $40,000 after acquiring an additional 315 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Monarch Casino & Resort by 12.1% in the 4th quarter. GAMMA Investing LLC now owns 984 shares of the company's stock valued at $94,000 after buying an additional 106 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of Monarch Casino & Resort by 69.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,275 shares of the company's stock valued at $110,000 after buying an additional 524 shares during the last quarter. Evergreen Capital Management LLC acquired a new stake in shares of Monarch Casino & Resort in the 4th quarter valued at approximately $209,000. Finally, PNC Financial Services Group Inc. boosted its holdings in shares of Monarch Casino & Resort by 34.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,429 shares of the company's stock valued at $232,000 after buying an additional 616 shares during the last quarter. 62.37% of the stock is owned by institutional investors.

Monarch Casino & Resort Stock Performance

MCRI opened at $117.87 on Wednesday. Monarch Casino & Resort, Inc. has a fifty-two week low of $81.92 and a fifty-two week high of $121.38. The company has a market capitalization of $2.09 billion, a P/E ratio of 19.98 and a beta of 1.32. The stock has a fifty day moving average of $106.72 and a 200-day moving average of $99.45.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last posted its earnings results on Tuesday, April 21st. The company reported $1.52 earnings per share for the quarter, topping analysts' consensus estimates of $1.15 by $0.37. Monarch Casino & Resort had a return on equity of 19.98% and a net margin of 19.62%.The company had revenue of $136.55 million during the quarter, compared to the consensus estimate of $128.49 million. The business's quarterly revenue was up 8.9% compared to the same quarter last year. On average, equities research analysts predict that Monarch Casino & Resort, Inc. will post 7.07 earnings per share for the current fiscal year.

Monarch Casino & Resort Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, June 1st. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.0%. Monarch Casino & Resort's dividend payout ratio (DPR) is currently 20.34%.

Insider Activity at Monarch Casino & Resort

In related news, CEO John Farahi sold 2,000 shares of the firm's stock in a transaction on Monday, March 16th. The stock was sold at an average price of $99.00, for a total value of $198,000.00. Following the transaction, the chief executive officer owned 536,304 shares in the company, valued at approximately $53,094,096. This trade represents a 0.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 26.34% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on MCRI. Zacks Research raised Monarch Casino & Resort from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 5th. Truist Financial increased their price objective on Monarch Casino & Resort from $120.00 to $125.00 and gave the company a "buy" rating in a report on Wednesday, April 22nd. Wall Street Zen raised Monarch Casino & Resort from a "hold" rating to a "buy" rating in a report on Saturday, April 25th. Stifel Nicolaus increased their price objective on Monarch Casino & Resort from $97.00 to $102.00 and gave the company a "hold" rating in a report on Wednesday, April 22nd. Finally, Wells Fargo & Company increased their price objective on Monarch Casino & Resort from $97.00 to $99.00 and gave the company an "equal weight" rating in a report on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $109.50.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc is a publicly traded owner and operator of an integrated casino resort in Reno, Nevada. The company's flagship property, the Atlantis Casino Resort Spa, features a full-service casino floor with table games, slot machines, and sports betting, complemented by a diverse portfolio of amenities. Guests can choose from over 800 rooms and suites, dine at multiple on-site restaurants and bars, unwind at the full-service spa and salon, or enjoy live entertainment in the property's showroom.

Monarch's revenue streams are diversified across gaming operations, hotel accommodations, food and beverage services, and convention and meeting facilities.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.