American Century Companies Inc. Increases Stake in Monarch Casino & Resort, Inc. $MCRI

Key Points

• American Century Companies Inc. increased its stake in Monarch Casino & Resort by 10.5%, owning approximately 2.42% of the company, valued at $34.7 million.
• Various institutions, including LPL Financial and Deutsche Bank AG, have significantly increased their holdings in Monarch Casino, with institutional ownership now at 62.37%.
• Analysts have upgraded ratings on Monarch Casino, with price targets rising; the current consensus rating is "Hold" with an average target price of $93.20.

American Century Companies Inc. increased its holdings in Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) by 10.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 446,600 shares of the company's stock after buying an additional 42,527 shares during the quarter. American Century Companies Inc. owned about 2.42% of Monarch Casino & Resort worth $34,723,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. TD Private Client Wealth LLC grew its stake in shares of Monarch Casino & Resort by 72.6% during the 1st quarter. TD Private Client Wealth LLC now owns 378 shares of the company's stock worth $29,000 after purchasing an additional 159 shares during the period. Vestcor Inc acquired a new stake in shares of Monarch Casino & Resort during the 1st quarter worth approximately $58,000. Meeder Asset Management Inc. grew its stake in shares of Monarch Casino & Resort by 45.3% during the 1st quarter. Meeder Asset Management Inc. now owns 1,139 shares of the company's stock worth $89,000 after purchasing an additional 355 shares during the period. Golden State Wealth Management LLC grew its stake in shares of Monarch Casino & Resort by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 1,332 shares of the company's stock worth $104,000 after purchasing an additional 666 shares during the period. Finally, CWM LLC grew its stake in shares of Monarch Casino & Resort by 264.7% during the 1st quarter. CWM LLC now owns 1,827 shares of the company's stock worth $142,000 after purchasing an additional 1,326 shares during the period. Institutional investors and hedge funds own 62.37% of the company's stock.

Monarch Casino & Resort Stock Performance

Shares of NASDAQ:MCRI traded up $0.53 during midday trading on Wednesday, reaching $105.49. 76,425 shares of the company's stock traded hands, compared to its average volume of 84,638. 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 $1.93 billion, a P/E ratio of 19.83 and a beta of 1.56. The company has a fifty day simple moving average of $96.45 and a two-hundred day simple moving average of $87.25.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last announced its earnings results on Wednesday, July 16th. The company reported $1.44 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 firm had revenue of $136.91 million for the quarter, compared to analyst estimates of $129.76 million. As a group, research analysts forecast that Monarch Casino & Resort, Inc. will post 5.13 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently commented on MCRI. Truist Financial raised their price objective on shares of Monarch Casino & Resort from $100.00 to $105.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. Wells Fargo & Company raised shares of Monarch Casino & Resort from an "underweight" rating to an "equal weight" rating and raised their price objective for the stock from $83.00 to $89.00 in a research note on Thursday, July 17th. Stifel Nicolaus raised their price objective on shares of 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, Wall Street Zen upgraded Monarch Casino & Resort from a "hold" rating to a "buy" rating in a research report on Sunday, July 13th. One equities research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Monarch Casino & Resort currently has a consensus rating of "Hold" and a consensus price target of $93.20.

Insider Buying and Selling

In other Monarch Casino & Resort news, Director Craig F. Sullivan sold 12,200 shares of the firm's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $105.55, for a total value of $1,287,710.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO John Farahi sold 2,000 shares of the firm's stock in a transaction 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 completion of the transaction, the chief executive officer owned 560,110 shares in the company, valued at $59,248,435.80. The trade was a 0.36% decrease in their position. The disclosure for this sale can be found here. Company insiders own 25.52% of the company's stock.

Monarch Casino & Resort Company Profile

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.