Assenagon Asset Management S.A. Sells 11,608 Shares of Monarch Casino & Resort, Inc. $MCRI

Key Points

• Assenagon Asset Management cut its Monarch Casino & Resort stake by 68.3% in the second quarter, selling 11,608 shares and retaining 5,387 shares worth approximately $709,000. Institutional investors collectively own 62.37% of MCRI.
• Analyst sentiment is mixed, with two Buy, three Hold, and one Sell rating; the consensus rating is Hold with an average price target of $124.40.
• Monarch reported quarterly EPS of $1.78, topping estimates by $0.10, while revenue rose 4.2% year over year to $142.6 million. The company also declared a quarterly dividend of $0.30 per share, yielding about 1.0% annually.

Assenagon Asset Management S.A. cut its stake in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) by 68.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,387 shares of the company's stock after selling 11,608 shares during the period. Assenagon Asset Management S.A.'s holdings in Monarch Casino & Resort were worth $709,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. Kestra Advisory Services LLC purchased a new position in shares of Monarch Casino & Resort during the fourth quarter valued at approximately $40,000. Osaic Holdings Inc. increased its stake in Monarch Casino & Resort by 210.0% in the second quarter. Osaic Holdings Inc. now owns 465 shares of the company's stock worth $40,000 after purchasing an additional 315 shares during the period. Parallel Advisors LLC lifted its position in shares of Monarch Casino & Resort by 191.3% during the first quarter. Parallel Advisors LLC now owns 1,136 shares of the company's stock worth $109,000 after purchasing an additional 746 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of Monarch Casino & Resort by 69.8% in the second quarter. Tower Research Capital LLC TRC now owns 1,275 shares of the company's stock worth $110,000 after purchasing an additional 524 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in Monarch Casino & Resort by 7.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,791 shares of the company's stock worth $236,000 after buying an additional 126 shares during the period. 62.37% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on MCRI shares. Truist Financial raised their price objective on Monarch Casino & Resort from $125.00 to $144.00 and gave the stock a "buy" rating in a report on Monday, July 20th. Wall Street Zen cut Monarch Casino & Resort from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Stifel Nicolaus lifted their price objective on Monarch Casino & Resort from $102.00 to $128.00 and gave the company a "hold" rating in a report on Tuesday, July 21st. Wells Fargo & Company lowered their price objective on shares of Monarch Casino & Resort from $116.00 to $114.00 and set an "equal weight" rating for the company in a research note on Tuesday, July 21st. Finally, Zacks Research cut shares of Monarch Casino & Resort from a "hold" rating to a "strong sell" rating in a report on Wednesday, July 22nd. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $124.40.

Monarch Casino & Resort Stock Up 1.1%

Shares of MCRI opened at $124.08 on Friday. The company has a market cap of $2.22 billion, a price-to-earnings ratio of 19.88 and a beta of 1.31. Monarch Casino & Resort, Inc. has a twelve month low of $88.13 and a twelve month high of $135.93. The company has a 50 day moving average of $125.67 and a two-hundred day moving average of $111.40.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last issued its quarterly earnings data on Monday, July 20th. The company reported $1.78 EPS for the quarter, beating the consensus estimate of $1.68 by $0.10. Monarch Casino & Resort had a return on equity of 20.63% and a net margin of 20.40%.The firm had revenue of $142.60 million during the quarter, compared to analyst estimates of $142.85 million. The company's quarterly revenue was up 4.2% on a year-over-year basis. On average, sell-side analysts expect that Monarch Casino & Resort, Inc. will post 6.98 EPS for the current year.

Monarch Casino & Resort Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Tuesday, September 1st. Monarch Casino & Resort's dividend payout ratio is currently 19.23%.

Insider Transactions at Monarch Casino & Resort

In other Monarch Casino & Resort news, CEO John Farahi sold 5,000 shares of the stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $120.84, for a total value of $604,200.00. Following the completion of the sale, the chief executive officer directly owned 616,556 shares in the company, valued at approximately $74,504,627.04. This trade represents a 0.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 26.34% of the stock is owned by corporate insiders.

Monarch Casino & Resort Profile

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.

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