Assenagon Asset Management S.A. Sells 22,538 Shares of Monarch Casino & Resort, Inc. $MCRI

Key Points

• Assenagon Asset Management cut its Monarch Casino & Resort position by 57% in the first quarter, selling 22,538 shares and leaving it with 16,995 shares valued at about $1.63 million.
• Monarch Casino & Resort reported strong quarterly results, with EPS of $1.52 beating estimates and revenue of $136.55 million topping expectations; revenue rose 8.9% year over year.
• The company also paid a quarterly dividend of $0.30 per share, while analysts currently have a consensus Hold rating and an average price target of $109.50.

Assenagon Asset Management S.A. trimmed its holdings in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) by 57.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,995 shares of the company's stock after selling 22,538 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.10% of Monarch Casino & Resort worth $1,625,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of MCRI. GAMMA Investing LLC lifted its position in shares of Monarch Casino & Resort by 12.1% during the fourth 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. Mariner LLC raised its stake in shares of Monarch Casino & Resort by 6.5% during the 3rd quarter. Mariner LLC now owns 2,493 shares of the company's stock worth $264,000 after acquiring an additional 152 shares in the last quarter. Vident Advisory LLC lifted its position in Monarch Casino & Resort by 3.5% during the second quarter. Vident Advisory LLC now owns 5,566 shares of the company's stock valued at $481,000 after acquiring an additional 186 shares during the last quarter. Panagora Asset Management Inc. boosted its stake in Monarch Casino & Resort by 6.0% in the fourth quarter. Panagora Asset Management Inc. now owns 3,490 shares of the company's stock valued at $334,000 after acquiring an additional 198 shares in the last quarter. Finally, Strs Ohio grew its holdings in Monarch Casino & Resort by 2.7% in the fourth quarter. Strs Ohio now owns 7,500 shares of the company's stock worth $718,000 after purchasing an additional 200 shares during the last quarter. Hedge funds and other institutional investors own 62.37% of the company's stock.

Monarch Casino & Resort Trading Down 1.2%

Shares of NASDAQ:MCRI opened at $130.09 on Thursday. Monarch Casino & Resort, Inc. has a 12-month low of $85.66 and a 12-month high of $135.93. The business has a 50 day moving average of $121.78 and a two-hundred day moving average of $105.09. The company has a market capitalization of $2.31 billion, a PE ratio of 22.05 and a beta of 1.29.

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 (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.37. The firm had revenue of $136.55 million during the quarter, compared to analysts' expectations of $128.49 million. Monarch Casino & Resort had a net margin of 19.62% and a return on equity of 19.98%. Monarch Casino & Resort's quarterly revenue was up 8.9% on a year-over-year basis. Equities research analysts predict that Monarch Casino & Resort, Inc. will post 7.07 earnings per share for the current fiscal year.

Monarch Casino & Resort Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were given a dividend of $0.30 per share. The ex-dividend date was Monday, June 1st. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.9%. Monarch Casino & Resort's dividend payout ratio (DPR) is 20.34%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on MCRI shares. Zacks Research cut Monarch Casino & Resort from a "strong-buy" rating to a "hold" rating in a research note on Monday, June 22nd. Wells Fargo & Company boosted their price target on Monarch Casino & Resort from $97.00 to $99.00 and gave the stock an "equal weight" rating in a research note on Wednesday, April 22nd. Wall Street Zen upgraded shares of Monarch Casino & Resort from a "hold" rating to a "buy" rating in a report on Saturday, April 25th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Monarch Casino & Resort in a research report on Wednesday, May 27th. Finally, Truist Financial lifted their target price on shares of Monarch Casino & Resort from $120.00 to $125.00 and gave the stock a "buy" rating in a research note on Wednesday, April 22nd. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $109.50.

Insider Activity at Monarch Casino & Resort

In related news, CEO John Farahi sold 5,000 shares of Monarch Casino & Resort 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 transaction, the chief executive officer owned 616,556 shares in the company, valued at $74,504,627.04. The trade was a 0.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 26.34% of the stock is owned by company insiders.

Monarch Casino & Resort Company 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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