Assenagon Asset Management S.A. Takes $1.89 Million Position in Monarch Casino & Resort, Inc. $MCRI

Key Points

• Assenagon Asset Management S.A. has acquired a new position in Monarch Casino & Resort, Inc. worth approximately $1.89 million, holding about 0.12% of the company's shares.
• Research analysts have mixed ratings on Monarch Casino, with Wall Street Zen upgrading it to a "buy" rating while Zacks Research downgraded it to a "hold."
• Monarch Casino reported strong earnings recently, beating consensus estimates with $1.44 earnings per share for the quarter, indicating robust financial performance.

Assenagon Asset Management S.A. bought a new position in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 21,857 shares of the company's stock, valued at approximately $1,889,000. Assenagon Asset Management S.A. owned approximately 0.12% of Monarch Casino & Resort at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in MCRI. Parallel Advisors LLC increased its position in shares of Monarch Casino & Resort by 51.2% during the 2nd quarter. Parallel Advisors LLC now owns 384 shares of the company's stock valued at $33,000 after purchasing an additional 130 shares during the period. Voya Investment Management LLC boosted its stake in Monarch Casino & Resort by 20.5% during the first quarter. Voya Investment Management LLC now owns 45,873 shares of the company's stock valued at $3,567,000 after buying an additional 7,816 shares in the last quarter. Rhumbline Advisers boosted its stake in Monarch Casino & Resort by 1.1% during the first quarter. Rhumbline Advisers now owns 29,525 shares of the company's stock valued at $2,296,000 after buying an additional 322 shares in the last quarter. Strs Ohio acquired a new position in Monarch Casino & Resort during the first quarter worth about $606,000. Finally, Acadian Asset Management LLC raised its position in Monarch Casino & Resort by 1.0% in the first quarter. Acadian Asset Management LLC now owns 44,537 shares of the company's stock worth $3,459,000 after acquiring an additional 453 shares in the last quarter. 62.37% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently commented on MCRI. Wall Street Zen raised shares of Monarch Casino & Resort from a "hold" rating to a "buy" rating in a research note on Sunday, July 13th. Zacks Research downgraded Monarch Casino & Resort from a "strong-buy" rating to a "hold" rating in a research report on Monday, September 15th. Stifel Nicolaus lifted their target price on Monarch Casino & Resort from $81.00 to $92.00 and gave the stock a "hold" rating in a report on Thursday, July 17th. Wells Fargo & Company raised Monarch Casino & Resort from an "underweight" rating to an "equal weight" rating and boosted their target price for the stock from $83.00 to $89.00 in a research report on Thursday, July 17th. Finally, Truist Financial upped their target price on Monarch Casino & Resort from $100.00 to $105.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. One investment analyst has rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $93.20.

Monarch Casino & Resort Stock Performance

Monarch Casino & Resort stock opened at $104.55 on Friday. Monarch Casino & Resort, Inc. has a 52 week low of $69.99 and a 52 week high of $113.88. The firm has a market capitalization of $1.91 billion, a PE ratio of 19.65 and a beta of 1.49. The business's 50-day simple moving average is $102.63 and its 200-day simple moving average is $89.22.

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 for the quarter, beating the consensus estimate of $1.22 by $0.22. The firm had revenue of $136.91 million during the quarter, compared to the consensus estimate of $129.76 million. Monarch Casino & Resort had a return on equity of 18.99% and a net margin of 18.70%. Research analysts forecast that Monarch Casino & Resort, Inc. will post 5.13 earnings per share for the current year.

Insider Buying and Selling at Monarch Casino & Resort

In other Monarch Casino & Resort news, Director Craig F. Sullivan sold 12,200 shares of the 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO John Farahi sold 2,000 shares of the firm's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $105.78, for a total transaction of $211,560.00. Following the completion of the sale, the chief executive officer owned 560,110 shares in the company, valued at $59,248,435.80. This represents a 0.36% decrease in their ownership of the stock. 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.

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