BlackRock Inc. Purchases Shares of 2,056,674 Monarch Casino & Resort, Inc. $MCRI

BlackRock Inc. acquired a new position in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 2,056,674 shares of the company's stock, valued at approximately $270,679,000. BlackRock Inc. owned 11.48% of Monarch Casino & Resort at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Bank of New York Mellon Corp purchased a new stake in Monarch Casino & Resort during the second quarter worth $16,778,000. Qube Research & Technologies Ltd raised its position in shares of Monarch Casino & Resort by 77.1% in the third quarter. Qube Research & Technologies Ltd now owns 188,498 shares of the company's stock worth $19,951,000 after acquiring an additional 82,035 shares during the period. Hillsdale Investment Management Inc. purchased a new stake in shares of Monarch Casino & Resort during the 4th quarter worth about $7,244,000. Arrowstreet Capital Limited Partnership boosted its stake in shares of Monarch Casino & Resort by 64.5% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 178,976 shares of the company's stock worth $18,943,000 after acquiring an additional 70,185 shares in the last quarter. Finally, Invesco Ltd. grew its position in shares of Monarch Casino & Resort by 38.2% during the 4th quarter. Invesco Ltd. now owns 194,371 shares of the company's stock valued at $18,601,000 after acquiring an additional 53,745 shares during the period. 62.37% of the stock is owned by hedge funds and other institutional investors.

Monarch Casino & Resort Stock Up 0.4%

Shares of MCRI opened at $124.22 on Thursday. Monarch Casino & Resort, Inc. has a 52-week low of $88.13 and a 52-week high of $135.93. The stock has a market cap of $2.23 billion, a PE ratio of 19.91 and a beta of 1.31. The firm's fifty day moving average is $125.27 and its two-hundred day moving average is $113.38.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last issued its earnings results on Monday, July 20th. The company reported $1.78 EPS for the quarter, beating analysts' consensus estimates of $1.68 by $0.10. The business had revenue of $142.60 million during the quarter, compared to analysts' expectations of $142.85 million. Monarch Casino & Resort had a net margin of 20.40% and a return on equity of 20.63%. Monarch Casino & Resort's revenue for the quarter was up 4.2% compared to the same quarter last year. As a group, research analysts anticipate that Monarch Casino & Resort, Inc. will post 6.98 earnings per share for the current year.

Monarch Casino & Resort Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a $0.30 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $1.20 dividend on an annualized basis and a yield of 1.0%. Monarch Casino & Resort's dividend payout ratio is presently 19.23%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on MCRI shares. Truist Financial lifted their price target on Monarch Casino & Resort from $125.00 to $144.00 and gave the company a "buy" rating in a research note on Monday, July 20th. Jefferies Financial Group reiterated a "hold" rating on shares of Monarch Casino & Resort in a research report on Thursday, July 2nd. Weiss Ratings reissued a "buy (b)" rating on shares of Monarch Casino & Resort in a report on Monday. Zacks Research cut Monarch Casino & Resort from a "hold" rating to a "strong sell" rating in a research report on Wednesday, July 22nd. Finally, Wall Street Zen downgraded Monarch Casino & Resort from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $124.40.

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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