Connor Clark & Lunn Investment Management Ltd. Makes New $1.71 Million Investment in Monarch Casino & Resort, Inc. $MCRI

Key Points

• Connor Clark & Lunn Investment Management purchased 12,992 shares of Monarch Casino & Resort, valued at approximately $1.71 million, giving it a 0.07% stake. Institutional investors collectively own 62.37% of the company.
• Monarch reported quarterly EPS of $1.78, surpassing the $1.68 consensus estimate, while revenue rose 4.2% year over year to $142.6 million. Analysts expect full-year EPS of $6.98.
• The company declared a quarterly dividend of $0.30 per share, equivalent to a $1.20 annualized payout and a 1.0% yield. Analyst sentiment is mixed, with an overall “Hold” rating and a consensus price target of $124.40.

Connor Clark & Lunn Investment Management Ltd. bought a new position in Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 12,992 shares of the company's stock, valued at approximately $1,710,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.07% of Monarch Casino & Resort at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. AQR Capital Management LLC lifted its stake in Monarch Casino & Resort by 36.0% during the first quarter. AQR Capital Management LLC now owns 57,731 shares of the company's stock worth $4,489,000 after purchasing an additional 15,295 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Monarch Casino & Resort by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,618 shares of the company's stock valued at $592,000 after purchasing an additional 316 shares during the last quarter. Creative Planning bought a new stake in Monarch Casino & Resort during the second quarter valued at $283,000. Quantbot Technologies LP acquired a new stake in shares of Monarch Casino & Resort during the second quarter worth $431,000. Finally, First Trust Advisors LP raised its holdings in shares of Monarch Casino & Resort by 9.5% during the second quarter. First Trust Advisors LP now owns 41,109 shares of the company's stock worth $3,553,000 after purchasing an additional 3,574 shares during the period. 62.37% of the stock is currently owned by institutional investors.

Monarch Casino & Resort Price Performance

Shares of NASDAQ MCRI opened at $122.57 on Friday. The firm has a market capitalization of $2.20 billion, a PE ratio of 19.64 and a beta of 1.31. Monarch Casino & Resort, Inc. has a 1-year low of $88.13 and a 1-year high of $135.93. The business's fifty day moving average price is $124.97 and its two-hundred day moving average price is $113.62.

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

Monarch Casino & Resort Announces Dividend

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

Analysts Set New Price Targets

Several research analysts have recently commented on MCRI shares. Jefferies Financial Group reaffirmed a "hold" rating on shares of Monarch Casino & Resort in a report on Thursday, July 2nd. Stifel Nicolaus increased their price objective on shares of Monarch Casino & Resort from $102.00 to $128.00 and gave the stock a "hold" rating in a research note on Tuesday, July 21st. Zacks Research cut shares of Monarch Casino & Resort from a "hold" rating to a "strong sell" rating in a report on Wednesday, July 22nd. Wall Street Zen downgraded Monarch Casino & Resort from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. Finally, Truist Financial upped their target price on Monarch Casino & Resort from $125.00 to $144.00 and gave the company a "buy" rating in a report on Monday, July 20th. Two equities 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. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target 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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