Engineers Gate Manager LP Sells 11,370 Shares of Monarch Casino & Resort, Inc. $MCRI

Engineers Gate Manager LP trimmed its position in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) by 72.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,330 shares of the company's stock after selling 11,370 shares during the quarter. Engineers Gate Manager LP's holdings in Monarch Casino & Resort were worth $570,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in MCRI. IFP Advisors Inc raised its stake in shares of Monarch Casino & Resort by 267.6% during the second quarter. IFP Advisors Inc now owns 261 shares of the company's stock valued at $34,000 after acquiring an additional 190 shares during the last quarter. Allworth Financial LP acquired a new stake in Monarch Casino & Resort in the second quarter valued at $41,000. Global Retirement Partners LLC bought a new position in Monarch Casino & Resort during the 2nd quarter worth $57,000. Integrated Wealth Concepts LLC acquired a new position in Monarch Casino & Resort during the 2nd quarter worth about $73,000. Finally, Globeflex Capital L P acquired a new position in Monarch Casino & Resort during the 2nd quarter worth about $97,000. Institutional investors and hedge funds own 62.37% of the company's stock.

Monarch Casino & Resort Price Performance

Shares of MCRI opened at $117.24 on Wednesday. Monarch Casino & Resort, Inc. has a one year low of $88.13 and a one year high of $135.93. The company has a market cap of $2.10 billion, a PE ratio of 18.79 and a beta of 1.31. The stock has a 50-day moving average of $122.25 and a 200-day moving average of $116.70.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last posted its quarterly earnings results on Monday, July 20th. The company reported $1.78 earnings per share for the quarter, topping analysts' consensus estimates 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 business had revenue of $142.60 million for the quarter, compared to the consensus estimate of $142.85 million. Monarch Casino & Resort's revenue for the quarter was up 4.2% on a year-over-year basis. Analysts expect that Monarch Casino & Resort, Inc. will post 6.98 EPS for the current fiscal year.

Monarch Casino & Resort Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend was Tuesday, September 1st. Monarch Casino & Resort's dividend payout ratio is presently 19.23%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on MCRI. Texas Capital raised Monarch Casino & Resort to a "strong-buy" rating in a research note on Wednesday, September 9th. Wall Street Zen cut Monarch Casino & Resort from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Wells Fargo & Company decreased their target price on shares of Monarch Casino & Resort from $116.00 to $114.00 and set an "equal weight" rating for the company in a research report on Tuesday, July 21st. Zacks Research upgraded shares of Monarch Casino & Resort from a "strong sell" rating to a "hold" rating in a report on Friday, September 18th. Finally, UBS Group set a $124.00 price target on shares of Monarch Casino & Resort in a research report on Thursday, July 2nd. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $124.40.

Insider Activity

In related news, CEO John Farahi sold 5,000 shares of the stock in a transaction on Thursday, September 17th. The stock was sold at an average price of $124.00, for a total value of $620,000.00. Following the transaction, the chief executive officer directly owned 611,556 shares in the company, valued at $75,832,944. This trade represents a 0.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 26.34% of the stock is currently owned by corporate insiders.

Monarch Casino & Resort Profile

Monarch Casino & Resort, Inc is a gaming and hospitality company that owns and operates casino resorts in Nevada and Colorado. Its properties combine casino gaming with hotel accommodations, dining, entertainment, and other resort amenities.

The company operates Atlantis Casino Resort Spa in Reno, Nevada, which offers casino games, hotel rooms, restaurants, entertainment, and spa services. In Black Hawk, Colorado, Monarch operates Monarch Casino Resort Spa, a destination featuring gaming, lodging, dining, entertainment, and wellness facilities.

Monarch Casino & Resort has expanded its presence through the development and acquisition of casino resort properties, including its Black Hawk operations.

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