Goldman Sachs Group Inc. Has $6.34 Million Holdings in Monarch Casino & Resort, Inc. $MCRI

Key Points

• Goldman Sachs Group Inc. reduced its stake in Monarch Casino & Resort by 9.1%, selling 8,180 shares during the first quarter, resulting in ownership of 81,585 shares valued at approximately $6.34 million.
• Several institutional investors have increased their holdings in Monarch Casino, with TD Private Client Wealth LLC leading with a 72.6% increase in shares.
• Monarch Casino reported earnings of $1.44 per share for the recent quarter, exceeding analyst expectations, and had total revenue of $136.91 million.

Goldman Sachs Group Inc. cut its stake in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) by 9.1% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 81,585 shares of the company's stock after selling 8,180 shares during the period. Goldman Sachs Group Inc. owned about 0.44% of Monarch Casino & Resort worth $6,343,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Invesco Ltd. increased its stake in shares of Monarch Casino & Resort by 147.1% in the first quarter. Invesco Ltd. now owns 222,770 shares of the company's stock worth $17,320,000 after acquiring an additional 132,599 shares during the last quarter. Nuveen LLC bought a new stake in Monarch Casino & Resort in the first quarter worth $9,872,000. Fuller & Thaler Asset Management Inc. raised its position in shares of Monarch Casino & Resort by 40.1% in the first quarter. Fuller & Thaler Asset Management Inc. now owns 343,565 shares of the company's stock valued at $26,712,000 after purchasing an additional 98,371 shares during the period. Jacobs Levy Equity Management Inc. bought a new stake in Monarch Casino & Resort during the first quarter valued at about $5,904,000. Finally, GAMMA Investing LLC increased its position in Monarch Casino & Resort by 9,017.4% in the 1st quarter. GAMMA Investing LLC now owns 50,693 shares of the company's stock worth $3,941,000 after buying an additional 50,137 shares during the period. Hedge funds and other institutional investors own 62.37% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Wells Fargo & Company upgraded shares of Monarch Casino & Resort from an "underweight" rating to an "equal weight" rating and increased their target price for the company from $83.00 to $89.00 in a research note on Thursday, July 17th. Wall Street Zen upgraded shares of Monarch Casino & Resort from a "hold" rating to a "buy" rating in a research note on Sunday, July 13th. Truist Financial upped their price objective on Monarch Casino & Resort from $100.00 to $105.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. Finally, Stifel Nicolaus raised their target price on Monarch Casino & Resort from $81.00 to $92.00 and gave the stock a "hold" rating in a research report on Thursday, July 17th. One equities research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Monarch Casino & Resort presently has a consensus rating of "Hold" and an average price target of $93.20.

Insider Activity

In related news, Director Craig F. Sullivan sold 12,200 shares of the firm's stock in a transaction that occurred 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 document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO John Farahi sold 2,000 shares of the company's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $105.78, for a total value of $211,560.00. Following the transaction, the chief executive officer directly owned 560,110 shares in the company, valued at approximately $59,248,435.80. This represents a 0.36% decrease in their position. The disclosure for this sale can be found here. Company insiders own 25.52% of the company's stock.

Monarch Casino & Resort Stock Down 0.6%

MCRI traded down $0.59 during trading on Tuesday, hitting $101.11. The company's stock had a trading volume of 76,669 shares, compared to its average volume of 85,465. The stock has a market capitalization of $1.85 billion, a price-to-earnings ratio of 19.01 and a beta of 1.49. The firm's 50 day moving average price is $100.85 and its two-hundred day moving average price is $88.38. Monarch Casino & Resort, Inc. has a 12 month low of $69.99 and a 12 month high of $113.88.

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 analysts' consensus estimates of $1.22 by $0.22. Monarch Casino & Resort had a return on equity of 18.99% and a net margin of 18.70%.The company had revenue of $136.91 million during the quarter, compared to analyst estimates of $129.76 million. On average, sell-side analysts forecast that Monarch Casino & Resort, Inc. will post 5.13 earnings per share for the current year.

Monarch Casino & Resort 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.