Monarch Casino & Resort, Inc. $MCRI Shares Sold by Hotchkis & Wiley Capital Management LLC

Key Points

• Hotchkis & Wiley Capital Management LLC reduced its stake in Monarch Casino & Resort by 42.8%, owning 73,570 shares valued at approximately $5.72 million after selling 55,040 shares in the first quarter.
• Institutional investors currently hold 62.37% of Monarch Casino & Resort's stock, with several firms like Illinois Municipal Retirement Fund and GHP Investment Advisors increasing their positions significantly.
• Monarch Casino & Resort reported $1.44 earnings per share for the last quarter, beating analysts' expectations, and has recently received upgrades from multiple research analysts, raising its price target.

Hotchkis & Wiley Capital Management LLC lessened its stake in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) by 42.8% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 73,570 shares of the company's stock after selling 55,040 shares during the period. Hotchkis & Wiley Capital Management LLC owned approximately 0.40% of Monarch Casino & Resort worth $5,720,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of MCRI. Invesco Ltd. increased its stake in 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 purchasing an additional 132,599 shares during the period. Nuveen LLC bought a new stake in shares of Monarch Casino & Resort during the first quarter valued at approximately $9,872,000. Fuller & Thaler Asset Management Inc. increased its holdings in Monarch Casino & Resort by 40.1% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 343,565 shares of the company's stock worth $26,712,000 after purchasing an additional 98,371 shares during the period. GAMMA Investing LLC lifted its holdings in shares of 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. Finally, Emmett Investment Management LP purchased a new position in shares of Monarch Casino & Resort during the fourth quarter valued at $3,546,000. Hedge funds and other institutional investors own 62.37% of the company's stock.

Insider Transactions at Monarch Casino & Resort

In related news, Director Craig F. Sullivan sold 12,200 shares of the business's 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO John Farahi sold 2,000 shares of the business'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 directly owned 560,110 shares of the company's stock, valued at approximately $59,248,435.80. The trade was a 0.36% decrease in their position. The disclosure for this sale can be found here. Insiders own 25.52% of the company's stock.

Analyst Upgrades and Downgrades

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

Monarch Casino & Resort Price Performance

NASDAQ MCRI traded down $0.79 during trading on Friday, hitting $104.33. The company's stock had a trading volume of 117,381 shares, compared to its average volume of 78,848. The company has a market cap of $1.91 billion, a PE ratio of 19.61 and a beta of 1.49. The business's 50 day simple moving average is $97.26 and its 200-day simple moving average is $87.43. Monarch Casino & Resort, Inc. has a fifty-two week low of $69.99 and a fifty-two week high of $113.88.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The company reported $1.44 earnings per share for the quarter, topping the consensus estimate 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 business had revenue of $136.91 million during the quarter, compared to the consensus estimate of $129.76 million. Analysts expect that Monarch Casino & Resort, Inc. will post 5.13 EPS for the current fiscal 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.