Invesco Ltd. Boosts Position in Monarch Casino & Resort, Inc. $MCRI

Key Points

• Invesco Ltd. significantly increased its stake in Monarch Casino & Resort, acquiring 132,599 shares in the first quarter, raising ownership to approximately 1.21% of the company.
• Monarch Casino recently reported earnings of $1.44 per share, exceeding expectations, with revenues totaling $136.91 million for the quarter.
• Equity analysts have adjusted their price targets for Monarch, with Truist Financial increasing its target from $100.00 to $105.00 and maintaining a "buy" rating.

Invesco Ltd. lifted its holdings in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) by 147.1% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 222,770 shares of the company's stock after acquiring an additional 132,599 shares during the period. Invesco Ltd. owned 1.21% of Monarch Casino & Resort worth $17,320,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. TD Private Client Wealth LLC raised its position in shares of Monarch Casino & Resort by 72.6% during the 1st quarter. TD Private Client Wealth LLC now owns 378 shares of the company's stock worth $29,000 after acquiring an additional 159 shares in the last quarter. Vestcor Inc acquired a new position in Monarch Casino & Resort during the first quarter worth approximately $58,000. Meeder Asset Management Inc. increased its position in Monarch Casino & Resort by 45.3% during the first quarter. Meeder Asset Management Inc. now owns 1,139 shares of the company's stock worth $89,000 after buying an additional 355 shares during the period. Golden State Wealth Management LLC increased its position in Monarch Casino & Resort by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 1,332 shares of the company's stock worth $104,000 after buying an additional 666 shares during the period. Finally, CWM LLC increased its position in Monarch Casino & Resort by 264.7% during the first quarter. CWM LLC now owns 1,827 shares of the company's stock worth $142,000 after buying an additional 1,326 shares during the period. Institutional investors and hedge funds own 62.37% of the company's stock.

Monarch Casino & Resort Stock Up 0.5%

Shares of Monarch Casino & Resort stock traded up $0.53 during trading on Wednesday, reaching $105.49. The company's stock had a trading volume of 76,425 shares, compared to its average volume of 84,638. Monarch Casino & Resort, Inc. has a 12-month low of $69.99 and a 12-month high of $113.88. The company has a market capitalization of $1.93 billion, a P/E ratio of 19.83 and a beta of 1.56. The business has a 50 day moving average price of $96.45 and a 200-day moving average price of $87.25.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last posted its quarterly 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 firm had revenue of $136.91 million for the quarter, compared to the consensus estimate of $129.76 million. Research analysts predict that Monarch Casino & Resort, Inc. will post 5.13 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have commented on MCRI. Wells Fargo & Company raised Monarch Casino & Resort from an "underweight" rating to an "equal weight" rating and lifted their price target for the stock from $83.00 to $89.00 in a research report on Thursday, July 17th. Truist Financial lifted 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. Stifel Nicolaus lifted their price target 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. Finally, Wall Street Zen raised Monarch Casino & Resort from a "hold" rating to a "buy" rating in a research report on Sunday, July 13th. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Monarch Casino & Resort currently has an average rating of "Hold" and an average target price of $93.20.

Insider Buying and Selling

In other Monarch Casino & Resort news, Director Craig F. Sullivan sold 12,200 shares of the business's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $105.55, for a total transaction of $1,287,710.00. The transaction was disclosed in a filing with the SEC, which can be accessed through 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 value of $211,560.00. Following the sale, the chief executive officer owned 560,110 shares in the company, valued at approximately $59,248,435.80. The trade was a 0.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. 25.52% of the stock is owned by insiders.

About Monarch Casino & Resort

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.