Monarch Casino & Resort, Inc. $MCRI Shares Bought by Invesco Ltd.

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. boosted 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 filing with the Securities and Exchange Commission. The firm owned 222,770 shares of the company's stock after purchasing an additional 132,599 shares during the quarter. Invesco Ltd. owned about 1.21% of Monarch Casino & Resort worth $17,320,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. grew its holdings in Monarch Casino & Resort by 10.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 131,028 shares of the company's stock valued at $10,187,000 after buying an additional 12,516 shares in the last quarter. Vanguard Group Inc. grew its holdings in Monarch Casino & Resort by 2.5% during the 1st quarter. Vanguard Group Inc. now owns 1,028,325 shares of the company's stock valued at $79,952,000 after buying an additional 24,616 shares in the last quarter. Jupiter Asset Management Ltd. grew its holdings in Monarch Casino & Resort by 2.6% during the 1st quarter. Jupiter Asset Management Ltd. now owns 27,018 shares of the company's stock valued at $2,101,000 after buying an additional 695 shares in the last quarter. US Bancorp DE grew its holdings in Monarch Casino & Resort by 33.8% during the 1st quarter. US Bancorp DE now owns 7,835 shares of the company's stock valued at $609,000 after buying an additional 1,980 shares in the last quarter. Finally, Natixis Advisors LLC purchased a new position in Monarch Casino & Resort during the 1st quarter valued at approximately $803,000. Institutional investors own 62.37% of the company's stock.

Insider Activity

In other Monarch Casino & Resort news, CEO John Farahi sold 2,000 shares of the business's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $105.78, for a total transaction 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Craig F. Sullivan sold 12,200 shares of the business's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $105.55, for a total value of $1,287,710.00. The disclosure for this sale can be found here. 25.52% of the stock is currently owned by insiders.

Monarch Casino & Resort Stock Performance

NASDAQ:MCRI traded up $0.43 during mid-day trading on Tuesday, hitting $104.50. 16,069 shares of the company's stock traded hands, compared to its average volume of 110,543. The company has a fifty day moving average of $95.60 and a 200 day moving average of $87.00. Monarch Casino & Resort, Inc. has a twelve month low of $69.99 and a twelve month high of $113.88. The company has a market capitalization of $1.91 billion, a P/E ratio of 19.63 and a beta of 1.56.

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 (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.22. The company had revenue of $136.91 million for the quarter, compared to analyst estimates of $129.76 million. Monarch Casino & Resort had a return on equity of 18.99% and a net margin of 18.70%. On average, research analysts expect that Monarch Casino & Resort, Inc. will post 5.13 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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.