Man Group plc Invests $5.87 Million in Monarch Casino & Resort, Inc. $MCRI

Key Points

• Man Group plc acquired 44,621 shares of Monarch Casino & Resort valued at approximately $5.87 million, giving it a 0.25% stake. Institutional investors collectively own 62.37% of the company.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $124.40; targets range from $114 to $144.
• Monarch reported quarterly EPS of $1.78, exceeding estimates of $1.68, while revenue rose 4.2% year over year to $142.6 million. The company also declared a quarterly dividend of $0.30 per share, representing a 1.0% annualized yield.

Man Group plc acquired a new position in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 44,621 shares of the company's stock, valued at approximately $5,873,000. Man Group plc owned 0.25% of Monarch Casino & Resort at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of MCRI. BlackRock Inc. bought a new position in shares of Monarch Casino & Resort in the second quarter worth $270,679,000. Bank of New York Mellon Corp bought a new stake in Monarch Casino & Resort during the second quarter worth about $16,778,000. Qube Research & Technologies Ltd lifted its position in Monarch Casino & Resort by 77.1% during the third quarter. Qube Research & Technologies Ltd now owns 188,498 shares of the company's stock worth $19,951,000 after purchasing an additional 82,035 shares during the period. Hillsdale Investment Management Inc. acquired a new stake in Monarch Casino & Resort during the fourth quarter worth about $7,244,000. Finally, Arrowstreet Capital Limited Partnership grew its stake in Monarch Casino & Resort by 64.5% during the third quarter. Arrowstreet Capital Limited Partnership now owns 178,976 shares of the company's stock worth $18,943,000 after buying an additional 70,185 shares in the last quarter. 62.37% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

MCRI has been the subject of a number of research analyst reports. Wells Fargo & Company lowered their price target on Monarch Casino & Resort from $116.00 to $114.00 and set an "equal weight" rating for the company in a report on Tuesday, July 21st. Wall Street Zen lowered Monarch Casino & Resort from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. Weiss Ratings reiterated a "buy (b)" rating on shares of Monarch Casino & Resort in a research report on Monday, August 24th. Truist Financial boosted their target price on Monarch Casino & Resort from $125.00 to $144.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. Finally, Zacks Research cut shares of Monarch Casino & Resort from a "hold" rating to a "strong sell" rating in a report on Wednesday, July 22nd. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $124.40.

Monarch Casino & Resort Stock Performance

NASDAQ:MCRI opened at $122.57 on Friday. Monarch Casino & Resort, Inc. has a 52 week low of $88.13 and a 52 week high of $135.93. The firm's fifty day moving average is $124.97 and its 200-day moving average is $113.62. The firm has a market cap of $2.20 billion, a P/E ratio of 19.64 and a beta of 1.31.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last released its earnings results on Monday, July 20th. The company reported $1.78 EPS for the quarter, topping the consensus estimate of $1.68 by $0.10. The business had revenue of $142.60 million during the quarter, compared to analysts' expectations of $142.85 million. Monarch Casino & Resort had a return on equity of 20.63% and a net margin of 20.40%.The business's quarterly revenue was up 4.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Monarch Casino & Resort, Inc. will post 6.98 earnings per share for the current year.

Monarch Casino & Resort Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Tuesday, September 1st. Monarch Casino & Resort's dividend payout ratio is currently 19.23%.

Monarch Casino & Resort Profile

Monarch Casino & Resort, Inc is a publicly traded owner and operator of an integrated casino resort in Reno, Nevada. The company's flagship property, the Atlantis Casino Resort Spa, features a full-service casino floor with table games, slot machines, and sports betting, complemented by a diverse portfolio of amenities. Guests can choose from over 800 rooms and suites, dine at multiple on-site restaurants and bars, unwind at the full-service spa and salon, or enjoy live entertainment in the property's showroom.

Monarch's revenue streams are diversified across gaming operations, hotel accommodations, food and beverage services, and convention and meeting facilities.

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