Monarch Casino & Resort, Inc. $MCRI Shares Purchased by Sei Investments Co.

Key Points

• Sei Investments increased its Monarch Casino & Resort position by 69.9% in the first quarter, owning 33,319 shares valued at approximately $3.2 million. Institutional investors and hedge funds collectively hold 62.37% of the stock.
• Monarch reported quarterly EPS of $1.78, exceeding the $1.68 consensus estimate, 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% yield.
• Analyst sentiment remains mixed, with two Buy, three Hold and one Sell rating; the consensus rating is Hold with a $124.40 price target. CEO John Farahi separately sold 5,000 shares for about $604,200.

Sei Investments Co. raised its position in Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) by 69.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 33,319 shares of the company's stock after purchasing an additional 13,712 shares during the quarter. Sei Investments Co. owned 0.19% of Monarch Casino & Resort worth $3,185,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. Mariner LLC lifted its position in shares of Monarch Casino & Resort by 6.5% during the 3rd quarter. Mariner LLC now owns 2,493 shares of the company's stock worth $264,000 after purchasing an additional 152 shares during the last quarter. Vident Advisory LLC raised its stake in Monarch Casino & Resort by 3.5% in the second quarter. Vident Advisory LLC now owns 5,566 shares of the company's stock valued at $481,000 after buying an additional 186 shares in the last quarter. Panagora Asset Management Inc. raised its stake in Monarch Casino & Resort by 6.0% in the fourth quarter. Panagora Asset Management Inc. now owns 3,490 shares of the company's stock valued at $334,000 after buying an additional 198 shares in the last quarter. Strs Ohio lifted its holdings in Monarch Casino & Resort by 2.7% during the 4th quarter. Strs Ohio now owns 7,500 shares of the company's stock worth $718,000 after buying an additional 200 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in Monarch Casino & Resort by 11.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,700 shares of the company's stock worth $258,000 after buying an additional 271 shares during the last quarter. 62.37% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Monarch Casino & Resort

In other news, CEO John Farahi sold 5,000 shares of Monarch Casino & Resort stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $120.84, for a total value of $604,200.00. Following the transaction, the chief executive officer directly owned 616,556 shares of the company's stock, valued at $74,504,627.04. The trade was a 0.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 26.34% of the stock is owned by insiders.

Monarch Casino & Resort Stock Performance

Monarch Casino & Resort stock opened at $124.39 on Friday. The company has a market capitalization of $2.23 billion, a P/E ratio of 19.93 and a beta of 1.31. Monarch Casino & Resort, Inc. has a fifty-two week low of $88.13 and a fifty-two week high of $135.93. The stock has a 50-day simple moving average of $125.50 and a 200-day simple moving average of $110.26.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last released its quarterly 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. Monarch Casino & Resort had a return on equity of 20.63% and a net margin of 20.40%.The company had revenue of $142.60 million for the quarter, compared to analyst estimates of $142.85 million. The company's revenue for the quarter was up 4.2% on a year-over-year basis. As a group, analysts forecast that Monarch Casino & Resort, Inc. will post 6.98 earnings per share for the current year.

Monarch Casino & Resort Announces Dividend

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

Analysts Set New Price Targets

A number of research analysts have recently commented on MCRI shares. Wells Fargo & Company dropped their price objective on Monarch Casino & Resort from $116.00 to $114.00 and set an "equal weight" rating on the stock in a report on Tuesday, July 21st. 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. Wall Street Zen lowered shares of Monarch Casino & Resort from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. Jefferies Financial Group reissued a "hold" rating on shares of Monarch Casino & Resort in a report on Thursday, July 2nd. Finally, Stifel Nicolaus boosted their price objective on shares of Monarch Casino & Resort from $102.00 to $128.00 and gave the stock a "hold" rating in a research report on Tuesday, July 21st. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $124.40.

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.

Want to see what other hedge funds are holding MCRI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source