Connor Clark & Lunn Investment Management Ltd. Has $321,000 Holdings in Monarch Casino & Resort, Inc. $MCRI

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its stake in Monarch Casino & Resort by 59.7%, owning 4,128 shares valued at $321,000 after selling 6,114 shares in the 1st quarter.
• Several institutional investors, including TD Private Client Wealth LLC and CWM LLC, significantly increased their positions in Monarch Casino during the same period, reflecting strong institutional interest.
• Monarch Casino reported a quarterly EPS of $1.44, surpassing expectations, with revenue of $136.91 million, indicating a solid financial performance amidst varying analyst ratings.

Connor Clark & Lunn Investment Management Ltd. lessened its position in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) by 59.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,128 shares of the company's stock after selling 6,114 shares during the period. Connor Clark & Lunn Investment Management Ltd.'s holdings in Monarch Casino & Resort were worth $321,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. TD Private Client Wealth LLC increased its holdings in 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 purchasing an additional 159 shares in the last quarter. Vestcor Inc bought a new position in Monarch Casino & Resort during the 1st quarter worth about $58,000. Meeder Asset Management Inc. increased its holdings in Monarch Casino & Resort by 45.3% during the 1st quarter. Meeder Asset Management Inc. now owns 1,139 shares of the company's stock worth $89,000 after purchasing an additional 355 shares in the last quarter. Golden State Wealth Management LLC increased its holdings in Monarch Casino & Resort by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 1,332 shares of the company's stock worth $104,000 after purchasing an additional 666 shares in the last quarter. Finally, CWM LLC increased its holdings in Monarch Casino & Resort by 264.7% during the 1st quarter. CWM LLC now owns 1,827 shares of the company's stock worth $142,000 after purchasing an additional 1,326 shares in the last quarter. Institutional investors own 62.37% of the company's stock.

Monarch Casino & Resort Stock Performance

Monarch Casino & Resort stock traded down $0.92 during midday trading on Monday, reaching $104.07. 64,020 shares of the company's stock were exchanged, compared to its average volume of 92,092. Monarch Casino & Resort, Inc. has a 52 week low of $69.99 and a 52 week high of $113.88. The firm has a market cap of $1.90 billion, a price-to-earnings ratio of 19.56 and a beta of 1.56. The stock's 50-day simple moving average is $95.60 and its 200 day simple moving average is $87.00.

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

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Truist Financial increased their target price on Monarch Casino & Resort from $100.00 to $105.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Wells Fargo & Company upgraded Monarch Casino & Resort from an "underweight" rating to an "equal weight" rating and raised their price objective for the company from $83.00 to $89.00 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, Stifel Nicolaus raised 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. One research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $93.20.

Insider Transactions at Monarch Casino & Resort

In related news, CEO John Farahi sold 2,000 shares of Monarch Casino & Resort 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 completion of the transaction, the chief executive officer owned 560,110 shares in the company, valued at approximately $59,248,435.80. This trade represents a 0.36% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Craig F. Sullivan sold 12,200 shares of the firm's stock in a transaction that occurred 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 disclosure for this sale can be found here. Company insiders own 25.52% of the company's stock.

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.