Vanguard Group Inc. Boosts Stock Holdings in Monarch Casino & Resort, Inc. $MCRI

Key Points

• Vanguard Group Inc. increased its holdings in Monarch Casino & Resort by 2.5%, owning 5.57% of the company worth approximately $79.95 million after acquiring additional shares.
• Monarch Casino recently saw various hedge funds raise their stakes, including TD Private Client Wealth, which increased its position by 72.6% in the first quarter.
• Analysts have upgraded the stock, with Wells Fargo raising the price target from $83.00 to $89.00, and Truist Financial boosting it from $100.00 to $105.00, reflecting growing confidence in the company.

Vanguard Group Inc. raised its position in Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) by 2.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,028,325 shares of the company's stock after acquiring an additional 24,616 shares during the period. Vanguard Group Inc. owned approximately 5.57% of Monarch Casino & Resort worth $79,952,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of MCRI. Bank of Montreal Can acquired a new stake in Monarch Casino & Resort in the fourth quarter valued at approximately $202,000. Barclays PLC raised its position in shares of Monarch Casino & Resort by 3.7% in the 4th quarter. Barclays PLC now owns 34,743 shares of the company's stock valued at $2,742,000 after purchasing an additional 1,235 shares during the last quarter. State of Tennessee Department of Treasury raised its position in shares of Monarch Casino & Resort by 3.0% in the 4th quarter. State of Tennessee Department of Treasury now owns 12,223 shares of the company's stock valued at $964,000 after purchasing an additional 361 shares during the last quarter. Dark Forest Capital Management LP purchased a new position in shares of Monarch Casino & Resort in the 4th quarter valued at approximately $325,000. Finally, Price T Rowe Associates Inc. MD raised its position in shares of Monarch Casino & Resort by 28.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 36,075 shares of the company's stock valued at $2,848,000 after purchasing an additional 7,933 shares during the last quarter. 62.37% of the stock is currently owned by institutional investors and hedge funds.

Monarch Casino & Resort Price Performance

MCRI traded down $0.93 during trading on Thursday, reaching $104.57. 27,553 shares of the company's stock were exchanged, compared to its average volume of 110,149. Monarch Casino & Resort, Inc. has a 1 year low of $69.99 and a 1 year high of $113.88. The stock has a market capitalization of $1.91 billion, a P/E ratio of 19.66 and a beta of 1.56. The company's fifty day simple moving average is $96.45 and its 200-day simple moving average is $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 (EPS) for the quarter, topping analysts' consensus estimates of $1.22 by $0.22. Monarch Casino & Resort had a net margin of 18.70% and a return on equity of 18.99%. The company had revenue of $136.91 million during the quarter, compared to analyst estimates of $129.76 million. Equities analysts forecast that Monarch Casino & Resort, Inc. will post 5.13 EPS for the current year.

Analyst Ratings Changes

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

Insider Activity at Monarch Casino & Resort

In other news, CEO John Farahi sold 2,000 shares of Monarch Casino & Resort stock in a transaction that occurred on Tuesday, July 22nd. The shares were 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 directly owned 560,110 shares of the company's stock, valued at $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 is available through the SEC website. Also, Director Craig F. Sullivan sold 12,200 shares of Monarch Casino & Resort stock in a transaction that occurred on Tuesday, July 22nd. The shares were 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. 25.52% of the stock is owned by insiders.

Monarch Casino & Resort Company 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.