Monarch Casino & Resort, Inc. $MCRI Stock Position Raised by Algert Global LLC

Key Points

• Algert Global increased its Monarch Casino & Resort position by 10.7% in the second quarter, bringing its holdings to 104,304 shares worth approximately $13.7 million. Institutional investors collectively own 62.37% of MCRI.
• Monarch exceeded quarterly EPS expectations, reporting $1.78 per share versus the $1.68 consensus, while revenue reached $142.6 million and rose 4.2% year over year.
• Analyst sentiment remains mixed, with ratings ranging from buy to strong sell; the stock has an average “Hold” rating and a consensus price target of $124.40. Monarch also declared a quarterly dividend of $0.30 per share, representing a 1.0% annualized yield.

Algert Global LLC increased its position in Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) by 10.7% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 104,304 shares of the company's stock after purchasing an additional 10,090 shares during the period. Algert Global LLC owned about 0.58% of Monarch Casino & Resort worth $13,727,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Monarch Casino & Resort in the second quarter valued at $1,710,000. Globeflex Capital L P acquired a new stake in shares of Monarch Casino & Resort in the second quarter worth $97,000. Quantbot Technologies LP purchased a new position in shares of Monarch Casino & Resort during the second quarter valued at $1,607,000. Landscape Capital Management L.L.C. purchased a new position in shares of Monarch Casino & Resort during the second quarter valued at $2,069,000. Finally, Ieq Capital LLC acquired a new position in Monarch Casino & Resort during the second quarter valued at $1,182,000. 62.37% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Monarch Casino & Resort

In other Monarch Casino & Resort news, CEO John Farahi sold 5,000 shares of the stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $120.84, for a total transaction 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. This represents a 0.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 26.34% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MCRI. Wall Street Zen downgraded Monarch Casino & Resort from a "buy" rating to a "hold" rating in a research note on Saturday, August 1st. Zacks Research cut Monarch Casino & Resort from a "hold" rating to a "strong sell" rating in a research note on Wednesday, July 22nd. UBS Group set a $124.00 target price on Monarch Casino & Resort in a report on Thursday, July 2nd. Truist Financial upped their target price on Monarch Casino & Resort from $125.00 to $144.00 and gave the company a "buy" rating in a report on Monday, July 20th. Finally, Jefferies Financial Group reissued a "hold" rating on shares of Monarch Casino & Resort in a research report on Thursday, July 2nd. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $124.40.

Monarch Casino & Resort Price Performance

Shares of Monarch Casino & Resort stock opened at $123.71 on Wednesday. The firm has a market cap of $2.22 billion, a price-to-earnings ratio of 19.83 and a beta of 1.31. Monarch Casino & Resort, Inc. has a 52-week low of $88.13 and a 52-week high of $135.93. The stock has a 50-day simple moving average of $125.34 and a 200-day simple moving average of $113.18.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last released its quarterly earnings data on Monday, July 20th. The company reported $1.78 EPS for the quarter, topping analysts' consensus estimates 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 firm had revenue of $142.60 million for the quarter, compared to the consensus estimate of $142.85 million. The company's quarterly revenue was up 4.2% compared to the same quarter last year. As a group, equities research analysts predict 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 disclosed 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. The ex-dividend date is Tuesday, September 1st. This represents a $1.20 dividend on an annualized basis and a yield of 1.0%. 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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