Nuveen LLC Takes $9.87 Million Position in Monarch Casino & Resort, Inc. $MCRI

Key Points

• Nuveen LLC has invested approximately $9.87 million in Monarch Casino & Resort by acquiring 126,973 shares, representing a 0.69% ownership stake in the company.
• Multiple institutional investors, including Invesco Ltd. and Vanguard Group Inc., have increased their holdings in Monarch Casino, contributing to a total institutional ownership of 62.37%.
• The company's stock was recently upgraded by several research firms, with Wells Fargo raising the price target from $83 to $89 and Stifel Nicolaus targeting $92.

Nuveen LLC bought a new position in Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm bought 126,973 shares of the company's stock, valued at approximately $9,872,000. Nuveen LLC owned approximately 0.69% of Monarch Casino & Resort as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. TD Private Client Wealth LLC lifted its holdings in shares of Monarch Casino & Resort by 72.6% in 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. Illinois Municipal Retirement Fund lifted its holdings in shares of Monarch Casino & Resort by 3.9% in the 1st quarter. Illinois Municipal Retirement Fund now owns 6,766 shares of the company's stock worth $526,000 after purchasing an additional 254 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Monarch Casino & Resort by 3.9% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,302 shares of the company's stock worth $576,000 after purchasing an additional 273 shares in the last quarter. Heritage Family Offices LLP lifted its holdings in shares of Monarch Casino & Resort by 9.3% in the 1st quarter. Heritage Family Offices LLP now owns 3,271 shares of the company's stock worth $254,000 after purchasing an additional 278 shares in the last quarter. Finally, Rhumbline Advisers lifted its holdings in shares of Monarch Casino & Resort by 1.1% in the 1st quarter. Rhumbline Advisers now owns 29,525 shares of the company's stock worth $2,296,000 after purchasing an additional 322 shares in the last quarter. 62.37% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Monarch Casino & Resort

In other news, Director Craig F. Sullivan sold 12,200 shares of the firm's stock in a transaction 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO John Farahi sold 2,000 shares of the firm's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $105.78, for a total value of $211,560.00. Following the sale, the chief executive officer directly owned 560,110 shares of the company's stock, valued at approximately $59,248,435.80. This represents a 0.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 25.52% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on MCRI shares. Wall Street Zen upgraded Monarch Casino & Resort from a "hold" rating to a "buy" rating in a report on Sunday, July 13th. 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 research note on Thursday, July 17th. Truist Financial raised their price objective on Monarch Casino & Resort from $100.00 to $105.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. 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 research note on Thursday, July 17th. One equities research analyst has rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Monarch Casino & Resort has an average rating of "Hold" and an average target price of $93.20.

Monarch Casino & Resort Stock Down 0.4%

NASDAQ:MCRI traded down $0.37 during trading hours on Thursday, hitting $105.12. 74,772 shares of the company traded hands, compared to its average volume of 82,947. The firm's 50-day simple moving average is $96.87 and its 200-day simple moving average is $87.39. Monarch Casino & Resort, Inc. has a one year low of $69.99 and a one year high of $113.88. The company has a market cap of $1.92 billion, a PE ratio of 19.76 and a beta of 1.56.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last announced its earnings results on Wednesday, July 16th. The company reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $136.91 million during the quarter, compared to analyst estimates of $129.76 million. As a group, equities research analysts expect that Monarch Casino & Resort, Inc. will post 5.13 EPS for the current year.

About Monarch Casino & Resort

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.