Pacer Advisors Inc. Acquires 48,368 Shares of Monarch Casino & Resort, Inc. $MCRI

Key Points

• Pacer Advisors dramatically increased its stake in Monarch Casino & Resort, buying 48,368 additional shares in Q4 and lifting its holdings by 2,489.3% to 50,311 shares worth about $4.8 million.
• Institutional ownership remains high, with hedge funds and other investors continuing to add to or establish positions in MCRI; institutions now hold 62.37% of the company, while insiders own 26.34%.
• Monarch Casino reported solid fundamentals, with quarterly EPS of $1.52 beating estimates and revenue rising 8.9% year over year, alongside a quarterly dividend of $0.30 per share.

Pacer Advisors Inc. lifted its holdings in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) by 2,489.3% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 50,311 shares of the company's stock after buying an additional 48,368 shares during the period. Pacer Advisors Inc. owned about 0.28% of Monarch Casino & Resort worth $4,815,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Qube Research & Technologies Ltd raised its holdings in Monarch Casino & Resort by 77.1% during the third quarter. Qube Research & Technologies Ltd now owns 188,498 shares of the company's stock worth $19,951,000 after acquiring an additional 82,035 shares in the last quarter. Hillsdale Investment Management Inc. bought a new position in Monarch Casino & Resort in the fourth quarter valued at approximately $7,244,000. Arrowstreet Capital Limited Partnership increased its position in shares of Monarch Casino & Resort by 64.5% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 178,976 shares of the company's stock worth $18,943,000 after purchasing an additional 70,185 shares during the last quarter. Clark Capital Management Group Inc. acquired a new position in shares of Monarch Casino & Resort during the 3rd quarter worth approximately $6,192,000. Finally, Invesco Ltd. raised its stake in shares of Monarch Casino & Resort by 38.2% during the 4th quarter. Invesco Ltd. now owns 194,371 shares of the company's stock worth $18,601,000 after purchasing an additional 53,745 shares in the last quarter. Institutional investors and hedge funds own 62.37% of the company's stock.

Insider Activity at Monarch Casino & Resort

In related news, CEO John Farahi sold 5,000 shares of the company's stock in a transaction dated 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 owned 616,556 shares in the company, valued at approximately $74,504,627.04. This represents a 0.80% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 26.34% of the company's stock.

Analyst Upgrades and Downgrades

MCRI has been the subject of several recent analyst reports. Wall Street Zen raised Monarch Casino & Resort from a "hold" rating to a "buy" rating in a report on Saturday, April 25th. Stifel Nicolaus upped their price target on shares of Monarch Casino & Resort from $97.00 to $102.00 and gave the stock a "hold" rating in a research report on Wednesday, April 22nd. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Monarch Casino & Resort in a research report on Wednesday, May 27th. Wells Fargo & Company increased their price target on shares of Monarch Casino & Resort from $97.00 to $99.00 and gave the company an "equal weight" rating in a research note on Wednesday, April 22nd. Finally, Zacks Research raised shares of Monarch Casino & Resort from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $109.50.

Monarch Casino & Resort Trading Down 0.9%

MCRI opened at $129.46 on Tuesday. The stock's fifty day simple moving average is $117.22 and its 200 day simple moving average is $103.38. Monarch Casino & Resort, Inc. has a 1-year low of $84.23 and a 1-year high of $134.31. The stock has a market cap of $2.30 billion, a PE ratio of 21.94 and a beta of 1.30.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last released its quarterly earnings data on Tuesday, April 21st. The company reported $1.52 EPS for the quarter, topping analysts' consensus estimates of $1.15 by $0.37. Monarch Casino & Resort had a net margin of 19.62% and a return on equity of 19.98%. The firm had revenue of $136.55 million during the quarter, compared to analysts' expectations of $128.49 million. The firm's revenue for the quarter was up 8.9% on a year-over-year basis. Equities analysts forecast that Monarch Casino & Resort, Inc. will post 7.07 earnings per share for the current year.

Monarch Casino & Resort Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $1.20 annualized dividend and a dividend yield of 0.9%. Monarch Casino & Resort's payout ratio is presently 20.34%.

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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