Renaissance Technologies LLC Has $12.87 Million Stake in Monarch Casino & Resort, Inc. $MCRI

Key Points

• Renaissance Technologies reduced its Monarch Casino & Resort stake by 14.4% in the first quarter, selling 22,700 shares and retaining 134,600 shares worth approximately $12.87 million. Institutional investors and hedge funds collectively own 62.37% of MCRI.
• Analyst sentiment is mixed but leans toward “Hold”: two analysts rate the stock Buy, three Hold, and one Sell, with a consensus price target of $124.40. Recent target changes ranged from $114 to $144.
• Monarch reported quarterly EPS of $1.78, beating estimates of $1.68, while revenue rose 4.2% year over year to $142.6 million. The company also declared a quarterly dividend of $0.30 per share, implying a 1.0% annualized yield.

Renaissance Technologies LLC reduced its stake in Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) by 14.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 134,600 shares of the company's stock after selling 22,700 shares during the quarter. Renaissance Technologies LLC owned 0.76% of Monarch Casino & Resort worth $12,868,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in MCRI. Mariner LLC raised its stake in shares of Monarch Casino & Resort by 6.5% in the 3rd quarter. Mariner LLC now owns 2,493 shares of the company's stock valued at $264,000 after purchasing an additional 152 shares during the period. Vident Advisory LLC lifted its holdings in shares of Monarch Casino & Resort by 3.5% in the second quarter. Vident Advisory LLC now owns 5,566 shares of the company's stock valued at $481,000 after purchasing an additional 186 shares in the last quarter. Panagora Asset Management Inc. boosted its position in shares of Monarch Casino & Resort by 6.0% during the fourth quarter. Panagora Asset Management Inc. now owns 3,490 shares of the company's stock worth $334,000 after buying an additional 198 shares during the period. Strs Ohio boosted its position in shares of Monarch Casino & Resort by 2.7% during the fourth quarter. Strs Ohio now owns 7,500 shares of the company's stock worth $718,000 after buying an additional 200 shares during the period. Finally, PNC Financial Services Group Inc. grew its holdings in shares of Monarch Casino & Resort by 11.2% during the first quarter. PNC Financial Services Group Inc. now owns 2,700 shares of the company's stock worth $258,000 after buying an additional 271 shares in the last quarter. 62.37% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently issued reports on MCRI. Zacks Research lowered Monarch Casino & Resort from a "hold" rating to a "strong sell" rating in a research report on Wednesday, July 22nd. Wells Fargo & Company reduced their price target on Monarch Casino & Resort from $116.00 to $114.00 and set an "equal weight" rating for the company in a research report on Tuesday, July 21st. Wall Street Zen cut shares of Monarch Casino & Resort from a "buy" rating to a "hold" rating in a research note on Saturday. Stifel Nicolaus lifted their price objective on shares of Monarch Casino & Resort from $102.00 to $128.00 and gave the company a "hold" rating in a report on Tuesday, July 21st. Finally, Truist Financial boosted their price objective on shares of Monarch Casino & Resort from $125.00 to $144.00 and gave the stock a "buy" rating in a research report on Monday, July 20th. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Monarch Casino & Resort presently has an average rating of "Hold" and a consensus target price of $124.40.

Monarch Casino & Resort Price Performance

Shares of NASDAQ MCRI opened at $122.75 on Friday. The stock has a market capitalization of $2.20 billion, a price-to-earnings ratio of 19.67 and a beta of 1.29. The business has a 50-day moving average of $125.05 and a 200-day moving average of $109.15. Monarch Casino & Resort, Inc. has a fifty-two week low of $88.13 and a fifty-two week high of $135.93.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last released its earnings results on Monday, July 20th. The company reported $1.78 earnings per share (EPS) for the quarter, beating 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 business 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% on a year-over-year basis. On average, sell-side analysts expect that Monarch Casino & Resort, Inc. will post 6.98 EPS for the current year.

Monarch Casino & Resort Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Tuesday, September 1st. Monarch Casino & Resort's dividend payout ratio (DPR) is currently 19.23%.

Insider Buying and Selling at Monarch Casino & Resort

In other Monarch Casino & Resort news, CEO John Farahi sold 5,000 shares of the business's stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $120.84, for a total transaction of $604,200.00. Following the transaction, the chief executive officer owned 616,556 shares of the company's stock, valued at $74,504,627.04. The trade was a 0.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 26.34% of the stock is owned by company insiders.

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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