Monarch Casino & Resort, Inc. $MCRI Shares Purchased by Russell Investments Group Ltd.

Key Points

• Russell Investments Group Ltd. increased its stake in Monarch Casino & Resort by 171.4% in the first quarter, owning a total of 10,490 shares valued at approximately $818,000.
• Several institutional investors also significantly increased their holdings, with CWM LLC leading by lifting its stake by 264.7%.
• Monarch Casino's stock received analyst upgrades, with Wall Street Zen changing its rating from "hold" to "buy" and revised target prices ranging between $89.00 and $105.00.

Russell Investments Group Ltd. increased its position in Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) by 171.4% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 10,490 shares of the company's stock after acquiring an additional 6,625 shares during the period. Russell Investments Group Ltd. owned approximately 0.06% of Monarch Casino & Resort worth $818,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the stock. Informed Momentum Co LLC acquired a new position in shares of Monarch Casino & Resort during the 1st quarter worth approximately $3,198,000. Public Sector Pension Investment Board raised its position in shares of Monarch Casino & Resort by 27.5% during the 1st quarter. Public Sector Pension Investment Board now owns 40,331 shares of the company's stock worth $3,136,000 after purchasing an additional 8,703 shares during the last quarter. Nuveen LLC acquired a new position in shares of Monarch Casino & Resort during the 1st quarter worth approximately $9,872,000. Invesco Ltd. raised its position in shares of Monarch Casino & Resort by 147.1% during the 1st quarter. Invesco Ltd. now owns 222,770 shares of the company's stock worth $17,320,000 after purchasing an additional 132,599 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Monarch Casino & Resort by 10.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 131,028 shares of the company's stock worth $10,187,000 after purchasing an additional 12,516 shares during the last quarter. 62.37% of the stock is currently owned by institutional investors and hedge funds.

Monarch Casino & Resort Stock Down 0.8%

Shares of NASDAQ MCRI traded down $0.86 during midday trading on Wednesday, hitting $101.83. The stock had a trading volume of 50,955 shares, compared to its average volume of 109,889. Monarch Casino & Resort, Inc. has a 1-year low of $69.99 and a 1-year high of $113.88. The company has a fifty day moving average price of $97.96 and a 200 day moving average price of $87.61. The company has a market capitalization of $1.86 billion, a price-to-earnings ratio of 19.14 and a beta of 1.49.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The company reported $1.44 EPS for the quarter, topping analysts' consensus estimates of $1.22 by $0.22. The company had revenue of $136.91 million for the quarter, compared to analysts' expectations of $129.76 million. Monarch Casino & Resort had a return on equity of 18.99% and a net margin of 18.70%. On average, research analysts forecast that Monarch Casino & Resort, Inc. will post 5.13 EPS for the current year.

Analyst Ratings Changes

Several research analysts recently issued reports on MCRI shares. Stifel Nicolaus lifted their price objective on Monarch Casino & Resort from $81.00 to $92.00 and gave the stock a "hold" rating in a research report on Thursday, July 17th. Wells Fargo & Company upgraded Monarch Casino & Resort from an "underweight" rating to an "equal weight" rating and lifted their price objective for the stock from $83.00 to $89.00 in a research report on Thursday, July 17th. Wall Street Zen upgraded Monarch Casino & Resort from a "hold" rating to a "buy" rating in a research report on Sunday, July 13th. Finally, Truist Financial boosted their price target on Monarch Casino & Resort from $100.00 to $105.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. One equities research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $93.20.

Insiders Place Their Bets

In other Monarch Casino & Resort news, Director Craig F. Sullivan sold 12,200 shares of the business's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $105.55, for a total value of $1,287,710.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO John Farahi sold 2,000 shares of the business's stock in a transaction on Tuesday, July 22nd. The stock was 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 owned 560,110 shares in the company, valued at $59,248,435.80. This represents a 0.36% decrease in their position. The disclosure for this sale can be found here. Insiders own 25.52% of the company's stock.

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.