Teacher Retirement System of Texas Grows Stake in Monarch Casino & Resort, Inc. $MCRI

Key Points

• Teacher Retirement System of Texas increased its stake in Monarch Casino & Resort by 23.3% to 80,020 shares (about $7.66M); institutional investors own 62.37% of the stock while insiders hold 25.52%.
• Monarch beat quarterly expectations, reporting $1.52 EPS vs. $1.15 expected and $136.55M in revenue (up 8.9% year-over-year), reflecting strong operating performance.
• Analyst views are mixed with a MarketBeat consensus of "Hold" and a $109.50 target despite several firms raising targets or issuing Buy ratings, and the company declared a $0.30 quarterly dividend (1.0% yield).

Teacher Retirement System of Texas raised its stake in Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) by 23.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 80,020 shares of the company's stock after purchasing an additional 15,110 shares during the quarter. Teacher Retirement System of Texas owned about 0.44% of Monarch Casino & Resort worth $7,658,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. GAMMA Investing LLC increased its position in shares of Monarch Casino & Resort by 12.1% during the fourth quarter. GAMMA Investing LLC now owns 984 shares of the company's stock worth $94,000 after acquiring an additional 106 shares during the last quarter. Illinois Municipal Retirement Fund increased its position in shares of Monarch Casino & Resort by 2.2% during the third quarter. Illinois Municipal Retirement Fund now owns 6,703 shares of the company's stock worth $709,000 after acquiring an additional 142 shares during the last quarter. Mariner LLC increased its position in shares of Monarch Casino & Resort by 6.5% during the third quarter. Mariner LLC now owns 2,493 shares of the company's stock worth $264,000 after acquiring an additional 152 shares during the last quarter. Vident Advisory LLC increased its position in shares of Monarch Casino & Resort by 3.5% during the second quarter. Vident Advisory LLC now owns 5,566 shares of the company's stock worth $481,000 after acquiring an additional 186 shares during the last quarter. Finally, Blue Trust Inc. increased its position in shares of Monarch Casino & Resort by 46.4% during the third quarter. Blue Trust Inc. now owns 612 shares of the company's stock worth $65,000 after acquiring an additional 194 shares during the last quarter. 62.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Zacks Research lowered Monarch Casino & Resort from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 6th. Truist Financial lifted their target price on Monarch Casino & Resort from $120.00 to $125.00 and gave the stock a "buy" rating in a research report on Wednesday. Wall Street Zen raised Monarch Casino & Resort from a "hold" rating to a "buy" rating in a research report on Saturday. Stifel Nicolaus lifted their target price on Monarch Casino & Resort from $97.00 to $102.00 and gave the stock a "hold" rating in a research report on Wednesday. Finally, Wells Fargo & Company lifted their target price on Monarch Casino & Resort from $97.00 to $99.00 and gave the stock an "equal weight" rating in a research report on Wednesday. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat, Monarch Casino & Resort presently has a consensus rating of "Hold" and a consensus target price of $109.50.

Insider Buying and Selling

In related news, CEO John Farahi sold 2,000 shares of Monarch Casino & Resort stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $99.00, for a total value of $198,000.00. Following the completion of the transaction, the chief executive officer directly owned 536,304 shares in the company, valued at approximately $53,094,096. This trade represents a 0.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 25.52% of the company's stock.

Monarch Casino & Resort Stock Performance

NASDAQ:MCRI opened at $114.98 on Friday. The company has a market capitalization of $2.04 billion, a price-to-earnings ratio of 19.49 and a beta of 1.30. Monarch Casino & Resort, Inc. has a one year low of $76.00 and a one year high of $118.00. The stock has a 50-day simple moving average of $98.38 and a 200 day simple moving average of $96.05.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last posted its quarterly earnings results on Tuesday, April 21st. The company reported $1.52 EPS for the quarter, topping analysts' consensus estimates of $1.15 by $0.37. The business had revenue of $136.55 million during the quarter, compared to the consensus estimate of $128.49 million. Monarch Casino & Resort had a return on equity of 19.98% and a net margin of 19.62%.Monarch Casino & Resort's revenue for the quarter was up 8.9% compared to the same quarter last year. On average, equities research analysts forecast that Monarch Casino & Resort, Inc. will post 6.48 EPS for the current fiscal year.

Monarch Casino & Resort Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 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 Monday, June 1st. Monarch Casino & Resort's dividend payout ratio (DPR) is 20.34%.

About Monarch Casino & Resort

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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