Tributary Capital Management LLC Reduces Position in Monarch Casino & Resort, Inc. $MCRI

Key Points

• Tributary Capital Management LLC reduced its stake in Monarch Casino & Resort by 7% in Q4 to 181,098 shares (about $17.33M), making it the fund's 23rd-largest holding and roughly 1.7% of its portfolio.
• Monarch reported Q4 EPS of $1.25, missing estimates by $0.12 while revenue rose 4.1% to $140.0M; the company also declared a $0.30 quarterly dividend (1.2% yield) and the consensus analyst rating is Hold with a $100.60 price target.
• CEO John Farahi sold 2,000 shares at $99 on March 16, and ownership breakdown shows insiders hold 25.52% of the stock while institutional investors own 62.37%.

Tributary Capital Management LLC cut its stake in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) by 7.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 181,098 shares of the company's stock after selling 13,555 shares during the quarter. Monarch Casino & Resort comprises approximately 1.7% of Tributary Capital Management LLC's investment portfolio, making the stock its 23rd biggest holding. Tributary Capital Management LLC owned 0.99% of Monarch Casino & Resort worth $17,331,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. GAMMA Investing LLC grew its holdings 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 valued at $94,000 after buying an additional 106 shares during the last quarter. Illinois Municipal Retirement Fund grew its holdings 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 valued at $709,000 after buying an additional 142 shares during the last quarter. Mariner LLC grew its holdings 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 valued at $264,000 after buying an additional 152 shares during the last quarter. Vident Advisory LLC boosted its holdings in 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 during the last quarter. Finally, Blue Trust Inc. boosted its holdings in Monarch Casino & Resort by 46.4% in the third quarter. Blue Trust Inc. now owns 612 shares of the company's stock valued at $65,000 after purchasing an additional 194 shares during the last quarter. 62.37% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Monarch Casino & Resort

In related news, CEO John Farahi sold 2,000 shares of the company's stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $99.00, for a total transaction of $198,000.00. Following the completion of the transaction, the chief executive officer owned 536,304 shares in the company, valued at $53,094,096. This represents a 0.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 25.52% of the stock is currently owned by company insiders.

Monarch Casino & Resort Stock Performance

Monarch Casino & Resort stock opened at $100.05 on Friday. The stock has a market capitalization of $1.77 billion, a P/E ratio of 18.43 and a beta of 1.30. The company's fifty day moving average price is $97.16 and its 200 day moving average price is $95.84. Monarch Casino & Resort, Inc. has a 1 year low of $73.68 and a 1 year high of $113.88.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last issued its quarterly earnings results on Wednesday, February 4th. The company reported $1.25 EPS for the quarter, missing the consensus estimate of $1.37 by ($0.12). The company had revenue of $140.00 million during the quarter, compared to analysts' expectations of $139.39 million. Monarch Casino & Resort had a return on equity of 18.68% and a net margin of 18.60%.Monarch Casino & Resort's revenue was up 4.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.22 EPS. Sell-side analysts predict that Monarch Casino & Resort, Inc. will post 5.13 EPS for the current year.

Monarch Casino & Resort Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 16th. Investors of record on Monday, March 2nd were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Monday, March 2nd. Monarch Casino & Resort's dividend payout ratio is 22.10%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on MCRI shares. Jefferies Financial Group reaffirmed a "hold" rating and issued a $112.00 price target on shares of Monarch Casino & Resort in a report on Wednesday, December 24th. Wells Fargo & Company upped their price target on shares of Monarch Casino & Resort from $93.00 to $97.00 and gave the company an "equal weight" rating in a report on Thursday. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Monarch Casino & Resort in a report on Monday, December 29th. Finally, Zacks Research downgraded shares of Monarch Casino & Resort from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 6th. Two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $100.60.

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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