Victory Capital Management Inc. Has $914,000 Stock Position in Monarch Casino & Resort, Inc. (NASDAQ:MCRI)

Key Points

• Victory Capital Management Inc. has increased its stake in Monarch Casino & Resort by 53.4%, purchasing an additional 4,091 shares, bringing its total ownership to approximately 11,752 shares valued at around $914,000.
• Several hedge funds have also significantly increased their positions in Monarch Casino & Resort, with notable increases including a 1,700.8% jump in holdings from Bessemer Group Inc.
• Recent earnings results showed Monarch Casino & Resort outperforming expectations, reporting $1.44 earnings per share and $136.91 million in revenue, surpassing analyst consensus estimates.

Victory Capital Management Inc. lifted its stake in Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) by 53.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 11,752 shares of the company's stock after purchasing an additional 4,091 shares during the period. Victory Capital Management Inc. owned 0.06% of Monarch Casino & Resort worth $914,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. TD Private Client Wealth LLC increased its holdings in shares of Monarch Casino & Resort by 72.6% in the first quarter. TD Private Client Wealth LLC now owns 378 shares of the company's stock valued at $29,000 after purchasing an additional 159 shares in the last quarter. Golden State Wealth Management LLC grew its holdings in Monarch Casino & Resort by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 1,332 shares of the company's stock worth $104,000 after acquiring an additional 666 shares during the period. CWM LLC grew its holdings in Monarch Casino & Resort by 264.7% during the 1st quarter. CWM LLC now owns 1,827 shares of the company's stock worth $142,000 after acquiring an additional 1,326 shares during the period. Bessemer Group Inc. grew its holdings in Monarch Casino & Resort by 1,700.8% during the 1st quarter. Bessemer Group Inc. now owns 2,125 shares of the company's stock worth $165,000 after acquiring an additional 2,007 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in Monarch Casino & Resort during the 4th quarter worth $169,000. Institutional investors and hedge funds own 62.37% of the company's stock.

Insider Transactions at Monarch Casino & Resort

In other news, Director Craig F. Sullivan sold 12,200 shares of the company's stock in a transaction dated 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 legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO John Farahi sold 2,000 shares of the company's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $105.78, for a total transaction of $211,560.00. Following the completion of the sale, the chief executive officer directly owned 560,110 shares in the company, valued at approximately $59,248,435.80. The trade was a 0.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. 25.52% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have commented on MCRI shares. Wall Street Zen raised shares of Monarch Casino & Resort from a "hold" rating to a "buy" rating in a report on Sunday, July 13th. Truist Financial lifted their price target on shares of Monarch Casino & Resort from $100.00 to $105.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. Stifel Nicolaus lifted their price target on shares of 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 raised shares of Monarch Casino & Resort from an "underweight" rating to an "equal weight" rating and boosted their price objective for the company from $83.00 to $89.00 in a research report on Thursday, July 17th. Finally, Macquarie reaffirmed a "neutral" rating and issued a $92.00 price objective on shares of Monarch Casino & Resort in a research report on Wednesday, April 23rd. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $93.20.

Monarch Casino & Resort Price Performance

MCRI stock traded down $1.46 during midday trading on Friday, hitting $101.50. The company's stock had a trading volume of 144,480 shares, compared to its average volume of 182,092. Monarch Casino & Resort, Inc. has a twelve month low of $69.99 and a twelve month high of $113.88. The company's fifty day moving average price is $90.30 and its 200 day moving average price is $85.24. The stock has a market capitalization of $1.85 billion, a P/E ratio of 19.08 and a beta of 1.56.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last issued its earnings results on Wednesday, July 16th. The company reported $1.44 earnings per share (EPS) for the quarter, beating 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 net margin of 18.70% and a return on equity of 18.99%. Equities analysts expect that Monarch Casino & Resort, Inc. will post 5.13 EPS for the current fiscal year.

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.