Wellington Management Group LLP Grows Stock Position in Monarch Casino & Resort, Inc. $MCRI

Key Points

• Wellington Management increased its Monarch Casino & Resort stake by 23.2% in the second quarter to 188,715 shares, while institutional investors collectively own 62.37% of the company.
• Analyst sentiment is mixed, with two Buy, three Hold, and one Sell rating; the consensus rating is Hold with a $124.40 price target.
• Monarch exceeded quarterly EPS expectations, reporting $1.78 versus $1.68 estimated, while revenue rose 4.2% year over year. The company also declared a $0.30 quarterly dividend, equivalent to a 1.0% yield.

Wellington Management Group LLP lifted its holdings in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) by 23.2% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 188,715 shares of the company's stock after acquiring an additional 35,536 shares during the period. Wellington Management Group LLP owned approximately 1.05% of Monarch Casino & Resort worth $24,837,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Hillsdale Investment Management Inc. purchased a new stake in Monarch Casino & Resort during the 4th quarter worth approximately $7,244,000. Sei Investments Co. raised its holdings in shares of Monarch Casino & Resort by 69.9% in the first quarter. Sei Investments Co. now owns 33,319 shares of the company's stock worth $3,185,000 after buying an additional 13,712 shares during the last quarter. Ieq Capital LLC acquired a new stake in shares of Monarch Casino & Resort during the second quarter worth $1,182,000. Pacer Advisors Inc. lifted its stake in shares of Monarch Casino & Resort by 2,489.3% during the fourth quarter. Pacer Advisors Inc. now owns 50,311 shares of the company's stock worth $4,815,000 after buying an additional 48,368 shares during the period. Finally, AlphaQuest LLC grew its holdings in shares of Monarch Casino & Resort by 303.4% during the fourth quarter. AlphaQuest LLC now owns 21,701 shares of the company's stock valued at $2,077,000 after buying an additional 16,321 shares during the last quarter. 62.37% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MCRI has been the subject of a number of research analyst reports. Stifel Nicolaus raised their target price on Monarch Casino & Resort from $102.00 to $128.00 and gave the stock a "hold" rating in a research note on Tuesday, July 21st. UBS Group set a $124.00 price target on Monarch Casino & Resort in a research note on Thursday, July 2nd. Zacks Research lowered Monarch Casino & Resort from a "hold" rating to a "strong sell" rating in a report on Wednesday, July 22nd. Truist Financial raised their price objective on Monarch Casino & Resort from $125.00 to $144.00 and gave the stock a "buy" rating in a research note on Monday, July 20th. Finally, Wall Street Zen lowered Monarch Casino & Resort from a "buy" rating to a "hold" rating in a research report on Saturday, August 1st. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $124.40.

Monarch Casino & Resort Price Performance

NASDAQ MCRI opened at $121.52 on Friday. Monarch Casino & Resort, Inc. has a 1 year low of $88.13 and a 1 year high of $135.93. The company has a market capitalization of $2.18 billion, a PE ratio of 19.47 and a beta of 1.31. The company has a fifty day moving average of $123.89 and a 200 day moving average of $114.43.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last announced its quarterly earnings results on Monday, July 20th. The company reported $1.78 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.10. The company had revenue of $142.60 million for the quarter, compared to the consensus estimate of $142.85 million. Monarch Casino & Resort had a return on equity of 20.63% and a net margin of 20.40%.Monarch Casino & Resort's quarterly revenue was up 4.2% compared to the same quarter last year. Research analysts expect that Monarch Casino & Resort, Inc. will post 6.98 earnings per share for the current year.

Monarch Casino & Resort Announces Dividend

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

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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