Monarch Casino & Resort, Inc. $MCRI Shares Bought by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP increased its stake in Monarch Casino & Resort to approximately $18.16 million by acquiring an additional 23,010 shares, raising its ownership to 1.26% as of the latest SEC filing.
• Multiple institutional investors, including Deutsche Bank AG and Illinois Municipal Retirement Fund, have significantly increased their holdings in Monarch Casino during the first quarter.
• Monarch Casino & Resort's recent quarterly earnings reported an EPS of $1.44, surpassing analysts' expectations, with projected 2023 EPS estimated at 5.13.

Wellington Management Group LLP increased its stake in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) by 10.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 233,513 shares of the company's stock after acquiring an additional 23,010 shares during the quarter. Wellington Management Group LLP owned about 1.26% of Monarch Casino & Resort worth $18,156,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MCRI. Barclays PLC raised its stake in Monarch Casino & Resort by 3.7% during the 4th quarter. Barclays PLC now owns 34,743 shares of the company's stock worth $2,742,000 after acquiring an additional 1,235 shares in the last quarter. State of Tennessee Department of Treasury raised its stake in Monarch Casino & Resort by 3.0% during the 4th quarter. State of Tennessee Department of Treasury now owns 12,223 shares of the company's stock worth $964,000 after acquiring an additional 361 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Monarch Casino & Resort by 28.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 36,075 shares of the company's stock worth $2,848,000 after acquiring an additional 7,933 shares in the last quarter. Voya Investment Management LLC raised its stake in Monarch Casino & Resort by 128.4% during the 4th quarter. Voya Investment Management LLC now owns 38,057 shares of the company's stock worth $3,003,000 after acquiring an additional 21,391 shares in the last quarter. Finally, Northern Trust Corp raised its stake in Monarch Casino & Resort by 8.7% during the 4th quarter. Northern Trust Corp now owns 133,734 shares of the company's stock worth $10,552,000 after acquiring an additional 10,697 shares in the last quarter. 62.37% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Monarch Casino & Resort news, Director Craig F. Sullivan sold 12,200 shares of the firm's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $105.55, for a total value of $1,287,710.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO John Farahi sold 2,000 shares of the firm's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $105.78, for a total value of $211,560.00. Following the completion of the sale, the chief executive officer directly owned 560,110 shares of the company's stock, valued at approximately $59,248,435.80. This trade represents a 0.36% decrease in their position. The disclosure for this sale can be found here. 25.52% of the stock is currently owned by company insiders.

Monarch Casino & Resort Stock Performance

MCRI traded down $0.79 during trading on Monday, hitting $104.33. The stock had a trading volume of 117,381 shares, compared to its average volume of 78,848. The firm has a market capitalization of $1.91 billion, a P/E ratio of 19.61 and a beta of 1.49. The company's 50-day moving average price is $97.63 and its 200 day moving average price is $87.50. Monarch Casino & Resort, Inc. has a twelve month low of $69.99 and a twelve month high of $113.88.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The company reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate 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%. As a group, equities analysts expect that Monarch Casino & Resort, Inc. will post 5.13 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. Truist Financial increased 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 note on Wednesday, July 16th. Stifel Nicolaus increased 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 note on Thursday, July 17th. Wells Fargo & Company upgraded shares of Monarch Casino & Resort from an "underweight" rating to an "equal weight" rating and increased their price target for the stock from $83.00 to $89.00 in a research note on Thursday, July 17th. Finally, Wall Street Zen upgraded shares of Monarch Casino & Resort from a "hold" rating to a "buy" rating in a research note on Sunday, July 13th. One research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, Monarch Casino & Resort currently has a consensus rating of "Hold" and an average target price of $93.20.

Monarch Casino & Resort 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.