Invesco Ltd. Cuts Stock Position in Monarch Casino & Resort, Inc. (NASDAQ:MCRI)

Invesco Ltd. cut its position in Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Free Report) by 50.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 90,171 shares of the company's stock after selling 93,656 shares during the period. Invesco Ltd. owned 0.49% of Monarch Casino & Resort worth $7,114,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in MCRI. Golden State Wealth Management LLC acquired a new stake in Monarch Casino & Resort during the 4th quarter worth $53,000. KBC Group NV grew its stake in Monarch Casino & Resort by 67.8% during the 4th quarter. KBC Group NV now owns 980 shares of the company's stock valued at $77,000 after acquiring an additional 396 shares in the last quarter. Independence Bank of Kentucky acquired a new stake in Monarch Casino & Resort in the 4th quarter valued at about $93,000. Nisa Investment Advisors LLC lifted its stake in Monarch Casino & Resort by 30.9% in the 4th quarter. Nisa Investment Advisors LLC now owns 1,693 shares of the company's stock worth $134,000 after purchasing an additional 400 shares in the last quarter. Finally, Bank of Montreal Can purchased a new position in Monarch Casino & Resort in the 4th quarter worth approximately $202,000. 62.37% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MCRI has been the subject of several recent research reports. Truist Financial cut their price target on Monarch Casino & Resort from $105.00 to $100.00 and set a "buy" rating for the company in a report on Wednesday, April 23rd. Wells Fargo & Company lifted their price target on Monarch Casino & Resort from $79.00 to $82.00 and gave the stock an "underweight" rating in a report on Wednesday, February 12th. Macquarie reissued a "neutral" rating and issued a $92.00 price objective on shares of Monarch Casino & Resort in a report on Wednesday, April 23rd. Jefferies Financial Group lifted their target price on shares of Monarch Casino & Resort from $73.00 to $88.00 and gave the stock a "hold" rating in a research note on Friday, January 3rd. Finally, StockNews.com cut shares of Monarch Casino & Resort from a "strong-buy" rating to a "buy" rating in a research note on Wednesday, February 12th. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $88.60.

Monarch Casino & Resort Price Performance

Shares of NASDAQ:MCRI traded up $0.02 during midday trading on Wednesday, reaching $78.19. 102,294 shares of the company's stock were exchanged, compared to its average volume of 118,219. The firm's 50 day simple moving average is $80.60 and its two-hundred day simple moving average is $82.02. Monarch Casino & Resort, Inc. has a fifty-two week low of $64.58 and a fifty-two week high of $96.11. The stock has a market cap of $1.44 billion, a price-to-earnings ratio of 15.80 and a beta of 1.57.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last announced its quarterly earnings results on Tuesday, April 22nd. The company reported $1.05 earnings per share for the quarter, beating analysts' consensus estimates of $1.04 by $0.01. Monarch Casino & Resort had a net margin of 18.01% and a return on equity of 18.27%. The business had revenue of $125.39 million during the quarter, compared to analysts' expectations of $122.70 million. Equities research analysts predict that Monarch Casino & Resort, Inc. will post 5.13 earnings per share for the current fiscal year.

About Monarch Casino & Resort

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.