Monarch Casino & Resort, Inc. $MCRI Shares Sold by Ritholtz Wealth Management

Ritholtz Wealth Management lessened its stake in Monarch Casino & Resort, Inc. (NASDAQ:MCRI) by 19.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 26,134 shares of the company’s stock after selling 6,513 shares during the period. Ritholtz Wealth Management owned about 0.15% of Monarch Casino & Resort worth $2,498,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Qube Research & Technologies Ltd lifted its stake in shares of Monarch Casino & Resort by 77.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 188,498 shares of the company’s stock valued at $19,951,000 after purchasing an additional 82,035 shares during the period. Hillsdale Investment Management Inc. purchased a new stake in Monarch Casino & Resort during the fourth quarter worth $7,244,000. Arrowstreet Capital Limited Partnership grew its position in Monarch Casino & Resort by 64.5% during the third quarter. Arrowstreet Capital Limited Partnership now owns 178,976 shares of the company’s stock valued at $18,943,000 after buying an additional 70,185 shares during the period. Clark Capital Management Group Inc. acquired a new stake in Monarch Casino & Resort during the third quarter valued at $6,192,000. Finally, Invesco Ltd. increased its holdings in Monarch Casino & Resort by 38.2% in the fourth quarter. Invesco Ltd. now owns 194,371 shares of the company’s stock valued at $18,601,000 after buying an additional 53,745 shares in the last quarter. Institutional investors and hedge funds own 62.37% of the company’s stock.

Monarch Casino & Resort Stock Performance

NASDAQ:MCRI opened at $133.87 on Friday. The stock has a market capitalization of $2.38 billion, a PE ratio of 22.69 and a beta of 1.30. Monarch Casino & Resort, Inc. has a fifty-two week low of $85.66 and a fifty-two week high of $134.80. The company has a fifty day moving average of $119.82 and a two-hundred day moving average of $104.30.

Monarch Casino & Resort (NASDAQ:MCRI) last announced its earnings results on Tuesday, April 21st. The company reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.37. The business had revenue of $136.55 million for the quarter, compared to analyst estimates of $128.49 million. Monarch Casino & Resort had a net margin of 19.62% and a return on equity of 19.98%. The business’s revenue for the quarter was up 8.9% on a year-over-year basis. Research analysts forecast that Monarch Casino & Resort, Inc. will post 7.07 earnings per share for the current year.

Monarch Casino & Resort Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 0.9%. The ex-dividend date was Monday, June 1st. Monarch Casino & Resort’s payout ratio is presently 20.34%.

Insider Transactions at Monarch Casino & Resort

In other Monarch Casino & Resort news, CEO John Farahi sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $120.84, for a total transaction of $604,200.00. Following the completion of the sale, the chief executive officer directly owned 616,556 shares in the company, valued at approximately $74,504,627.04. The trade was a 0.80% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 26.34% of the company’s stock.

Wall Street Analyst Weigh In

MCRI has been the topic of several recent analyst reports. Wall Street Zen raised shares of Monarch Casino & Resort from a “hold” rating to a “buy” rating in a research note on Saturday, April 25th. Wells Fargo & Company lifted their price target on Monarch Casino & Resort from $97.00 to $99.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 22nd. Truist Financial upped their price target on Monarch Casino & Resort from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, April 22nd. Zacks Research downgraded Monarch Casino & Resort from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 22nd. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Monarch Casino & Resort in a report on Wednesday, May 27th. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Monarch Casino & Resort presently has an average rating of “Hold” and an average price target of $109.50.

Monarch Casino & Resort Company 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.