Jupiter Topco LLC Takes Position in Monarch Casino & Resort, Inc. $MCRI

Jupiter Topco LLC acquired a new stake in Monarch Casino & Resort, Inc. (NASDAQ:MCRI) in the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 6,072 shares of the company’s stock, valued at approximately $800,000.

A number of other large investors have also bought and sold shares of the business. BlackRock Inc. bought a new position in Monarch Casino & Resort in the second quarter valued at approximately $270,679,000. Vanguard Group Inc. increased its position in shares of Monarch Casino & Resort by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 1,030,396 shares of the company’s stock worth $98,609,000 after acquiring an additional 5,667 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Monarch Casino & Resort by 2.8% during the fourth quarter. Geode Capital Management LLC now owns 396,844 shares of the company’s stock worth $37,983,000 after acquiring an additional 10,890 shares during the period. Invesco Ltd. raised its holdings in shares of Monarch Casino & Resort by 38.2% during the fourth quarter. Invesco Ltd. now owns 194,371 shares of the company’s stock worth $18,601,000 after acquiring an additional 53,745 shares during the period. Finally, Qube Research & Technologies Ltd lifted its position in 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 acquiring an additional 82,035 shares in the last quarter. 62.37% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

MCRI has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Monarch Casino & Resort in a research note on Monday, August 24th. Jefferies Financial Group restated a “hold” rating on shares of Monarch Casino & Resort in a report on Thursday, July 2nd. Stifel Nicolaus upped their price objective on Monarch Casino & Resort from $102.00 to $128.00 and gave the stock a “hold” rating in a research report on Tuesday, July 21st. Truist Financial increased their price objective on Monarch Casino & Resort from $125.00 to $144.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Finally, Zacks Research cut Monarch Casino & Resort from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 22nd. Two equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Monarch Casino & Resort currently has a consensus rating of “Hold” and a consensus price target of $124.40.

Monarch Casino & Resort Stock Performance

Shares of MCRI stock opened at $121.52 on Monday. The firm’s fifty day moving average price is $123.89 and its two-hundred day moving average price is $114.58. Monarch Casino & Resort, Inc. has a 1 year low of $88.13 and a 1 year high of $135.93. The firm has a market capitalization of $2.18 billion, a P/E ratio of 19.47 and a beta of 1.31.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its quarterly earnings data on Monday, July 20th. The company reported $1.78 EPS for the quarter, topping analysts’ consensus estimates of $1.68 by $0.10. The company had revenue of $142.60 million during the quarter, compared to the consensus estimate of $142.85 million. Monarch Casino & Resort had a net margin of 20.40% and a return on equity of 20.63%. Monarch Casino & Resort’s quarterly revenue was up 4.2% on a year-over-year basis. As a group, equities research analysts forecast that Monarch Casino & Resort, Inc. will post 6.98 EPS for the current fiscal year.

Monarch Casino & Resort Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Tuesday, September 1st. Monarch Casino & Resort’s dividend payout ratio (DPR) is currently 19.23%.

About Monarch Casino & Resort

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.