Hillsdale Investment Management Inc. Takes Position in Monarch Casino & Resort, Inc. $MCRI

Hillsdale Investment Management Inc. purchased a new stake in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 75,700 shares of the company’s stock, valued at approximately $7,244,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Geode Capital Management LLC raised its stake 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 valued at $37,983,000 after acquiring an additional 10,890 shares in the last quarter. AlphaQuest LLC raised its stake in Monarch Casino & Resort by 303.4% in the fourth quarter. AlphaQuest LLC now owns 21,701 shares of the company’s stock worth $2,077,000 after buying an additional 16,321 shares in the last quarter. MQS Management LLC bought a new position in Monarch Casino & Resort in the fourth quarter worth approximately $359,000. PNC Financial Services Group Inc. raised its stake in Monarch Casino & Resort by 34.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,429 shares of the company’s stock worth $232,000 after buying an additional 616 shares in the last quarter. Finally, Strs Ohio raised its stake in Monarch Casino & Resort by 2.7% in the fourth quarter. Strs Ohio now owns 7,500 shares of the company’s stock worth $718,000 after buying an additional 200 shares in the last quarter. Institutional investors own 62.37% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently commented on MCRI. 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. Truist Financial boosted their price objective on shares of Monarch Casino & Resort from $120.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. Stifel Nicolaus boosted their price objective on shares of Monarch Casino & Resort from $97.00 to $102.00 and gave the stock a “hold” rating in a research note on Wednesday, April 22nd. Weiss Ratings reissued a “buy (b)” rating on shares of Monarch Casino & Resort in a research note on Wednesday. Finally, Zacks Research raised shares of Monarch Casino & Resort from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $109.50.

Monarch Casino & Resort Trading Down 0.4%

Shares of MCRI stock opened at $120.26 on Friday. The business’s fifty day simple moving average is $108.10 and its 200-day simple moving average is $99.99. The company has a market cap of $2.13 billion, a PE ratio of 20.38 and a beta of 1.32. Monarch Casino & Resort, Inc. has a 12-month low of $82.15 and a 12-month high of $122.52.

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

Monarch Casino & Resort Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, June 1st. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.0%. Monarch Casino & Resort’s dividend payout ratio is presently 20.34%.

Insider Activity

In other news, CEO John Farahi sold 5,000 shares of the company’s stock in a transaction 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 transaction, the chief executive officer directly owned 616,556 shares of the company’s stock, valued at approximately $74,504,627.04. This represents a 0.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders sold 8,000 shares of company stock worth $899,630 over the last 90 days. Corporate insiders own 26.34% of the company’s stock.

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.