7,000 Shares in Monarch Casino & Resort, Inc. $MCRI Acquired by Brasada Capital Management LP

Brasada Capital Management LP purchased a new position in Monarch Casino & Resort, Inc. (NASDAQ:MCRI) in the second quarter, HoldingsChannel reports. The institutional investor purchased 7,000 shares of the company’s stock, valued at approximately $921,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of Monarch Casino & Resort during the second quarter valued at $270,679,000. Vanguard Group Inc. raised its stake in Monarch Casino & Resort by 0.6% in the 4th 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 during the last quarter. Geode Capital Management LLC lifted its position in Monarch Casino & Resort by 2.8% during the 4th 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. lifted its position in Monarch Casino & Resort by 38.2% during the 4th 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 grew its stake in Monarch Casino & Resort by 77.1% during 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 last quarter. 62.37% of the stock is currently owned by institutional investors and hedge funds.

Monarch Casino & Resort Price Performance

MCRI opened at $123.62 on Friday. The firm has a fifty day moving average price of $125.13 and a 200 day moving average price of $113.55. Monarch Casino & Resort, Inc. has a 1 year low of $88.13 and a 1 year high of $135.93. The stock has a market cap of $2.22 billion, a P/E ratio of 19.81 and a beta of 1.31.

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

Monarch Casino & Resort Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend is Tuesday, September 1st. Monarch Casino & Resort’s dividend payout ratio is presently 19.23%.

Analyst Ratings Changes

MCRI has been the topic of a number of research reports. Wells Fargo & Company cut their price objective on Monarch Casino & Resort from $116.00 to $114.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 21st. Zacks Research downgraded Monarch Casino & Resort from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 22nd. Truist Financial upped their target price on Monarch Casino & Resort from $125.00 to $144.00 and gave the company a “buy” rating in a research report on Monday, July 20th. Stifel Nicolaus increased their price target on shares of Monarch Casino & Resort from $102.00 to $128.00 and gave the stock a “hold” rating in a report on Tuesday, July 21st. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Monarch Casino & Resort in a research report on Monday. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $124.40.

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.