Monarch Casino & Resort, Inc. $MCRI Holdings Reduced by JPMorgan Chase & Co.

JPMorgan Chase & Co. lowered its position in Monarch Casino & Resort, Inc. (NASDAQ:MCRI) by 19.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 642,334 shares of the company’s stock after selling 153,728 shares during the quarter. JPMorgan Chase & Co. owned about 3.52% of Monarch Casino & Resort worth $67,985,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. American Century Companies Inc. boosted its position in Monarch Casino & Resort by 5.5% during the 2nd quarter. American Century Companies Inc. now owns 471,072 shares of the company’s stock worth $40,719,000 after acquiring an additional 24,472 shares during the period. Assenagon Asset Management S.A. increased its holdings in shares of Monarch Casino & Resort by 211.5% during the third quarter. Assenagon Asset Management S.A. now owns 68,092 shares of the company’s stock valued at $7,207,000 after purchasing an additional 46,235 shares during the period. Arrowstreet Capital Limited Partnership raised its stake in shares of Monarch Casino & Resort by 10.7% during the second quarter. Arrowstreet Capital Limited Partnership now owns 108,791 shares of the company’s stock valued at $9,404,000 after purchasing an additional 10,553 shares in the last quarter. Tributary Capital Management LLC lifted its holdings in Monarch Casino & Resort by 57.8% in the third quarter. Tributary Capital Management LLC now owns 389,306 shares of the company’s stock worth $41,204,000 after purchasing an additional 142,621 shares during the period. Finally, Versor Investments LP bought a new position in Monarch Casino & Resort in the 2nd quarter valued at about $321,000. 62.37% of the stock is owned by institutional investors.

Insider Buying and Selling at Monarch Casino & Resort

In related news, CEO John Farahi sold 1,000 shares of Monarch Casino & Resort stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $100.63, for a total value of $100,630.00. Following the transaction, the chief executive officer owned 553,110 shares of the company’s stock, valued at approximately $55,659,459.30. This trade represents a 0.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 25.52% of the stock is owned by company insiders.

Monarch Casino & Resort Stock Performance

Shares of NASDAQ:MCRI opened at $95.69 on Wednesday. The stock has a market capitalization of $1.75 billion, a price-to-earnings ratio of 17.62 and a beta of 1.34. Monarch Casino & Resort, Inc. has a 1-year low of $69.99 and a 1-year high of $113.88. The company has a 50 day moving average price of $94.47 and a 200 day moving average price of $97.15.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its quarterly earnings results on Wednesday, February 4th. The company reported $1.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.37 by ($0.12). The company had revenue of $140.00 million during the quarter, compared to the consensus estimate of $139.39 million. Monarch Casino & Resort had a net margin of 18.60% and a return on equity of 18.68%. Monarch Casino & Resort’s quarterly revenue was up 4.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.22 EPS. On average, sell-side analysts expect that Monarch Casino & Resort, Inc. will post 5.13 EPS for the current fiscal year.

Monarch Casino & Resort Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Stockholders of record on Monday, March 2nd will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Monday, March 2nd. Monarch Casino & Resort’s dividend payout ratio is currently 22.10%.

Analysts Set New Price Targets

A number of research firms have commented on MCRI. Jefferies Financial Group restated a “hold” rating and set a $112.00 price target on shares of Monarch Casino & Resort in a research report on Wednesday, December 24th. Wall Street Zen lowered shares of Monarch Casino & Resort from a “buy” rating to a “hold” rating in a research note on Saturday, November 1st. Weiss Ratings restated a “buy (b-)” rating on shares of Monarch Casino & Resort in a research report on Monday, December 29th. Wells Fargo & Company increased their price target on Monarch Casino & Resort from $92.00 to $93.00 and gave the company an “equal weight” rating in a research note on Thursday, February 5th. Finally, Zacks Research upgraded Monarch Casino & Resort from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, Monarch Casino & Resort has an average rating of “Moderate Buy” and a consensus price target of $99.80.

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.