Assenagon Asset Management S.A. Reduces Position in Monarch Casino & Resort, Inc. $MCRI

Assenagon Asset Management S.A. trimmed its holdings in Monarch Casino & Resort, Inc. (NASDAQ:MCRI) by 57.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 16,995 shares of the company’s stock after selling 22,538 shares during the period. Assenagon Asset Management S.A.’s holdings in Monarch Casino & Resort were worth $1,625,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Qube Research & Technologies Ltd boosted its position in Monarch Casino & Resort by 77.1% during the third quarter. Qube Research & Technologies Ltd now owns 188,498 shares of the company’s stock worth $19,951,000 after acquiring an additional 82,035 shares during the last quarter. Hillsdale Investment Management Inc. acquired a new position in shares of Monarch Casino & Resort during the 4th quarter worth approximately $7,244,000. Arrowstreet Capital Limited Partnership grew its position in shares of Monarch Casino & Resort by 64.5% in the third quarter. Arrowstreet Capital Limited Partnership now owns 178,976 shares of the company’s stock valued at $18,943,000 after purchasing an additional 70,185 shares in the last quarter. Clark Capital Management Group Inc. acquired a new stake in shares of Monarch Casino & Resort in the third quarter valued at approximately $6,192,000. Finally, Invesco Ltd. lifted its position in 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 buying an additional 53,745 shares in the last quarter. 62.37% of the stock is owned by hedge funds and other institutional investors.

Monarch Casino & Resort Trading Down 1.2%

Shares of NASDAQ:MCRI opened at $130.09 on Thursday. The company has a market capitalization of $2.31 billion, a price-to-earnings ratio of 22.05 and a beta of 1.29. Monarch Casino & Resort, Inc. has a 12-month low of $85.66 and a 12-month high of $135.93. The business has a 50-day moving average price of $121.78 and a 200 day moving average price of $105.09.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its earnings results on Tuesday, April 21st. The company reported $1.52 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.37. The company had revenue of $136.55 million for the quarter, compared to analysts’ expectations 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 was up 8.9% compared to the same quarter last year. As a group, equities research analysts predict that Monarch Casino & Resort, Inc. will post 7.07 earnings per share for the current fiscal year.

Monarch Casino & Resort Dividend Announcement

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

Insider Activity at Monarch Casino & Resort

In related news, CEO John Farahi sold 5,000 shares of the stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $120.84, for a total transaction of $604,200.00. Following the completion of the transaction, the chief executive officer owned 616,556 shares of the company’s stock, valued at approximately $74,504,627.04. This trade represents a 0.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 26.34% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the company. Wells Fargo & Company upped their target price on Monarch Casino & Resort from $97.00 to $99.00 and gave the company an “equal weight” rating in a report on Wednesday, April 22nd. Truist Financial lifted 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. Wall Street Zen upgraded shares of Monarch Casino & Resort from a “hold” rating to a “buy” rating in a research report on Saturday, April 25th. Zacks Research lowered shares of Monarch Casino & Resort from a “strong-buy” rating to a “hold” rating in a report on Monday, June 22nd. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Monarch Casino & Resort in a research note on Wednesday, May 27th. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus 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.