Monarch Casino & Resort, Inc. $MCRI Shares Sold by DAVENPORT & Co LLC

DAVENPORT & Co LLC lessened its position in Monarch Casino & Resort, Inc. (NASDAQ:MCRI) by 6.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 938,700 shares of the company’s stock after selling 67,985 shares during the quarter. DAVENPORT & Co LLC owned approximately 5.14% of Monarch Casino & Resort worth $90,301,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the company. Tributary Capital Management LLC grew its position in Monarch Casino & Resort by 57.8% in the 3rd quarter. Tributary Capital Management LLC now owns 389,306 shares of the company’s stock valued at $41,204,000 after acquiring an additional 142,621 shares in the last quarter. Qube Research & Technologies Ltd increased its stake 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 purchasing an additional 82,035 shares during the period. Arrowstreet Capital Limited Partnership lifted its position in shares of Monarch Casino & Resort by 64.5% during the third quarter. Arrowstreet Capital Limited Partnership now owns 178,976 shares of the company’s stock worth $18,943,000 after purchasing an additional 70,185 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Monarch Casino & Resort by 20.0% during the second quarter. Geode Capital Management LLC now owns 391,868 shares of the company’s stock worth $33,877,000 after purchasing an additional 65,272 shares in the last quarter. Finally, Clark Capital Management Group Inc. purchased a new position in shares of Monarch Casino & Resort in the third quarter valued at approximately $6,192,000. Institutional investors and hedge funds own 62.37% of the company’s stock.

Analysts Set New Price Targets

MCRI has been the subject of a number of research reports. Wells Fargo & Company lifted their price objective on shares of Monarch Casino & Resort from $92.00 to $93.00 and gave the company an “equal weight” rating in a report on Thursday, February 5th. Weiss Ratings reissued a “buy (b-)” rating on shares of Monarch Casino & Resort in a research report on Monday, December 29th. Jefferies Financial Group restated a “hold” rating and issued a $112.00 price target on shares of Monarch Casino & Resort in a research note on Wednesday, December 24th. Finally, Zacks Research raised 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 issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $99.80.

Monarch Casino & Resort Stock Performance

MCRI stock opened at $98.88 on Wednesday. The company’s 50 day moving average price is $95.06 and its 200 day moving average price is $96.50. The firm has a market capitalization of $1.77 billion, a price-to-earnings ratio of 18.21 and a beta of 1.29. Monarch Casino & Resort, Inc. has a fifty-two week low of $69.99 and a fifty-two week high of $113.88.

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

Monarch Casino & Resort Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Monday, March 2nd. Monarch Casino & Resort’s payout ratio is 22.10%.

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.