AlphaQuest LLC Buys 16,321 Shares of Monarch Casino & Resort, Inc. $MCRI

AlphaQuest LLC raised its holdings in Monarch Casino & Resort, Inc. (NASDAQ:MCRI) by 303.4% during the fourth quarter, HoldingsChannel.com reports. The fund owned 21,701 shares of the company’s stock after purchasing an additional 16,321 shares during the period. AlphaQuest LLC’s holdings in Monarch Casino & Resort were worth $2,077,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. American Century Companies Inc. grew its position in Monarch Casino & Resort by 4.3% in the third quarter. American Century Companies Inc. now owns 491,400 shares of the company’s stock valued at $52,010,000 after acquiring an additional 20,328 shares during the last quarter. Segall Bryant & Hamill LLC bought a new position in Monarch Casino & Resort in the third quarter valued at about $1,348,000. Public Sector Pension Investment Board grew its position in Monarch Casino & Resort by 32.3% in the third quarter. Public Sector Pension Investment Board now owns 57,285 shares of the company’s stock valued at $6,063,000 after acquiring an additional 13,976 shares during the last quarter. ArrowMark Colorado Holdings LLC bought a new position in Monarch Casino & Resort in the third quarter valued at about $2,214,000. Finally, UBS Group AG grew its position in Monarch Casino & Resort by 26.9% in the fourth quarter. UBS Group AG now owns 46,451 shares of the company’s stock valued at $4,445,000 after acquiring an additional 9,855 shares during the last quarter. Institutional investors own 62.37% of the company’s stock.

Insider Activity at Monarch Casino & Resort

In related news, CEO John Farahi sold 2,000 shares of Monarch Casino & Resort stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $99.00, for a total value of $198,000.00. Following the transaction, the chief executive officer directly owned 536,304 shares of the company’s stock, valued at $53,094,096. The trade was a 0.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 26.34% of the stock is currently owned by corporate insiders.

Monarch Casino & Resort Price Performance

Monarch Casino & Resort stock opened at $117.87 on Wednesday. The stock’s 50 day moving average is $106.72 and its 200 day moving average is $99.45. The firm has a market cap of $2.09 billion, a P/E ratio of 19.98 and a beta of 1.32. Monarch Casino & Resort, Inc. has a one year low of $81.92 and a one year high of $121.38.

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

Monarch Casino & Resort Announces Dividend

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

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Stifel Nicolaus lifted their price target on Monarch Casino & Resort from $97.00 to $102.00 and gave the company a “hold” rating in a research note on Wednesday, April 22nd. Wells Fargo & Company lifted their price target on Monarch Casino & Resort from $97.00 to $99.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 22nd. Truist Financial lifted their price target on Monarch Casino & Resort from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Wall Street Zen raised Monarch Casino & Resort from a “hold” rating to a “buy” rating in a research note on Saturday, April 25th. Finally, Zacks Research raised Monarch Casino & Resort from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 5th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, Monarch Casino & Resort currently has a consensus rating of “Moderate Buy” and a consensus price target of $109.50.

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.