Nuveen LLC Makes New Investment in Monarch Casino & Resort, Inc. $MCRI

Nuveen LLC purchased a new position in Monarch Casino & Resort, Inc. (NASDAQ:MCRI) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 126,973 shares of the company’s stock, valued at approximately $9,872,000. Nuveen LLC owned about 0.69% of Monarch Casino & Resort at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Invesco Ltd. raised its holdings in shares of Monarch Casino & Resort by 147.1% in the first quarter. Invesco Ltd. now owns 222,770 shares of the company’s stock worth $17,320,000 after buying an additional 132,599 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Monarch Casino & Resort by 10.6% in the first quarter. Charles Schwab Investment Management Inc. now owns 131,028 shares of the company’s stock worth $10,187,000 after buying an additional 12,516 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Monarch Casino & Resort by 2.5% in the first quarter. Vanguard Group Inc. now owns 1,028,325 shares of the company’s stock worth $79,952,000 after buying an additional 24,616 shares during the last quarter. Jupiter Asset Management Ltd. raised its holdings in shares of Monarch Casino & Resort by 2.6% in the first quarter. Jupiter Asset Management Ltd. now owns 27,018 shares of the company’s stock worth $2,101,000 after buying an additional 695 shares during the last quarter. Finally, US Bancorp DE raised its holdings in shares of Monarch Casino & Resort by 33.8% in the first quarter. US Bancorp DE now owns 7,835 shares of the company’s stock worth $609,000 after buying an additional 1,980 shares during the last quarter. Hedge funds and other institutional investors own 62.37% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on MCRI. Wells Fargo & Company raised shares of Monarch Casino & Resort from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $83.00 to $89.00 in a report on Thursday, July 17th. Stifel Nicolaus increased their price objective on shares of Monarch Casino & Resort from $81.00 to $92.00 and gave the stock a “hold” rating in a research note on Thursday, July 17th. Wall Street Zen upgraded shares of Monarch Casino & Resort from a “hold” rating to a “buy” rating in a research note on Sunday, July 13th. Finally, Truist Financial increased their price objective on shares of Monarch Casino & Resort from $100.00 to $105.00 and gave the stock a “buy” rating in a research note on Wednesday, July 16th. One equities research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, Monarch Casino & Resort currently has an average rating of “Hold” and a consensus price target of $93.20.

Monarch Casino & Resort Price Performance

NASDAQ:MCRI opened at $104.99 on Friday. The firm has a market capitalization of $1.92 billion, a P/E ratio of 19.73 and a beta of 1.56. Monarch Casino & Resort, Inc. has a 1-year low of $69.99 and a 1-year high of $113.88. The company’s fifty day moving average price is $95.19 and its 200-day moving average price is $86.87.

Monarch Casino & Resort (NASDAQ:MCRI) last released its quarterly earnings results on Wednesday, July 16th. The company reported $1.44 EPS for the quarter, beating the consensus estimate of $1.22 by $0.22. The company had revenue of $136.91 million for the quarter, compared to analyst estimates of $129.76 million. Monarch Casino & Resort had a net margin of 18.70% and a return on equity of 18.99%. Equities analysts anticipate that Monarch Casino & Resort, Inc. will post 5.13 EPS for the current fiscal year.

Insider Buying and Selling at Monarch Casino & Resort

In related news, CEO John Farahi sold 2,000 shares of the firm’s stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $105.78, for a total transaction of $211,560.00. Following the sale, the chief executive officer owned 560,110 shares in the company, valued at approximately $59,248,435.80. This trade represents a 0.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Craig F. Sullivan sold 12,200 shares of the firm’s stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $105.55, for a total transaction of $1,287,710.00. The disclosure for this sale can be found here. 25.52% of the stock is currently owned by company insiders.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc engages in the ownership and operation of the Atlantis Casino Resort Spa, a hotel and casino facility in Reno, Nevada, and the Monarch Black Hawk Casino in Black Hawk, Colorado. The company was founded in 1993 and is headquartered in Reno, NV.