Raymond James Financial Inc. Buys 7,115 Shares of Monarch Casino & Resort, Inc. $MCRI

Raymond James Financial Inc. lifted its stake in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI) by 9.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 84,655 shares of the company’s stock after buying an additional 7,115 shares during the quarter. Raymond James Financial Inc. owned about 0.46% of Monarch Casino & Resort worth $6,582,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Monarch Casino & Resort by 2.5% in the 1st quarter. Vanguard Group Inc. now owns 1,028,325 shares of the company’s stock worth $79,952,000 after acquiring an additional 24,616 shares in the last quarter. American Century Companies Inc. grew its stake in Monarch Casino & Resort by 10.5% in the first quarter. American Century Companies Inc. now owns 446,600 shares of the company’s stock worth $34,723,000 after purchasing an additional 42,527 shares during the period. Invesco Ltd. raised its holdings in 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 purchasing an additional 132,599 shares in the last quarter. Northern Trust Corp raised its holdings in Monarch Casino & Resort by 8.7% in the fourth quarter. Northern Trust Corp now owns 133,734 shares of the company’s stock worth $10,552,000 after purchasing an additional 10,697 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in Monarch Casino & Resort by 10.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 131,028 shares of the company’s stock valued at $10,187,000 after buying an additional 12,516 shares during the period. 62.37% of the stock is currently owned by hedge funds and other institutional investors.

Monarch Casino & Resort Stock Performance

Shares of Monarch Casino & Resort stock opened at $102.69 on Wednesday. The company has a 50-day simple moving average of $97.96 and a two-hundred day simple moving average of $87.61. The stock has a market capitalization of $1.88 billion, a PE ratio of 19.30 and a beta of 1.49. Monarch Casino & Resort, Inc. has a 52-week low of $69.99 and a 52-week high of $113.88.

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

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

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

Monarch Casino & Resort Profile

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.