Bank of New York Mellon Corp Decreases Position in Monarch Casino & Resort, Inc. $MCRI

Bank of New York Mellon Corp lowered its stake in Monarch Casino & Resort, Inc. (NASDAQ:MCRI) by 0.7% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 144,114 shares of the company’s stock after selling 951 shares during the quarter. Bank of New York Mellon Corp owned about 0.79% of Monarch Casino & Resort worth $12,457,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MCRI. Vanguard Group Inc. grew its position in Monarch Casino & Resort by 2.5% in the first quarter. Vanguard Group Inc. now owns 1,028,325 shares of the company’s stock valued at $79,952,000 after acquiring an additional 24,616 shares in the last quarter. American Century Companies Inc. grew its holdings in Monarch Casino & Resort by 10.5% during the 1st quarter. American Century Companies Inc. now owns 446,600 shares of the company’s stock valued at $34,723,000 after purchasing an additional 42,527 shares in the last quarter. Fuller & Thaler Asset Management Inc. increased its stake in Monarch Casino & Resort by 40.1% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 343,565 shares of the company’s stock worth $26,712,000 after buying an additional 98,371 shares during the period. Wellington Management Group LLP lifted its holdings in Monarch Casino & Resort by 10.9% in the 1st quarter. Wellington Management Group LLP now owns 233,513 shares of the company’s stock worth $18,156,000 after buying an additional 23,010 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in Monarch Casino & Resort by 147.1% in the 1st quarter. Invesco Ltd. now owns 222,770 shares of the company’s stock worth $17,320,000 after buying an additional 132,599 shares in the last quarter. 62.37% of the stock is owned by institutional investors and hedge funds.

Monarch Casino & Resort Stock Up 0.5%

Shares of NASDAQ MCRI opened at $94.95 on Wednesday. The stock’s 50 day moving average price is $97.64 and its two-hundred day moving average price is $94.10. Monarch Casino & Resort, Inc. has a 52-week low of $69.99 and a 52-week high of $113.88. The stock has a market capitalization of $1.73 billion, a P/E ratio of 17.14 and a beta of 1.48.

Monarch Casino & Resort (NASDAQ:MCRI) last issued its quarterly earnings results on Tuesday, October 21st. The company reported $1.69 earnings per share for the quarter, beating analysts’ consensus estimates of $1.63 by $0.06. Monarch Casino & Resort had a return on equity of 19.33% and a net margin of 19.26%.The business had revenue of $142.81 million during the quarter, compared to the consensus estimate of $145.54 million. On average, analysts anticipate that Monarch Casino & Resort, Inc. will post 5.13 EPS for the current year.

Monarch Casino & Resort Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Monday, December 1st. Monarch Casino & Resort’s dividend payout ratio is 21.66%.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Stifel Nicolaus raised their target price on Monarch Casino & Resort from $92.00 to $97.00 and gave the company a “hold” rating in a research note on Wednesday, October 22nd. Zacks Research downgraded Monarch Casino & Resort from a “strong-buy” rating to a “hold” rating in a report on Monday, September 15th. Wells Fargo & Company upped their target price on Monarch Casino & Resort from $89.00 to $91.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 22nd. Weiss Ratings reiterated a “buy (b)” rating on shares of Monarch Casino & Resort in a research note on Monday. Finally, Wall Street Zen lowered shares of Monarch Casino & Resort from a “buy” rating to a “hold” rating in a research note on Saturday, November 1st. Two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, Monarch Casino & Resort currently has an average rating of “Hold” and an average price target of $94.60.

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.