DAVENPORT & Co LLC Cuts Stock Position in Monarch Casino & Resort, Inc. $MCRI

DAVENPORT & Co LLC cut its stake in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI) by 8.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,006,685 shares of the company’s stock after selling 88,371 shares during the quarter. DAVENPORT & Co LLC owned 5.51% of Monarch Casino & Resort worth $106,061,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of MCRI. Hsbc Holdings PLC purchased a new stake in shares of Monarch Casino & Resort in the first quarter valued at about $319,000. American Century Companies Inc. lifted its position in Monarch Casino & Resort by 5.5% in the second quarter. American Century Companies Inc. now owns 471,072 shares of the company’s stock valued at $40,719,000 after purchasing an additional 24,472 shares during the period. Jane Street Group LLC boosted its holdings in Monarch Casino & Resort by 12.2% in the 1st quarter. Jane Street Group LLC now owns 156,346 shares of the company’s stock valued at $12,156,000 after purchasing an additional 17,027 shares in the last quarter. Raymond James Financial Inc. increased its position in Monarch Casino & Resort by 9.2% during the 1st quarter. Raymond James Financial Inc. now owns 84,655 shares of the company’s stock worth $6,582,000 after purchasing an additional 7,115 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its position in Monarch Casino & Resort by 10.7% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 108,791 shares of the company’s stock worth $9,404,000 after purchasing an additional 10,553 shares during the period. 62.37% of the stock is owned by institutional investors and hedge funds.

Monarch Casino & Resort Trading Down 0.8%

Shares of NASDAQ MCRI opened at $98.26 on Wednesday. The company’s 50-day moving average price is $95.36 and its 200 day moving average price is $96.77. 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 cap of $1.79 billion, a price-to-earnings ratio of 17.74 and a beta of 1.37.

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

Monarch Casino & Resort Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 1st were given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.2%. The ex-dividend date was Monday, December 1st. Monarch Casino & Resort’s dividend payout ratio is currently 21.66%.

Analysts Set New Price Targets

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

Monarch Casino & Resort Company Profile

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.