Connor Clark & Lunn Investment Management Ltd. Invests $1.71 Million in Monarch Casino & Resort, Inc. $MCRI

Connor Clark & Lunn Investment Management Ltd. acquired a new position in Monarch Casino & Resort, Inc. (NASDAQ:MCRI) in the second quarter, Holdings Channel.com reports. The institutional investor acquired 12,992 shares of the company’s stock, valued at approximately $1,710,000.

Several other large investors have also recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its stake in Monarch Casino & Resort by 7.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,791 shares of the company’s stock valued at $236,000 after acquiring an additional 126 shares in the last quarter. Mariner LLC grew its stake in shares of Monarch Casino & Resort by 6.5% in the third quarter. Mariner LLC now owns 2,493 shares of the company’s stock worth $264,000 after purchasing an additional 152 shares in the last quarter. Vident Advisory LLC grew its stake in shares of Monarch Casino & Resort by 3.5% in the second quarter. Vident Advisory LLC now owns 5,566 shares of the company’s stock worth $481,000 after purchasing an additional 186 shares in the last quarter. Panagora Asset Management Inc. increased its holdings in shares of Monarch Casino & Resort by 6.0% during the fourth quarter. Panagora Asset Management Inc. now owns 3,490 shares of the company’s stock valued at $334,000 after purchasing an additional 198 shares during the period. Finally, Strs Ohio increased its holdings in shares of Monarch Casino & Resort by 2.7% during the fourth quarter. Strs Ohio now owns 7,500 shares of the company’s stock valued at $718,000 after purchasing an additional 200 shares during the period. 62.37% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MCRI has been the subject of several research analyst reports. Stifel Nicolaus upped their price objective on shares of Monarch Casino & Resort from $102.00 to $128.00 and gave the stock a “hold” rating in a report on Tuesday, July 21st. Zacks Research cut shares of Monarch Casino & Resort from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 22nd. Wells Fargo & Company dropped their price target on shares of Monarch Casino & Resort from $116.00 to $114.00 and set an “equal weight” rating on the stock in a research report on Tuesday, July 21st. Truist Financial boosted their price target on shares of Monarch Casino & Resort from $125.00 to $144.00 and gave the stock a “buy” rating in a research report on Monday, July 20th. Finally, Jefferies Financial Group reaffirmed a “hold” rating on shares of Monarch Casino & Resort in a research note on Thursday, July 2nd. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $124.40.

Monarch Casino & Resort Stock Performance

MCRI opened at $122.57 on Friday. The company has a market capitalization of $2.20 billion, a PE ratio of 19.64 and a beta of 1.31. The stock’s fifty day moving average is $124.97 and its 200-day moving average is $113.62. Monarch Casino & Resort, Inc. has a one year low of $88.13 and a one year high of $135.93.

Monarch Casino & Resort (NASDAQ:MCRI) last issued its quarterly earnings results on Monday, July 20th. The company reported $1.78 earnings per share for the quarter, beating analysts’ consensus estimates of $1.68 by $0.10. The company had revenue of $142.60 million during the quarter, compared to the consensus estimate of $142.85 million. Monarch Casino & Resort had a net margin of 20.40% and a return on equity of 20.63%. Monarch Casino & Resort’s revenue was up 4.2% compared to the same quarter last year. On average, equities research analysts forecast that Monarch Casino & Resort, Inc. will post 6.98 EPS for the current fiscal year.

Monarch Casino & Resort Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a $0.30 dividend. The ex-dividend date is Tuesday, September 1st. This represents a $1.20 annualized dividend and a yield of 1.0%. Monarch Casino & Resort’s payout ratio is 19.23%.

Monarch Casino & Resort 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.