Wellington Management Group LLP Boosts Stock Holdings in Monarch Casino & Resort, Inc. $MCRI

Wellington Management Group LLP lifted its position in Monarch Casino & Resort, Inc. (NASDAQ:MCRI) by 23.2% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 188,715 shares of the company’s stock after acquiring an additional 35,536 shares during the quarter. Wellington Management Group LLP’s holdings in Monarch Casino & Resort were worth $24,837,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the company. Hillsdale Investment Management Inc. purchased a new position in Monarch Casino & Resort in the fourth quarter valued at $7,244,000. Sei Investments Co. raised its position in shares of Monarch Casino & Resort by 69.9% in the first quarter. Sei Investments Co. now owns 33,319 shares of the company’s stock worth $3,185,000 after acquiring an additional 13,712 shares during the period. Ieq Capital LLC purchased a new stake in shares of Monarch Casino & Resort during the 2nd quarter worth about $1,182,000. Pacer Advisors Inc. boosted its stake in shares of Monarch Casino & Resort by 2,489.3% during the 4th quarter. Pacer Advisors Inc. now owns 50,311 shares of the company’s stock worth $4,815,000 after acquiring an additional 48,368 shares in the last quarter. Finally, AlphaQuest LLC grew its position in shares of Monarch Casino & Resort by 303.4% during the 4th quarter. AlphaQuest LLC now owns 21,701 shares of the company’s stock valued at $2,077,000 after acquiring an additional 16,321 shares during the period. 62.37% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Wells Fargo & Company cut their price target on Monarch Casino & Resort from $116.00 to $114.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 21st. Stifel Nicolaus increased their price target on Monarch Casino & Resort from $102.00 to $128.00 and gave the stock a “hold” rating in a research report on Tuesday, July 21st. Truist Financial raised their price objective on Monarch Casino & Resort from $125.00 to $144.00 and gave the company a “buy” rating in a report on Monday, July 20th. Jefferies Financial Group restated a “hold” rating on shares of Monarch Casino & Resort in a research report on Thursday, July 2nd. Finally, Wall Street Zen downgraded Monarch Casino & Resort from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Monarch Casino & Resort presently has an average rating of “Hold” and a consensus target price of $124.40.

Monarch Casino & Resort Stock Up 0.8%

Shares of NASDAQ MCRI opened at $121.52 on Friday. The company’s 50-day simple moving average is $123.89 and its 200-day simple moving average is $114.43. Monarch Casino & Resort, Inc. has a 52-week low of $88.13 and a 52-week high of $135.93. The firm has a market cap of $2.18 billion, a price-to-earnings ratio of 19.47 and a beta of 1.31.

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

Monarch Casino & Resort Dividend Announcement

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

About Monarch Casino & Resort

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.