BlackRock Inc. Makes New Investment in Monarch Casino & Resort, Inc. $MCRI

BlackRock Inc. bought a new stake in Monarch Casino & Resort, Inc. (NASDAQ:MCRI) in the 2nd quarter, HoldingsChannel reports. The firm bought 2,056,674 shares of the company’s stock, valued at approximately $270,679,000. BlackRock Inc. owned approximately 0.11% of Monarch Casino & Resort as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Osaic Holdings Inc. raised its holdings in shares of Monarch Casino & Resort by 210.0% during the 2nd quarter. Osaic Holdings Inc. now owns 465 shares of the company’s stock worth $40,000 after acquiring an additional 315 shares during the period. Kestra Advisory Services LLC purchased a new stake in shares of Monarch Casino & Resort in the fourth quarter valued at about $40,000. Global Retirement Partners LLC purchased a new stake in shares of Monarch Casino & Resort in the second quarter valued at about $57,000. Parallel Advisors LLC increased its position in Monarch Casino & Resort by 191.3% during the first quarter. Parallel Advisors LLC now owns 1,136 shares of the company’s stock worth $109,000 after purchasing an additional 746 shares during the last quarter. Finally, Tower Research Capital LLC TRC increased its position in Monarch Casino & Resort by 69.8% during the second quarter. Tower Research Capital LLC TRC now owns 1,275 shares of the company’s stock worth $110,000 after purchasing an additional 524 shares during the last quarter. 62.37% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on MCRI shares. Jefferies Financial Group reaffirmed a “hold” rating on shares of Monarch Casino & Resort in a research note on Thursday, July 2nd. UBS Group set a $124.00 price target on shares of Monarch Casino & Resort in a report on Thursday, July 2nd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Monarch Casino & Resort in a research report on Monday. Truist Financial lifted their price target on shares of Monarch Casino & Resort from $125.00 to $144.00 and gave the company a “buy” rating in a research report on Monday, July 20th. Finally, Wall Street Zen cut Monarch Casino & Resort from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Two investment 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’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $124.40.

Monarch Casino & Resort Stock Performance

Shares of MCRI stock opened at $124.22 on Thursday. The firm has a market cap of $2.23 billion, a P/E ratio of 19.91 and a beta of 1.31. The firm’s 50 day moving average price is $125.27 and its 200-day moving average price is $113.38. 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 announced its earnings results on Monday, July 20th. The company reported $1.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.10. Monarch Casino & Resort had a return on equity of 20.63% and a net margin of 20.40%.The company had revenue of $142.60 million for the quarter, compared to analyst estimates of $142.85 million. The company’s revenue was up 4.2% on a year-over-year basis. As a group, research analysts predict that Monarch Casino & Resort, Inc. will post 6.98 EPS for the current fiscal year.

Monarch Casino & Resort Announces Dividend

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