Ieq Capital LLC Takes Position in Monarch Casino & Resort, Inc. $MCRI

Ieq Capital LLC acquired a new position in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 8,978 shares of the company’s stock, valued at approximately $1,182,000.

A number of other hedge funds have also bought and sold shares of MCRI. BlackRock Inc. acquired a new position in Monarch Casino & Resort in the second quarter valued at $270,679,000. Bank of New York Mellon Corp acquired a new stake in Monarch Casino & Resort during the 2nd quarter worth about $16,778,000. Qube Research & Technologies Ltd grew its holdings in Monarch Casino & Resort by 77.1% during the 3rd quarter. Qube Research & Technologies Ltd now owns 188,498 shares of the company’s stock worth $19,951,000 after acquiring an additional 82,035 shares during the period. Hillsdale Investment Management Inc. bought a new position in shares of Monarch Casino & Resort in the 4th quarter worth about $7,244,000. Finally, Arrowstreet Capital Limited Partnership raised its position in shares of Monarch Casino & Resort by 64.5% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 178,976 shares of the company’s stock worth $18,943,000 after acquiring an additional 70,185 shares in the last quarter. Institutional investors own 62.37% of the company’s stock.

Monarch Casino & Resort Price Performance

Shares of Monarch Casino & Resort stock opened at $124.22 on Thursday. Monarch Casino & Resort, Inc. has a one year low of $88.13 and a one year high of $135.93. The firm has a market capitalization of $2.23 billion, a price-to-earnings ratio of 19.91 and a beta of 1.31. The business has a 50-day simple moving average of $125.27 and a 200 day simple moving average of $113.38.

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

Monarch Casino & Resort Announces Dividend

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

Analyst Ratings Changes

Several equities research analysts recently commented on the company. UBS Group set a $124.00 target price on Monarch Casino & Resort in a research report on Thursday, July 2nd. Jefferies Financial Group reiterated a “hold” rating on shares of Monarch Casino & Resort in a report on Thursday, July 2nd. Weiss Ratings reissued a “buy (b)” rating on shares of Monarch Casino & Resort in a research note on Monday. Wells Fargo & Company dropped their price target on Monarch Casino & Resort from $116.00 to $114.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 21st. Finally, Zacks Research cut Monarch Casino & Resort from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 22nd. 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. According to MarketBeat, Monarch Casino & Resort has an average rating of “Hold” and an average target price of $124.40.

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.