Tributary Capital Management LLC Reduces Position in Monarch Casino & Resort, Inc. $MCRI

Tributary Capital Management LLC decreased its position in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI) by 7.0% during the second quarter, Holdings Channel reports. The institutional investor owned 246,685 shares of the company’s stock after selling 18,582 shares during the period. Monarch Casino & Resort makes up approximately 1.9% of Tributary Capital Management LLC’s investment portfolio, making the stock its 13th biggest position. Tributary Capital Management LLC’s holdings in Monarch Casino & Resort were worth $21,323,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of MCRI. TD Private Client Wealth LLC lifted its stake in shares of Monarch Casino & Resort by 72.6% during the 1st quarter. TD Private Client Wealth LLC now owns 378 shares of the company’s stock valued at $29,000 after buying an additional 159 shares in the last quarter. Parallel Advisors LLC lifted its stake in shares of Monarch Casino & Resort by 51.2% during the 2nd quarter. Parallel Advisors LLC now owns 384 shares of the company’s stock valued at $33,000 after buying an additional 130 shares in the last quarter. Vestcor Inc purchased a new position in shares of Monarch Casino & Resort during the 1st quarter valued at $58,000. GAMMA Investing LLC lifted its stake in shares of Monarch Casino & Resort by 28.7% during the 2nd quarter. GAMMA Investing LLC now owns 839 shares of the company’s stock valued at $73,000 after buying an additional 187 shares in the last quarter. Finally, Meeder Asset Management Inc. lifted its stake in shares of Monarch Casino & Resort by 45.3% during the 1st quarter. Meeder Asset Management Inc. now owns 1,139 shares of the company’s stock valued at $89,000 after buying an additional 355 shares in the last quarter. Hedge funds and other institutional investors own 62.37% of the company’s stock.

Monarch Casino & Resort Trading Down 4.1%

Shares of NASDAQ:MCRI opened at $93.21 on Thursday. The company has a market capitalization of $1.70 billion, a price-to-earnings ratio of 16.82 and a beta of 1.49. Monarch Casino & Resort, Inc. has a 12 month low of $69.99 and a 12 month high of $113.88. The firm’s 50-day moving average is $101.50 and its 200 day moving average is $91.51.

Monarch Casino & Resort (NASDAQ:MCRI) last issued its quarterly earnings results on Tuesday, October 21st. The company reported $1.69 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 19.58%. As a group, equities analysts forecast that Monarch Casino & Resort, Inc. will post 5.13 EPS for the current fiscal year.

Monarch Casino & Resort Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 15th. Investors of record on Monday, December 1st will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.3%. The ex-dividend date is Monday, December 1st. Monarch Casino & Resort’s dividend payout ratio is presently 22.56%.

Analysts Set New Price Targets

Several analysts have commented on the stock. Wall Street Zen upgraded shares of Monarch Casino & Resort from a “hold” rating to a “buy” rating in a research note on Sunday, July 13th. Wells Fargo & Company boosted their price target on shares of Monarch Casino & Resort from $89.00 to $91.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Weiss Ratings reiterated a “buy (b)” rating on shares of Monarch Casino & Resort in a research note on Tuesday, October 14th. Zacks Research downgraded shares of Monarch Casino & Resort from a “strong-buy” rating to a “hold” rating in a report on Monday, September 15th. Finally, Stifel Nicolaus boosted their target price on shares of Monarch Casino & Resort from $92.00 to $97.00 and gave the stock a “hold” rating in a report on Wednesday. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $94.60.

Monarch Casino & Resort Profile

Monarch Casino & Resort, Inc engages in the ownership and operation of the Atlantis Casino Resort Spa, a hotel and casino facility in Reno, Nevada, and the Monarch Black Hawk Casino in Black Hawk, Colorado. The company was founded in 1993 and is headquartered in Reno, NV.