Envestnet Asset Management Inc. Grows Position in Monarch Casino & Resort, Inc. $MCRI

Envestnet Asset Management Inc. raised its position in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI) by 51.1% during the 2nd quarter, Holdings Channel reports. The fund owned 64,444 shares of the company’s stock after purchasing an additional 21,807 shares during the period. Envestnet Asset Management Inc.’s holdings in Monarch Casino & Resort were worth $5,571,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Hsbc Holdings PLC purchased a new stake in Monarch Casino & Resort during the first quarter valued at $319,000. Raymond James Financial Inc. increased its holdings in shares of Monarch Casino & Resort by 9.2% in the 1st quarter. Raymond James Financial Inc. now owns 84,655 shares of the company’s stock worth $6,582,000 after buying an additional 7,115 shares during the last quarter. Jane Street Group LLC increased its holdings in shares of Monarch Casino & Resort by 12.2% in the 1st quarter. Jane Street Group LLC now owns 156,346 shares of the company’s stock worth $12,156,000 after buying an additional 17,027 shares during the last quarter. Natixis Advisors LLC purchased a new stake in shares of Monarch Casino & Resort during the 1st quarter valued at about $803,000. Finally, Victory Capital Management Inc. lifted its holdings in shares of Monarch Casino & Resort by 53.4% in the 1st quarter. Victory Capital Management Inc. now owns 11,752 shares of the company’s stock valued at $914,000 after acquiring an additional 4,091 shares during the last quarter. 62.37% of the stock is currently owned by institutional investors.

Monarch Casino & Resort Stock Up 0.2%

Shares of Monarch Casino & Resort stock opened at $95.87 on Thursday. The stock’s fifty day moving average is $98.21 and its two-hundred day moving average is $93.51. Monarch Casino & Resort, Inc. has a 52 week low of $69.99 and a 52 week high of $113.88. The company has a market capitalization of $1.75 billion, a PE ratio of 17.31 and a beta of 1.48.

Monarch Casino & Resort (NASDAQ:MCRI) last issued its earnings results on Tuesday, October 21st. The company reported $1.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.63 by $0.06. The firm had revenue of $142.81 million during the quarter, compared to analyst estimates of $145.54 million. Monarch Casino & Resort had a net margin of 19.26% and a return on equity of 19.33%. As a group, research analysts anticipate that Monarch Casino & Resort, Inc. will post 5.13 earnings per share for the current year.

Monarch Casino & Resort Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Monday, December 1st. Monarch Casino & Resort’s dividend payout ratio is currently 21.66%.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Truist Financial boosted their price objective on Monarch Casino & Resort from $100.00 to $105.00 and gave the stock a “buy” rating in a research note on Wednesday, July 16th. Zacks Research downgraded Monarch Casino & Resort from a “strong-buy” rating to a “hold” rating in a research report on Monday, September 15th. Wells Fargo & Company increased their price target on Monarch Casino & Resort from $89.00 to $91.00 and gave the company an “equal weight” rating in a report on Wednesday, October 22nd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Monarch Casino & Resort in a research note on Tuesday. Finally, Stifel Nicolaus boosted their price objective on shares of Monarch Casino & Resort from $92.00 to $97.00 and gave the company a “hold” rating in a research report on Wednesday, October 22nd. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $94.60.

Monarch Casino & Resort Company 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.