Man Group plc Buys Shares of 44,621 Monarch Casino & Resort, Inc. $MCRI

Man Group plc acquired a new position in Monarch Casino & Resort, Inc. (NASDAQ:MCRI) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 44,621 shares of the company’s stock, valued at approximately $5,873,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. GAMMA Investing LLC raised its stake in shares of Monarch Casino & Resort by 7.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,791 shares of the company’s stock valued at $236,000 after purchasing an additional 126 shares during the period. Mariner LLC increased its position in shares of Monarch Casino & Resort by 6.5% during the third quarter. Mariner LLC now owns 2,493 shares of the company’s stock valued at $264,000 after buying an additional 152 shares during the period. Vident Advisory LLC lifted its holdings in shares of Monarch Casino & Resort by 3.5% in the second quarter. Vident Advisory LLC now owns 5,566 shares of the company’s stock worth $481,000 after buying an additional 186 shares in the last quarter. Panagora Asset Management Inc. boosted its position in shares of Monarch Casino & Resort by 6.0% in the fourth quarter. Panagora Asset Management Inc. now owns 3,490 shares of the company’s stock valued at $334,000 after acquiring an additional 198 shares during the period. Finally, Strs Ohio boosted its position in shares of Monarch Casino & Resort by 2.7% in the fourth quarter. Strs Ohio now owns 7,500 shares of the company’s stock valued at $718,000 after acquiring an additional 200 shares during the period. Institutional investors own 62.37% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Wells Fargo & Company lowered their target price on shares of 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. UBS Group set a $124.00 price target on shares of Monarch Casino & Resort in a research report on Thursday, July 2nd. Stifel Nicolaus upped their price target on shares of Monarch Casino & Resort from $102.00 to $128.00 and gave the stock a “hold” rating in a report on Tuesday, July 21st. Weiss Ratings reissued a “buy (b)” rating on shares of Monarch Casino & Resort in a research note on Monday, August 24th. Finally, Zacks Research cut Monarch Casino & Resort from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 22nd. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Monarch Casino & Resort currently has an average rating of “Hold” and an average price target of $124.40.

Monarch Casino & Resort Stock Performance

MCRI stock opened at $122.57 on Friday. The firm has a market cap of $2.20 billion, a P/E ratio of 19.64 and a beta of 1.31. The firm’s fifty day moving average is $124.97 and its 200 day moving average is $113.62. Monarch Casino & Resort, Inc. has a 52 week low of $88.13 and a 52 week high of $135.93.

Monarch Casino & Resort (NASDAQ:MCRI) last announced its quarterly 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 return on equity of 20.63% and a net margin of 20.40%.The business had revenue of $142.60 million for the quarter, compared to analysts’ expectations of $142.85 million. The firm’s revenue for the quarter was up 4.2% compared to the same quarter last year. As a group, analysts forecast 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. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.30 per share. The ex-dividend date is Tuesday, September 1st. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.0%. Monarch Casino & Resort’s dividend 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.