Brasada Capital Management LP Makes New Investment in Monarch Casino & Resort, Inc. $MCRI

Brasada Capital Management LP bought 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 firm bought 7,000 shares of the company’s stock, valued at approximately $921,000.

A number of other large investors have also recently made changes to their positions in MCRI. Capstone Investment Advisors LLC purchased a new position in Monarch Casino & Resort in the 2nd quarter worth about $632,000. Bank of America Corp DE bought a new stake in Monarch Casino & Resort during the 2nd quarter valued at about $5,501,000. Freestone Grove Partners LP purchased a new stake in Monarch Casino & Resort in the 2nd quarter valued at about $304,000. Man Group plc purchased a new stake in Monarch Casino & Resort in the 2nd quarter valued at about $5,873,000. Finally, Jupiter Topco LLC bought a new position in Monarch Casino & Resort in the 2nd quarter worth about $800,000. 62.37% of the stock is owned by hedge funds and other institutional investors.

Monarch Casino & Resort Stock Down 0.5%

NASDAQ MCRI opened at $123.62 on Friday. Monarch Casino & Resort, Inc. has a 52 week low of $88.13 and a 52 week high of $135.93. The company has a 50 day moving average price of $125.13 and a 200 day moving average price of $113.55. The firm has a market cap of $2.22 billion, a PE ratio of 19.81 and a beta of 1.31.

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

Monarch Casino & Resort Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a $0.30 dividend. The ex-dividend date of this dividend 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 (DPR) is presently 19.23%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Zacks Research lowered shares of Monarch Casino & Resort from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 22nd. Truist Financial boosted their price target on Monarch Casino & Resort from $125.00 to $144.00 and gave the company a “buy” rating in a report on Monday, July 20th. Stifel Nicolaus increased their price objective on Monarch Casino & Resort from $102.00 to $128.00 and gave the stock a “hold” rating in a research note on Tuesday, July 21st. UBS Group set a $124.00 price objective on Monarch Casino & Resort in a report on Thursday, July 2nd. Finally, Wells Fargo & Company decreased their target price on Monarch Casino & Resort from $116.00 to $114.00 and set an “equal weight” rating for the company in a research report on Tuesday, July 21st. Two investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus 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.