Monarch Casino & Resort, Inc. $MCRI Stock Bought by Westover Capital Advisors LLC

Westover Capital Advisors LLC grew its holdings in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI) by 60.5% during the third quarter, Holdings Channel.com reports. The firm owned 12,040 shares of the company’s stock after buying an additional 4,537 shares during the quarter. Westover Capital Advisors LLC’s holdings in Monarch Casino & Resort were worth $1,385,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of MCRI. BlackRock Inc. acquired a new stake in Monarch Casino & Resort in the second quarter worth about $270,679,000. Bank of New York Mellon Corp acquired a new position in Monarch Casino & Resort during the 2nd quarter valued at about $16,778,000. Man Group plc acquired a new position in Monarch Casino & Resort during the 2nd quarter valued at about $5,873,000. Bank of America Corp DE acquired a new position in Monarch Casino & Resort during the 2nd quarter valued at about $5,501,000. Finally, Wellington Management Group LLP increased its stake in Monarch Casino & Resort by 23.2% during the 2nd quarter. Wellington Management Group LLP now owns 188,715 shares of the company’s stock valued at $24,837,000 after buying an additional 35,536 shares during the period. 62.37% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have commented on MCRI shares. Texas Capital upgraded shares of Monarch Casino & Resort to a “strong-buy” rating in a research report on Wednesday, September 9th. UBS Group set a $124.00 price objective on shares of Monarch Casino & Resort in a report on Thursday, July 2nd. Truist Financial raised their price objective on shares of Monarch Casino & Resort from $125.00 to $144.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Stifel Nicolaus boosted their target price on Monarch Casino & Resort from $102.00 to $128.00 and gave the stock a “hold” rating in a report on Tuesday, July 21st. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Monarch Casino & Resort in a report on Monday, August 24th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $124.40.

Monarch Casino & Resort Stock Up 3.1%

Shares of MCRI stock opened at $116.15 on Tuesday. The stock has a 50-day simple moving average of $119.01 and a 200 day simple moving average of $112.07. Monarch Casino & Resort, Inc. has a fifty-two week low of $88.13 and a fifty-two week high of $135.93. The stock has a market capitalization of $2.08 billion, a P/E ratio of 18.61 and a beta of 1.37.

Insider Buying and Selling

In other Monarch Casino & Resort news, CEO John Farahi sold 5,000 shares of the company’s stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $124.00, for a total value of $620,000.00. Following the completion of the sale, the chief executive officer directly owned 611,556 shares of the company’s stock, valued at approximately $75,832,944. This represents a 0.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 26.34% of the company’s stock.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc operates casino resorts in Nevada and Colorado. The company’s properties combine casino gaming with hotel accommodations, dining, entertainment and other hospitality services.

Its principal properties are Atlantis Casino Resort Spa in Reno, Nevada, and Monarch Casino Resort Spa in Black Hawk, Colorado. The resorts offer gaming facilities, restaurants and bars, hotel rooms and suites, spa services, meeting spaces and entertainment options. The company primarily serves regional visitors and destination guests in the western United States.

Monarch Casino & Resort traces its history to the opening of the Atlantis in Reno in 1972.