Bank of New York Mellon Corp Has $11.94 Million Stake in Monarch Casino & Resort, Inc. (NASDAQ:MCRI)

Bank of New York Mellon Corp lessened its holdings in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI) by 8.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 151,372 shares of the company’s stock after selling 14,121 shares during the period. Bank of New York Mellon Corp owned about 0.82% of Monarch Casino & Resort worth $11,943,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in MCRI. Jane Street Group LLC grew its holdings in shares of Monarch Casino & Resort by 518.8% during the 3rd quarter. Jane Street Group LLC now owns 117,072 shares of the company’s stock worth $9,280,000 after purchasing an additional 98,153 shares in the last quarter. Weiss Asset Management LP lifted its position in Monarch Casino & Resort by 1,289.7% during the third quarter. Weiss Asset Management LP now owns 79,212 shares of the company’s stock worth $6,279,000 after purchasing an additional 73,512 shares during the period. Verition Fund Management LLC acquired a new stake in Monarch Casino & Resort during the third quarter worth about $2,349,000. Segall Bryant & Hamill LLC bought a new position in Monarch Casino & Resort in the 3rd quarter valued at about $1,868,000. Finally, DAVENPORT & Co LLC increased its holdings in Monarch Casino & Resort by 1.6% in the 4th quarter. DAVENPORT & Co LLC now owns 1,256,305 shares of the company’s stock valued at $98,696,000 after buying an additional 19,845 shares during the period. 62.37% of the stock is owned by institutional investors.

Monarch Casino & Resort Price Performance

Shares of Monarch Casino & Resort stock opened at $83.70 on Friday. The company’s 50 day moving average price is $86.11 and its two-hundred day moving average price is $81.70. The firm has a market capitalization of $1.55 billion, a P/E ratio of 16.91 and a beta of 1.74. Monarch Casino & Resort, Inc. has a fifty-two week low of $64.50 and a fifty-two week high of $96.11.

Monarch Casino & Resort (NASDAQ:MCRI) last announced its quarterly earnings results on Tuesday, February 11th. The company reported $1.36 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.23. Monarch Casino & Resort had a return on equity of 18.27% and a net margin of 18.01%. During the same period in the previous year, the business posted $1.03 earnings per share. On average, analysts expect that Monarch Casino & Resort, Inc. will post 5.13 earnings per share for the current year.

Insider Buying and Selling at Monarch Casino & Resort

In other news, CEO John Farahi sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, January 3rd. The stock was sold at an average price of $77.70, for a total value of $77,700.00. Following the completion of the transaction, the chief executive officer now owns 528,436 shares of the company’s stock, valued at $41,059,477.20. This represents a 0.19 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 24.94% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on MCRI. StockNews.com downgraded shares of Monarch Casino & Resort from a “strong-buy” rating to a “buy” rating in a report on Wednesday, February 12th. Truist Financial upgraded Monarch Casino & Resort from a “hold” rating to a “buy” rating and upped their target price for the stock from $82.00 to $100.00 in a research note on Tuesday, January 14th. Stifel Nicolaus raised their target price on Monarch Casino & Resort from $80.00 to $90.00 and gave the company a “hold” rating in a report on Wednesday, February 12th. Jefferies Financial Group boosted their price target on Monarch Casino & Resort from $73.00 to $88.00 and gave the stock a “hold” rating in a report on Friday, January 3rd. Finally, Wells Fargo & Company upped their price objective on Monarch Casino & Resort from $79.00 to $82.00 and gave the stock an “underweight” rating in a research report on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $87.20.

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.