Principal Financial Group Inc. Reduces Stock Holdings in Monarch Casino & Resort, Inc. $MCRI

Principal Financial Group Inc. trimmed its holdings in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI) by 5.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 66,171 shares of the company’s stock after selling 4,146 shares during the quarter. Principal Financial Group Inc.’s holdings in Monarch Casino & Resort were worth $6,326,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Qube Research & Technologies Ltd boosted its holdings in Monarch Casino & Resort by 77.1% in the third quarter. Qube Research & Technologies Ltd now owns 188,498 shares of the company’s stock worth $19,951,000 after acquiring an additional 82,035 shares in the last quarter. Hillsdale Investment Management Inc. acquired a new position in shares of Monarch Casino & Resort during the fourth quarter valued at about $7,244,000. Arrowstreet Capital Limited Partnership increased its holdings in shares of Monarch Casino & Resort by 64.5% during the third quarter. Arrowstreet Capital Limited Partnership now owns 178,976 shares of the company’s stock valued at $18,943,000 after acquiring an additional 70,185 shares in the last quarter. Invesco Ltd. raised its position in shares of Monarch Casino & Resort by 38.2% in the 4th quarter. Invesco Ltd. now owns 194,371 shares of the company’s stock valued at $18,601,000 after purchasing an additional 53,745 shares during the last quarter. Finally, Pacer Advisors Inc. raised its position in shares of Monarch Casino & Resort by 2,489.3% in the 4th quarter. Pacer Advisors Inc. now owns 50,311 shares of the company’s stock valued at $4,815,000 after purchasing an additional 48,368 shares during the last quarter. 62.37% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

MCRI has been the subject of a number of recent analyst reports. 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 for the company 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 note on Thursday, July 2nd. Truist Financial raised their price target on shares of Monarch Casino & Resort from $125.00 to $144.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Stifel Nicolaus lifted their price objective on shares of Monarch Casino & Resort from $102.00 to $128.00 and gave the stock a “hold” rating in a research note on Tuesday, July 21st. Finally, Wall Street Zen raised shares of Monarch Casino & Resort from a “hold” rating to a “buy” rating in a report on Saturday, April 25th. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $124.40.

Insider Buying and Selling

In other Monarch Casino & Resort news, CEO John Farahi sold 5,000 shares of Monarch Casino & Resort stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $120.84, for a total transaction of $604,200.00. Following the completion of the sale, the chief executive officer directly owned 616,556 shares in the company, valued at approximately $74,504,627.04. The trade was a 0.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 26.34% of the company’s stock.

Monarch Casino & Resort Stock Up 1.8%

Shares of NASDAQ:MCRI opened at $121.69 on Tuesday. Monarch Casino & Resort, Inc. has a 52-week low of $88.13 and a 52-week high of $135.93. The stock has a market cap of $2.16 billion, a price-to-earnings ratio of 19.50 and a beta of 1.29. The business has a 50-day moving average price of $124.58 and a 200-day moving average price of $108.43.

Monarch Casino & Resort (NASDAQ:MCRI) last released its 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. The firm had revenue of $142.60 million during the quarter, compared to the consensus estimate of $142.85 million. Monarch Casino & Resort had a return on equity of 20.63% and a net margin of 20.40%.The company’s revenue for the quarter was up 4.2% compared to the same quarter last year. As a group, equities analysts anticipate that Monarch Casino & Resort, Inc. will post 6.98 EPS for the current fiscal year.

Monarch Casino & Resort Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $1.20 dividend on an annualized basis and a yield of 1.0%. Monarch Casino & Resort’s dividend payout ratio (DPR) is currently 19.23%.

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.