Bank of New York Mellon Corp Acquires 1,400 Shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI)

Bank of New York Mellon Corp increased its holdings in Monarch Casino & Resort, Inc. (NASDAQ:MCRI) by 0.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 178,727 shares of the company’s stock after buying an additional 1,400 shares during the period. Bank of New York Mellon Corp’s holdings in Monarch Casino & Resort were worth $12,177,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in MCRI. Diversified Trust Co acquired a new position in Monarch Casino & Resort in the 1st quarter valued at $203,000. ProShare Advisors LLC acquired a new position in Monarch Casino & Resort in the first quarter valued at about $204,000. Choate Investment Advisors bought a new stake in Monarch Casino & Resort during the first quarter worth about $225,000. Quadrature Capital Ltd acquired a new stake in Monarch Casino & Resort during the first quarter worth about $239,000. Finally, Aristides Capital LLC bought a new position in Monarch Casino & Resort in the 1st quarter valued at about $270,000. 62.37% of the stock is currently owned by institutional investors.

Monarch Casino & Resort Price Performance

Shares of Monarch Casino & Resort stock opened at $75.22 on Monday. The company’s 50 day moving average price is $72.40 and its two-hundred day moving average price is $70.30. The firm has a market capitalization of $1.41 billion, a P/E ratio of 17.78 and a beta of 1.73. Monarch Casino & Resort, Inc. has a fifty-two week low of $56.25 and a fifty-two week high of $80.22.

Monarch Casino & Resort (NASDAQ:MCRI) last released its quarterly earnings data on Wednesday, July 24th. The company reported $1.19 earnings per share for the quarter, beating the consensus estimate of $1.11 by $0.08. The company had revenue of $128.14 million for the quarter, compared to the consensus estimate of $126.03 million. Monarch Casino & Resort had a return on equity of 17.05% and a net margin of 16.31%. On average, analysts expect that Monarch Casino & Resort, Inc. will post 4.62 earnings per share for the current year.

Insider Activity

In other news, CEO John Farahi sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $68.00, for a total value of $136,000.00. Following the completion of the transaction, the chief executive officer now owns 525,310 shares of the company’s stock, valued at $35,721,080. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 24.94% of the company’s stock.

Wall Street Analysts Forecast Growth

MCRI has been the subject of a number of recent analyst reports. Truist Financial upped their price target on shares of Monarch Casino & Resort from $74.00 to $75.00 and gave the stock a “hold” rating in a report on Thursday, July 25th. Macquarie restated a “neutral” rating and set a $76.00 target price on shares of Monarch Casino & Resort in a research note on Thursday, July 25th.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc, through its subsidiaries, owns and operates the Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada. It also owns and operates the Monarch Casino Resort Spa Black Hawk in Black Hawk, Colorado. The company was incorporated in 1993 and is based in Reno, Nevada.