Principal Financial Group Inc. Trims Stock Position in Monarch Casino & Resort, Inc. (NASDAQ:MCRI)

Principal Financial Group Inc. lessened its position in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI) by 5.4% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 68,588 shares of the company’s stock after selling 3,943 shares during the quarter. Principal Financial Group Inc. owned approximately 0.37% of Monarch Casino & Resort worth $4,673,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Monarch Casino & Resort by 81.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,712 shares of the company’s stock worth $185,000 after buying an additional 1,221 shares in the last quarter. Diversified Trust Co acquired a new position in Monarch Casino & Resort during the 1st quarter worth approximately $203,000. ProShare Advisors LLC acquired a new position in Monarch Casino & Resort during the 1st quarter worth approximately $204,000. Choate Investment Advisors acquired a new position in shares of Monarch Casino & Resort in the 1st quarter valued at $225,000. Finally, Quadrature Capital Ltd acquired a new position in shares of Monarch Casino & Resort in the 1st quarter valued at $239,000. Institutional investors and hedge funds own 62.37% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on MCRI shares. Macquarie reiterated a “neutral” rating and issued a $76.00 price target on shares of Monarch Casino & Resort in a research report on Thursday, July 25th. Truist Financial increased their price objective on shares of Monarch Casino & Resort from $74.00 to $75.00 and gave the company a “hold” rating in a research note on Thursday, July 25th.

Monarch Casino & Resort Price Performance

Shares of MCRI stock opened at $74.82 on Wednesday. The firm has a market cap of $1.38 billion, a P/E ratio of 17.69 and a beta of 1.73. Monarch Casino & Resort, Inc. has a 1-year low of $56.25 and a 1-year high of $80.22. The firm’s 50-day simple moving average is $72.75 and its 200-day simple moving average is $70.39.

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

Insider Activity

In other news, CEO John Farahi sold 2,000 shares of the firm’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $68.00, for a total transaction of $136,000.00. Following the completion of the sale, 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 filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 24.94% of the company’s stock.

Monarch Casino & Resort Company Profile

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.