Principal Financial Group Inc. Sells 4,146 Shares of Monarch Casino & Resort, Inc. $MCRI

Principal Financial Group Inc. reduced its position in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI) by 5.9% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 66,171 shares of the company’s stock after selling 4,146 shares during the quarter. Principal Financial Group Inc. owned about 0.37% of Monarch Casino & Resort worth $6,326,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of MCRI. AQR Capital Management LLC grew its position in shares of Monarch Casino & Resort by 36.0% during the 1st quarter. AQR Capital Management LLC now owns 57,731 shares of the company’s stock worth $4,489,000 after buying an additional 15,295 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Monarch Casino & Resort by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,618 shares of the company’s stock valued at $592,000 after acquiring an additional 316 shares in the last quarter. Creative Planning purchased a new stake in Monarch Casino & Resort in the second quarter worth about $283,000. Quantbot Technologies LP purchased a new stake in Monarch Casino & Resort in the second quarter worth about $431,000. Finally, First Trust Advisors LP grew its holdings in Monarch Casino & Resort by 9.5% during the 2nd quarter. First Trust Advisors LP now owns 41,109 shares of the company’s stock worth $3,553,000 after acquiring an additional 3,574 shares in the last quarter. 62.37% of the stock is owned by institutional investors.

Monarch Casino & Resort Price Performance

MCRI opened at $121.69 on Tuesday. The business’s 50-day moving average is $124.58 and its two-hundred day moving average is $108.43. Monarch Casino & Resort, Inc. has a 1 year low of $88.13 and a 1 year high of $135.93. The firm has a market capitalization of $2.16 billion, a PE ratio of 19.50 and a beta of 1.29.

Monarch Casino & Resort (NASDAQ:MCRI) last released its quarterly earnings results on Monday, July 20th. The company reported $1.78 EPS for the quarter, beating the consensus estimate of $1.68 by $0.10. Monarch Casino & Resort had a net margin of 20.40% and a return on equity of 20.63%. The business had revenue of $142.60 million during the quarter, compared to analyst estimates of $142.85 million. The firm’s revenue was up 4.2% on a year-over-year basis. As a group, sell-side analysts expect that Monarch Casino & Resort, Inc. will post 6.98 EPS for the current year.

Monarch Casino & Resort Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Tuesday, September 1st. Monarch Casino & Resort’s payout ratio is 19.23%.

Insider Activity at Monarch Casino & Resort

In related news, CEO John Farahi sold 5,000 shares of the 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 owned 616,556 shares of the company’s stock, valued at $74,504,627.04. This represents a 0.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 26.34% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

MCRI has been the topic of a number of research reports. Zacks Research downgraded shares of Monarch Casino & Resort from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 22nd. Wall Street Zen raised shares of Monarch Casino & Resort from a “hold” rating to a “buy” rating in a research report on Saturday, April 25th. Wells Fargo & Company dropped their price objective on shares of Monarch Casino & Resort from $116.00 to $114.00 and set an “equal weight” rating on the stock in a research note on Tuesday, July 21st. Weiss Ratings reissued a “buy (b)” rating on shares of Monarch Casino & Resort in a report on Wednesday, May 27th. Finally, UBS Group set a $124.00 price objective on shares of Monarch Casino & Resort in a research note on Thursday, July 2nd. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $124.40.

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.