JPMorgan Chase & Co. Sells 78,346 Shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI)

Posted by Defense World Staff on Jun 8th, 2023

JPMorgan Chase & Co. lessened its stake in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI – Get Rating) by 8.7% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 824,339 shares of the company’s stock after selling 78,346 shares during the period. JPMorgan Chase & Co. owned 4.35% of Monarch Casino & Resort worth $63,384,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in MCRI. BlackRock Inc. lifted its position in shares of Monarch Casino & Resort by 3.2% in the third quarter. BlackRock Inc. now owns 2,110,320 shares of the company’s stock worth $118,473,000 after buying an additional 65,311 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Monarch Casino & Resort by 3.7% during the third quarter. Vanguard Group Inc. now owns 929,878 shares of the company’s stock worth $52,203,000 after buying an additional 33,408 shares during the period. Macquarie Group Ltd. lifted its holdings in shares of Monarch Casino & Resort by 2.5% during the 2nd quarter. Macquarie Group Ltd. now owns 578,861 shares of the company’s stock valued at $33,962,000 after purchasing an additional 14,291 shares during the last quarter. Invesco Ltd. raised its stake in Monarch Casino & Resort by 925.0% in the 1st quarter. Invesco Ltd. now owns 570,410 shares of the company’s stock worth $49,757,000 after acquiring an additional 514,761 shares during the last quarter. Finally, State Street Corp grew its position in shares of Monarch Casino & Resort by 1.2% during the 3rd quarter. State Street Corp now owns 453,661 shares of the company’s stock valued at $25,469,000 after acquiring an additional 5,531 shares during the period. 61.47% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Stifel Nicolaus raised their target price on shares of Monarch Casino & Resort from $85.00 to $91.00 in a research note on Wednesday, February 15th. TheStreet cut shares of Monarch Casino & Resort from a “b” rating to a “c+” rating in a research report on Thursday, February 16th. Finally, StockNews.com cut shares of Monarch Casino & Resort from a “strong-buy” rating to a “buy” rating in a report on Tuesday. One research analyst has rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $89.00.

Monarch Casino & Resort Stock Up 1.1 %

Shares of NASDAQ:MCRI opened at $69.84 on Thursday. Monarch Casino & Resort, Inc. has a 12-month low of $54.01 and a 12-month high of $85.67. The stock’s 50-day moving average price is $69.90 and its two-hundred day moving average price is $74.91. The company has a current ratio of 0.50, a quick ratio of 0.44 and a debt-to-equity ratio of 0.11. The firm has a market cap of $1.34 billion, a price-to-earnings ratio of 15.73 and a beta of 1.67.

Insider Buying and Selling

In other Monarch Casino & Resort news, President Bob Farahi sold 3,509 shares of Monarch Casino & Resort stock in a transaction on Monday, May 8th. The shares were sold at an average price of $67.05, for a total value of $235,278.45. Following the transaction, the president now owns 223,487 shares in the company, valued at approximately $14,984,803.35. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Over the last quarter, insiders sold 19,964 shares of company stock valued at $1,348,073. Insiders own 24.56% of the company’s stock.

Monarch Casino & Resort Company Profile

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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.