Meeder Asset Management Inc. Makes New $53,000 Investment in Monarch Casino & Resort, Inc. (NASDAQ:MCRI)

Meeder Asset Management Inc. purchased a new position in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 784 shares of the company’s stock, valued at approximately $53,000.

A number of other large investors also recently made changes to their positions in the business. Texas Permanent School Fund Corp increased its stake in Monarch Casino & Resort by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 11,682 shares of the company’s stock valued at $876,000 after purchasing an additional 152 shares during the last quarter. Pitcairn Co. increased its stake in shares of Monarch Casino & Resort by 4.3% during the 1st quarter. Pitcairn Co. now owns 5,698 shares of the company’s stock valued at $427,000 after acquiring an additional 235 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Monarch Casino & Resort by 13.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,851 shares of the company’s stock valued at $289,000 after acquiring an additional 443 shares during the last quarter. US Bancorp DE lifted its holdings in shares of Monarch Casino & Resort by 8.6% during the 1st quarter. US Bancorp DE now owns 6,124 shares of the company’s stock worth $459,000 after acquiring an additional 483 shares during the period. Finally, Principal Financial Group Inc. boosted its position in shares of Monarch Casino & Resort by 0.7% in the first quarter. Principal Financial Group Inc. now owns 72,531 shares of the company’s stock worth $5,439,000 after acquiring an additional 491 shares during the last quarter. Hedge funds and other institutional investors own 62.37% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Macquarie reaffirmed a “neutral” rating and set a $76.00 price target on shares of Monarch Casino & Resort in a research note on Thursday, July 25th. Truist Financial increased their target price on Monarch Casino & Resort from $74.00 to $75.00 and gave the stock a “hold” rating in a research report on Thursday, July 25th.

Insider Buying and Selling at Monarch Casino & Resort

In other news, CEO John Farahi sold 2,000 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now owns 525,310 shares of the company’s stock, valued at $35,721,080. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 24.94% of the stock is currently owned by corporate insiders.

Monarch Casino & Resort Stock Performance

NASDAQ MCRI opened at $75.36 on Friday. The firm has a market capitalization of $1.39 billion, a price-to-earnings ratio of 17.82 and a beta of 1.73. Monarch Casino & Resort, Inc. has a one year low of $56.25 and a one year high of $80.22. The company’s 50 day moving average price is $73.24 and its 200 day moving average price is $70.51.

Monarch Casino & Resort (NASDAQ:MCRI) last issued its earnings results on Wednesday, July 24th. The company reported $1.19 EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $128.14 million for the quarter, compared to the consensus estimate of $126.03 million. Sell-side analysts forecast that Monarch Casino & Resort, Inc. will post 4.62 EPS for the current fiscal year.

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.