Franklin Resources Inc. Acquires 597 Shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI)

Franklin Resources Inc. raised its holdings in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI) by 7.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,822 shares of the company’s stock after buying an additional 597 shares during the period. Franklin Resources Inc.’s holdings in Monarch Casino & Resort were worth $665,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of MCRI. Financial Management Professionals Inc. bought a new stake in shares of Monarch Casino & Resort in the 3rd quarter valued at about $30,000. GAMMA Investing LLC lifted its position in Monarch Casino & Resort by 61.0% in the third quarter. GAMMA Investing LLC now owns 470 shares of the company’s stock valued at $37,000 after purchasing an additional 178 shares during the last quarter. Meeder Asset Management Inc. purchased a new stake in shares of Monarch Casino & Resort during the second quarter valued at approximately $53,000. Canada Pension Plan Investment Board bought a new position in shares of Monarch Casino & Resort in the second quarter worth approximately $102,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased 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 during the period. 62.37% of the stock is owned by institutional investors.

Analyst Ratings Changes

MCRI has been the topic of a number of recent analyst reports. Truist Financial raised their price target on shares of Monarch Casino & Resort from $75.00 to $82.00 and gave the stock a “hold” rating in a report on Wednesday, October 23rd. Wells Fargo & Company initiated coverage on Monarch Casino & Resort in a report on Monday, December 16th. They set an “underweight” rating and a $79.00 price target on the stock. Stifel Nicolaus increased their price objective on Monarch Casino & Resort from $72.00 to $77.00 and gave the stock a “hold” rating in a report on Thursday, October 24th. Finally, StockNews.com cut Monarch Casino & Resort from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $78.50.

Monarch Casino & Resort Price Performance

MCRI stock opened at $78.09 on Monday. Monarch Casino & Resort, Inc. has a 1 year low of $64.50 and a 1 year high of $89.06. The firm has a 50-day moving average of $81.86 and a 200 day moving average of $76.17. The company has a market cap of $1.44 billion, a P/E ratio of 17.28 and a beta of 1.72.

Monarch Casino & Resort (NASDAQ:MCRI) last released its earnings results on Wednesday, October 23rd. The company reported $1.47 EPS for the quarter, beating analysts’ consensus estimates of $1.37 by $0.10. The company had revenue of $137.87 million during the quarter, compared to analysts’ expectations of $134.50 million. Monarch Casino & Resort had a return on equity of 17.06% and a net margin of 16.82%. During the same quarter last year, the business posted $1.38 EPS. On average, equities research analysts expect that Monarch Casino & Resort, Inc. will post 4.72 earnings per share for the current fiscal year.

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.