Tributary Capital Management LLC Lowers Stock Holdings in Monarch Casino & Resort, Inc. (NASDAQ:MCRI)

Tributary Capital Management LLC reduced its position in shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI) by 0.4% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 275,599 shares of the company’s stock after selling 1,220 shares during the period. Monarch Casino & Resort makes up about 1.7% of Tributary Capital Management LLC’s portfolio, making the stock its 25th biggest holding. Tributary Capital Management LLC’s holdings in Monarch Casino & Resort were worth $20,667,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of MCRI. Cerity Partners LLC acquired a new stake in shares of Monarch Casino & Resort in the fourth quarter valued at $6,562,000. Pacer Advisors Inc. boosted its holdings in Monarch Casino & Resort by 74.7% in the fourth quarter. Pacer Advisors Inc. now owns 464,501 shares of the company’s stock valued at $32,120,000 after purchasing an additional 198,623 shares during the period. Heritage Wealth Management LLC purchased a new position in Monarch Casino & Resort in the fourth quarter valued at $221,000. Manning & Napier Group LLC boosted its holdings in Monarch Casino & Resort by 0.3% in the fourth quarter. Manning & Napier Group LLC now owns 70,304 shares of the company’s stock valued at $4,862,000 after purchasing an additional 200 shares during the period. Finally, Invesco Ltd. boosted its holdings in Monarch Casino & Resort by 87.2% in the third quarter. Invesco Ltd. now owns 101,336 shares of the company’s stock valued at $6,293,000 after purchasing an additional 47,214 shares during the period. 62.37% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Monarch Casino & Resort news, CEO John Farahi sold 2,000 shares of Monarch Casino & Resort stock in a transaction dated Friday, June 21st. The stock was 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 directly owns 525,310 shares of the company’s stock, valued at approximately $35,721,080. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 24.94% of the stock is owned by company insiders.

Monarch Casino & Resort Stock Performance

NASDAQ MCRI traded down $1.76 during trading on Monday, reaching $66.37. 106,358 shares of the company’s stock were exchanged, compared to its average volume of 127,825. The stock has a market cap of $1.24 billion, a P/E ratio of 15.69 and a beta of 1.74. The company has a 50 day moving average price of $67.51 and a two-hundred day moving average price of $68.84. Monarch Casino & Resort, Inc. has a 1 year low of $56.25 and a 1 year high of $75.40.

Monarch Casino & Resort (NASDAQ:MCRI) last announced its quarterly earnings results on Wednesday, April 17th. The company reported $0.93 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.05). The business had revenue of $121.66 million for the quarter, compared to analysts’ expectations of $122.13 million. Monarch Casino & Resort had a return on equity of 17.13% and a net margin of 16.40%. Research analysts forecast that Monarch Casino & Resort, Inc. will post 4.46 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently issued reports on MCRI. StockNews.com upgraded Monarch Casino & Resort from a “hold” rating to a “buy” rating in a report on Saturday, March 9th. Macquarie lifted their target price on Monarch Casino & Resort from $75.00 to $76.00 and gave the company a “neutral” rating in a report on Thursday, April 18th.

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.