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State of Play’s TL;DR
- IEQ Capital LLC purchased 8,978 shares Monarch Casino & Resort stock in the second quarter.
- The casino operator enjoyed earnings above expectations in Q2.
IEQ Capital LLC added a new position in Monarch Casino & Resort during the second quarter, buying 8,978 shares valued at about $1.18 million.
The filing arrives alongside a mixed Wall Street outlook for the casino operator, even after Monarch posted earnings above expectations.
Institutional activity in gaming stocks remains a closely watched signal, and Monarch Casino & Resort is drawing fresh attention after the latest SEC filing showed IEQ Capital LLC holding roughly 0.05% of the company. The move comes as the Reno, NV-based operator continues to post steady operating results from its casino resort business.
Institutional investors own more than 50% of Monarch stock
MarketBeat reported that institutional investors collectively own 62.37% of Monarch shares, underscoring the level of professional investor participation in the stock.
Monarch Casino & Resort is a publicly traded gaming operator whose flagship property is Atlantis Casino Resort Spa in Reno, NV. The property includes table games, slot machines, and sports betting as part of its integrated casino resort offering.
Earnings beat estimates as analysts send mixed signals
Monarch recently reported quarterly earnings per share of $1.78, topping the analyst consensus estimate of $1.68. Quarterly revenue came in at $142.6 million, up 4.2% from a year earlier.
The company also declared a quarterly dividend of $0.30 per share, equal to $1.20 on an annualized basis, with a reported yield of 1.0%.
On the analyst side, the picture was less uniform. Truist raised its price target on Monarch to $144 and maintained a Buy rating. Zacks, by contrast, downgraded the stock from Hold to Strong Sell.
MarketBeat said the broader analyst consensus on the shares is Hold, with an average target price of $124.40.
MarketBeat’s roundup also cited Monarch with a market capitalization of $2.23 billion, a price-to-earnings ratio of 19.91, and a beta of 1.31. The stock has traded between $88.13 and $135.93 over the past 12 months.
Based on reporting by MarketBeat.
