Gabelli Begins Coverage on Monarch Casino & Resort Inc. (MCRI)
Gabelli started coverage on shares of Monarch Casino & Resort Inc. (NASDAQ:MCRI) in a research report issued to clients and investors on Friday. The firm set a “hold” rating and a $27.00 price target on the stock. Gabelli’s target price would indicate a potential upside of 11.85% from the stock’s current price.
Separately, Zacks Investment Research cut Monarch Casino & Resort from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 21st.
Monarch Casino & Resort (NASDAQ:MCRI) traded down 1.682% during trading on Friday, reaching $23.734. 1,735 shares of the company were exchanged. Monarch Casino & Resort has a 52-week low of $17.29 and a 52-week high of $25.55. The firm’s 50 day moving average is $24.07 and its 200 day moving average is $22.11. The stock has a market capitalization of $410.98 million, a PE ratio of 19.156 and a beta of 0.86.
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Monarch Casino & Resort (NASDAQ:MCRI) last released its quarterly earnings results on Wednesday, July 20th. The company reported $0.32 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.34 by $0.02. Monarch Casino & Resort had a return on equity of 10.57% and a net margin of 10.40%. Analysts expect that Monarch Casino & Resort will post $1.29 EPS for the current year.
In other news, President Bob Farahi sold 10,000 shares of the stock in a transaction that occurred on Thursday, August 18th. The stock was sold at an average price of $24.24, for a total transaction of $242,400.00. Following the completion of the transaction, the president now directly owns 516,614 shares in the company, valued at approximately $12,522,723.36. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 27.91% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in MCRI. Uniplan Investment Counsel Inc. boosted its position in Monarch Casino & Resort by 0.3% in the first quarter. Uniplan Investment Counsel Inc. now owns 215,282 shares of the company’s stock valued at $4,189,000 after buying an additional 732 shares during the period. Oxford Asset Management boosted its position in Monarch Casino & Resort by 11.2% in the second quarter. Oxford Asset Management now owns 65,957 shares of the company’s stock valued at $1,449,000 after buying an additional 6,639 shares during the period. DUPONT CAPITAL MANAGEMENT Corp boosted its position in Monarch Casino & Resort by 76.6% in the second quarter. DUPONT CAPITAL MANAGEMENT Corp now owns 44,291 shares of the company’s stock valued at $973,000 after buying an additional 19,207 shares during the period. Geode Capital Management LLC boosted its position in Monarch Casino & Resort by 7.6% in the first quarter. Geode Capital Management LLC now owns 69,977 shares of the company’s stock valued at $1,361,000 after buying an additional 4,972 shares during the period. Finally, Lafitte Capital Management LP boosted its position in Monarch Casino & Resort by 3.3% in the first quarter. Lafitte Capital Management LP now owns 631,353 shares of the company’s stock valued at $12,286,000 after buying an additional 20,000 shares during the period. Institutional investors own 55.47% of the company’s stock.
Monarch Casino & Resort Company Profile
Monarch Casino & Resort, Inc (Monarch), through its subsidiary, owns and operates the Atlantis Casino Resort Spa (the Atlantis), a hotel/casino facility in Reno, Nevada. The Company also owns and operates Monarch Casino Black Hawk. The Company’s operating segments include Atlantis and Monarch Casino Black Hawk.
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