Brokerages Expect Monarch Casino & Resort, Inc. (MCRI) Will Post Quarterly Sales of $60.05 Million
Wall Street brokerages expect that Monarch Casino & Resort, Inc. (NASDAQ:MCRI) will report $60.05 million in sales for the current fiscal quarter, according to Zacks Investment Research. Two analysts have provided estimates for Monarch Casino & Resort’s earnings. The highest sales estimate is $60.50 million and the lowest is $59.60 million. Monarch Casino & Resort posted sales of $57.11 million during the same quarter last year, which suggests a positive year over year growth rate of 5.1%. The company is expected to report its next earnings results on Tuesday, October 24th.
According to Zacks, analysts expect that Monarch Casino & Resort will report full-year sales of $60.05 million for the current fiscal year, with estimates ranging from $228.00 million to $231.00 million. For the next year, analysts anticipate that the company will report sales of $239.53 million per share, with estimates ranging from $235.90 million to $244.00 million. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Monarch Casino & Resort.
Monarch Casino & Resort (NASDAQ:MCRI) last released its quarterly earnings data on Tuesday, July 25th. The company reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.03. The firm had revenue of $58.23 million during the quarter, compared to analyst estimates of $58 million. Monarch Casino & Resort had a return on equity of 11.16% and a net margin of 11.77%.
MCRI has been the subject of a number of recent research reports. BidaskClub cut Monarch Casino & Resort from a “hold” rating to a “sell” rating in a report on Saturday, August 5th. Zacks Investment Research cut Monarch Casino & Resort from a “buy” rating to a “hold” rating in a report on Tuesday, July 11th. Imperial Capital lifted their target price on Monarch Casino & Resort from $35.00 to $38.00 and gave the stock an “outperform” rating in a report on Thursday, July 27th. ValuEngine upgraded Monarch Casino & Resort from a “hold” rating to a “buy” rating in a report on Wednesday. Finally, Stifel Nicolaus reiterated a “hold” rating and issued a $33.00 target price on shares of Monarch Casino & Resort in a report on Friday, July 28th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Monarch Casino & Resort currently has an average rating of “Hold” and an average target price of $46.60.
Monarch Casino & Resort (NASDAQ:MCRI) traded down 1.61% during mid-day trading on Friday, hitting $34.28. The stock had a trading volume of 58,941 shares. Monarch Casino & Resort has a 12 month low of $21.13 and a 12 month high of $35.82. The stock’s 50-day moving average price is $33.93 and its 200-day moving average price is $30.60. The stock has a market cap of $602.23 million, a price-to-earnings ratio of 23.21 and a beta of 1.06.
In related news, President Bob Farahi sold 34,000 shares of the business’s stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $34.43, for a total transaction of $1,170,620.00. Following the completion of the transaction, the president now owns 482,516 shares in the company, valued at approximately $16,613,025.88. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 27.56% of the stock is owned by insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. State of Tennessee Treasury Department boosted its holdings in Monarch Casino & Resort by 17.8% during the 1st quarter. State of Tennessee Treasury Department now owns 9,529 shares of the company’s stock valued at $281,000 after acquiring an additional 1,438 shares during the period. Comerica Bank boosted its holdings in Monarch Casino & Resort by 4.4% during the 1st quarter. Comerica Bank now owns 10,332 shares of the company’s stock valued at $308,000 after acquiring an additional 435 shares during the period. Friedberg Investment Management boosted its holdings in Monarch Casino & Resort by 4.1% during the 1st quarter. Friedberg Investment Management now owns 90,420 shares of the company’s stock valued at $2,671,000 after acquiring an additional 3,600 shares during the period. Vanguard Group Inc. boosted its holdings in Monarch Casino & Resort by 10.4% during the 1st quarter. Vanguard Group Inc. now owns 580,692 shares of the company’s stock valued at $17,153,000 after acquiring an additional 54,762 shares during the period. Finally, Hancock Holding Co. purchased a new position in Monarch Casino & Resort during the 1st quarter valued at $209,000. Institutional investors own 58.43% of the company’s stock.
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About Monarch Casino & Resort
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 segments include Atlantis and Monarch Casino Black Hawk.
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