Monarch Casino & Resort (NASDAQ:MCRI) Sets New 1-Year High – Should You Buy?

Monarch Casino & Resort, Inc. (NASDAQ:MCRI) shares hit a new 52-week high on Wednesday . The stock traded as high as $132.91 and last traded at $127.82, with a volume of 182791 shares. The stock had previously closed at $128.54.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Wall Street Zen raised Monarch Casino & Resort from a “hold” rating to a “buy” rating in a research report on Saturday, April 25th. Weiss Ratings restated a “buy (b)” rating on shares of Monarch Casino & Resort in a report on Wednesday, May 27th. Stifel Nicolaus lifted their price objective on Monarch Casino & Resort from $97.00 to $102.00 and gave the company a “hold” rating in a research note on Wednesday, April 22nd. Wells Fargo & Company boosted their target price on Monarch Casino & Resort from $97.00 to $99.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 22nd. Finally, Zacks Research upgraded shares of Monarch Casino & Resort from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 5th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Monarch Casino & Resort currently has a consensus rating of “Moderate Buy” and an average price target of $109.50.

Monarch Casino & Resort Stock Down 0.6%

The stock has a 50 day simple moving average of $114.74 and a 200 day simple moving average of $102.44. The company has a market cap of $2.27 billion, a price-to-earnings ratio of 21.66 and a beta of 1.30.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its quarterly earnings data on Tuesday, April 21st. The company reported $1.52 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.37. The company had revenue of $136.55 million during the quarter, compared to analysts’ expectations of $128.49 million. Monarch Casino & Resort had a net margin of 19.62% and a return on equity of 19.98%. The firm’s revenue was up 8.9% on a year-over-year basis. As a group, equities research analysts expect that Monarch Casino & Resort, Inc. will post 7.07 EPS for the current fiscal year.

Monarch Casino & Resort Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were issued a $0.30 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $1.20 annualized dividend and a dividend yield of 0.9%. Monarch Casino & Resort’s payout ratio is 20.34%.

Insider Buying and Selling at Monarch Casino & Resort

In related news, CEO John Farahi sold 5,000 shares of the stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $120.84, for a total transaction of $604,200.00. Following the sale, the chief executive officer owned 616,556 shares in the company, valued at $74,504,627.04. This represents a 0.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 26.34% of the stock is currently owned by corporate insiders.

Institutional Trading of Monarch Casino & Resort

A number of institutional investors and hedge funds have recently made changes to their positions in MCRI. Osaic Holdings Inc. grew its stake in Monarch Casino & Resort by 210.0% during the 2nd quarter. Osaic Holdings Inc. now owns 465 shares of the company’s stock worth $40,000 after buying an additional 315 shares during the last quarter. Kestra Advisory Services LLC bought a new position in shares of Monarch Casino & Resort during the fourth quarter worth about $40,000. GAMMA Investing LLC increased its holdings in shares of Monarch Casino & Resort by 12.1% in the 4th quarter. GAMMA Investing LLC now owns 984 shares of the company’s stock worth $94,000 after acquiring an additional 106 shares during the period. Parallel Advisors LLC increased its holdings in shares of Monarch Casino & Resort by 191.3% in the 1st quarter. Parallel Advisors LLC now owns 1,136 shares of the company’s stock worth $109,000 after acquiring an additional 746 shares during the period. Finally, Tower Research Capital LLC TRC lifted its position in Monarch Casino & Resort by 69.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,275 shares of the company’s stock valued at $110,000 after purchasing an additional 524 shares during the last quarter. 62.37% of the stock is currently owned by institutional investors and hedge funds.

Monarch Casino & Resort Company Profile

Monarch Casino & Resort, Inc is a publicly traded owner and operator of an integrated casino resort in Reno, Nevada. The company’s flagship property, the Atlantis Casino Resort Spa, features a full-service casino floor with table games, slot machines, and sports betting, complemented by a diverse portfolio of amenities. Guests can choose from over 800 rooms and suites, dine at multiple on-site restaurants and bars, unwind at the full-service spa and salon, or enjoy live entertainment in the property’s showroom.

Monarch’s revenue streams are diversified across gaming operations, hotel accommodations, food and beverage services, and convention and meeting facilities.