Monarch Casino & Resort (NASDAQ:MCRI) Hits New 52-Week High – Should You Buy?

Monarch Casino & Resort, Inc. (NASDAQ:MCRI)’s stock price reached a new 52-week high during trading on Tuesday . The company traded as high as $134.31 and last traded at $129.46, with a volume of 232348 shares changing hands. The stock had previously closed at $130.66.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Stifel Nicolaus boosted their price objective on shares of Monarch Casino & Resort from $97.00 to $102.00 and gave the stock a “hold” rating in a report on Wednesday, April 22nd. Weiss Ratings reiterated a “buy (b)” rating on shares of Monarch Casino & Resort in a research note on Wednesday, May 27th. Wells Fargo & Company boosted their price target on Monarch Casino & Resort from $97.00 to $99.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 22nd. Zacks Research raised Monarch Casino & Resort from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 5th. Finally, Truist Financial increased their price objective on Monarch Casino & Resort from $120.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $109.50.

Monarch Casino & Resort Price Performance

The company has a market cap of $2.30 billion, a P/E ratio of 21.94 and a beta of 1.30. The stock’s 50-day moving average is $117.22 and its two-hundred day moving average is $103.38.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its earnings results on Tuesday, April 21st. The company reported $1.52 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.37. The business had revenue of $136.55 million during the quarter, compared to the consensus estimate of $128.49 million. Monarch Casino & Resort had a net margin of 19.62% and a return on equity of 19.98%. The company’s revenue for the quarter was up 8.9% on a year-over-year basis. On average, analysts predict that Monarch Casino & Resort, Inc. will post 7.07 EPS for the current year.

Monarch Casino & Resort Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors 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 presently 20.34%.

Insider Activity at Monarch Casino & Resort

In related news, CEO John Farahi sold 5,000 shares of the company’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $120.84, for a total transaction of $604,200.00. Following the completion of the sale, the chief executive officer owned 616,556 shares in the company, valued at approximately $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 can be accessed through the SEC website. 26.34% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of MCRI. Osaic Holdings Inc. increased its position in shares of Monarch Casino & Resort by 210.0% during the 2nd quarter. Osaic Holdings Inc. now owns 465 shares of the company’s stock valued at $40,000 after purchasing an additional 315 shares during the last quarter. Kestra Advisory Services LLC bought a new stake in Monarch Casino & Resort during the fourth quarter valued at approximately $40,000. GAMMA Investing LLC grew its position in shares of Monarch Casino & Resort by 12.1% during the 4th quarter. GAMMA Investing LLC now owns 984 shares of the company’s stock valued at $94,000 after acquiring an additional 106 shares during the period. Parallel Advisors LLC increased its stake 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 purchasing an additional 746 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its holdings 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 worth $110,000 after purchasing an additional 524 shares during the period. 62.37% of the stock is owned by hedge funds and other institutional investors.

About Monarch Casino & Resort

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.