Monarch Casino & Resort, Inc. (NASDAQ:MCRI) Receives Consensus Rating of “Hold” from Brokerages

Shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI) have been assigned an average recommendation of “Hold” from the six research firms that are presently covering the stock, MarketBeat reports. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $112.40.

MCRI has been the topic of a number of research reports. Wall Street Zen upgraded Monarch Casino & Resort from a “hold” rating to a “buy” rating in a 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 boosted their price objective on shares of Monarch Casino & Resort from $97.00 to $102.00 and gave the company a “hold” rating in a research report on Wednesday, April 22nd. Zacks Research lowered shares of Monarch Casino & Resort from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 22nd. Finally, Truist Financial increased their target price on shares of Monarch Casino & Resort from $120.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, April 22nd.

Monarch Casino & Resort Trading Up 0.3%

Shares of MCRI stock opened at $124.19 on Tuesday. The company has a market capitalization of $2.20 billion, a price-to-earnings ratio of 21.05 and a beta of 1.29. Monarch Casino & Resort has a 1-year low of $85.66 and a 1-year high of $135.93. The stock’s fifty day simple moving average is $123.69 and its 200-day simple moving average is $106.62.

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

Monarch Casino & Resort Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were paid a $0.30 dividend. The ex-dividend date of this dividend was Monday, June 1st. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.0%. Monarch Casino & Resort’s dividend 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 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 directly owned 616,556 shares in the company, valued at approximately $74,504,627.04. This trade represents a 0.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 26.34% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of MCRI. GAMMA Investing LLC raised its stake in shares of Monarch Casino & Resort by 7.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,791 shares of the company’s stock worth $236,000 after purchasing an additional 126 shares in the last quarter. Pacer Advisors Inc. increased its holdings in Monarch Casino & Resort by 2.2% in the first quarter. Pacer Advisors Inc. now owns 51,439 shares of the company’s stock worth $4,918,000 after buying an additional 1,128 shares during the last quarter. Empowered Funds LLC bought a new position in Monarch Casino & Resort during the first quarter valued at approximately $209,000. Bank of America Corp DE lifted its stake in Monarch Casino & Resort by 7.4% in the first quarter. Bank of America Corp DE now owns 48,819 shares of the company’s stock valued at $4,667,000 after acquiring an additional 3,362 shares during the last quarter. Finally, Amundi bought a new stake in Monarch Casino & Resort in the first quarter worth approximately $415,000. 62.37% of the stock is owned by institutional investors and hedge funds.

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.