Monarch Casino & Resort (NASDAQ:MCRI) Sets New 1-Year High – What’s Next?

Monarch Casino & Resort, Inc. (NASDAQ:MCRI) shares reached a new 52-week high during mid-day trading on Friday . The company traded as high as $124.18 and last traded at $122.80, with a volume of 36075 shares. The stock had previously closed at $121.98.

Analysts Set New Price Targets

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

Monarch Casino & Resort Stock Up 0.6%

The firm has a fifty day moving average price of $110.40 and a two-hundred day moving average price of $100.88. The stock has a market capitalization of $2.18 billion, a P/E ratio of 20.80 and a beta of 1.30.

Monarch Casino & Resort (NASDAQ:MCRI) last issued its quarterly earnings results on Tuesday, April 21st. The company reported $1.52 earnings per share for the quarter, beating 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. Monarch Casino & Resort’s revenue was up 8.9% compared to the same quarter last year. Sell-side analysts anticipate that Monarch Casino & Resort, Inc. will post 7.07 earnings per share for the current fiscal year.

Monarch Casino & Resort Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, June 1st. This represents a $1.20 annualized dividend and a dividend yield of 1.0%. Monarch Casino & Resort’s dividend payout ratio (DPR) is 20.34%.

Insider Activity 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 sale, the chief executive officer directly owned 616,556 shares of the company’s stock, valued at $74,504,627.04. This trade represents a 0.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders sold 8,000 shares of company stock worth $899,630 over the last 90 days. Company insiders own 26.34% of the company’s stock.

Institutional Investors Weigh In On Monarch Casino & Resort

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

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.