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

Monarch Casino & Resort, Inc. (NASDAQ:MCRI)’s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $134.80 and last traded at $134.2550, with a volume of 416365 shares trading hands. The stock had previously closed at $133.87.

Wall Street Analysts Forecast Growth

MCRI has been the topic of a number of recent research reports. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Monarch Casino & Resort in a research report on Wednesday, May 27th. 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. Wells Fargo & Company raised their target price on shares of Monarch Casino & Resort from $97.00 to $99.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 22nd. Wall Street Zen upgraded Monarch Casino & Resort from a “hold” rating to a “buy” rating in a research note on Saturday, April 25th. Finally, Stifel Nicolaus increased their price target on Monarch Casino & Resort from $97.00 to $102.00 and gave the stock a “hold” rating in a research report on Wednesday, April 22nd. Two research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, Monarch Casino & Resort has a consensus rating of “Hold” and an average target price of $109.50.

Monarch Casino & Resort Stock Performance

The firm’s fifty day simple moving average is $121.16 and its 200 day simple moving average is $104.86. The stock has a market capitalization of $2.34 billion, a P/E ratio of 22.34 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, topping analysts’ consensus estimates of $1.15 by $0.37. The company 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 business’s revenue for the quarter was up 8.9% on a year-over-year basis. Analysts anticipate that Monarch Casino & Resort, Inc. will post 7.07 earnings per share for the current fiscal year.

Monarch Casino & Resort Dividend Announcement

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

Insider Buying and Selling at Monarch Casino & Resort

In other Monarch Casino & Resort news, CEO John Farahi sold 5,000 shares of the firm’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $120.84, for a total value of $604,200.00. Following the sale, the chief executive officer owned 616,556 shares of the company’s stock, valued at approximately $74,504,627.04. This trade represents a 0.80% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 26.34% of the company’s stock.

Institutional Trading of Monarch Casino & Resort

Several institutional investors and hedge funds have recently modified their holdings of MCRI. Vanguard Group Inc. boosted its stake in Monarch Casino & Resort by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 1,030,396 shares of the company’s stock valued at $98,609,000 after buying an additional 5,667 shares in the last quarter. American Century Companies Inc. lifted its holdings in shares of Monarch Casino & Resort by 4.3% in the third quarter. American Century Companies Inc. now owns 491,400 shares of the company’s stock worth $52,010,000 after acquiring an additional 20,328 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Monarch Casino & Resort by 2.8% in the fourth quarter. Geode Capital Management LLC now owns 396,844 shares of the company’s stock worth $37,983,000 after acquiring an additional 10,890 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Monarch Casino & Resort by 38.2% in the 4th quarter. Invesco Ltd. now owns 194,371 shares of the company’s stock valued at $18,601,000 after purchasing an additional 53,745 shares in the last quarter. Finally, Qube Research & Technologies Ltd boosted its stake in shares of Monarch Casino & Resort by 77.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 188,498 shares of the company’s stock valued at $19,951,000 after purchasing an additional 82,035 shares in the last quarter. 62.37% of the stock is currently owned by 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.