Monarch Casino & Resort (NASDAQ:MCRI) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Monarch Casino & Resort (NASDAQ:MCRI) from a hold rating to a buy rating in a report issued on Saturday morning.

A number of other research firms have also recently issued reports on MCRI. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Monarch Casino & Resort in a research report on Monday, December 29th. Zacks Research cut Monarch Casino & Resort from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 6th. Stifel Nicolaus raised their price objective on Monarch Casino & Resort from $97.00 to $102.00 and gave the company a “hold” rating in a research report on Wednesday, April 22nd. Wells Fargo & Company raised their price objective on Monarch Casino & Resort from $97.00 to $99.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 22nd. Finally, Truist Financial raised 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. Two equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $109.50.

Monarch Casino & Resort Stock Performance

Shares of NASDAQ MCRI opened at $117.61 on Friday. The stock has a 50 day moving average price of $98.87 and a 200 day moving average price of $96.17. Monarch Casino & Resort has a 52 week low of $76.05 and a 52 week high of $118.00. The stock has a market capitalization of $2.09 billion, a PE ratio of 19.93 and a beta of 1.30.

Monarch Casino & Resort (NASDAQ:MCRI) last released its quarterly earnings data on Tuesday, April 21st. The company reported $1.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $136.55 million during the quarter, compared to analysts’ expectations of $128.49 million. Monarch Casino & Resort’s revenue was up 8.9% on a year-over-year basis. As a group, research analysts forecast that Monarch Casino & Resort will post 6.48 EPS for the current year.

Monarch Casino & Resort Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be paid a dividend of $0.30 per share. The ex-dividend date is 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 (DPR) is 20.34%.

Insider Buying and Selling at Monarch Casino & Resort

In other news, CEO John Farahi sold 2,000 shares of the stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $99.00, for a total transaction of $198,000.00. Following the transaction, the chief executive officer owned 536,304 shares in the company, valued at approximately $53,094,096. This trade represents a 0.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 26.34% of the company’s stock.

Hedge Funds Weigh In On Monarch Casino & Resort

Large investors have recently made changes to their positions in the company. Farther Finance Advisors LLC increased its stake in shares of Monarch Casino & Resort by 199.1% during the third quarter. Farther Finance Advisors LLC now owns 329 shares of the company’s stock worth $35,000 after purchasing an additional 219 shares during the period. Kestra Advisory Services LLC bought a new position in shares of Monarch Casino & Resort during the fourth quarter worth approximately $40,000. Osaic Holdings Inc. increased its stake 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 worth $40,000 after purchasing an additional 315 shares during the period. TD Private Client Wealth LLC increased its stake in shares of Monarch Casino & Resort by 57.1% during the third quarter. TD Private Client Wealth LLC now owns 594 shares of the company’s stock worth $63,000 after purchasing an additional 216 shares during the period. Finally, Blue Trust Inc. increased its stake in shares of Monarch Casino & Resort by 46.4% during the third quarter. Blue Trust Inc. now owns 612 shares of the company’s stock worth $65,000 after purchasing an additional 194 shares during the period. Institutional investors own 62.37% of the company’s stock.

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.