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

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

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on MCRI shares. Truist Financial boosted their price target on Monarch Casino & Resort from $120.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, April 22nd. Stifel Nicolaus boosted 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. Wall Street Zen raised Monarch Casino & Resort from a “hold” rating to a “buy” rating in a research report on Saturday, April 25th. Zacks Research raised Monarch Casino & Resort from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 5th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Monarch Casino & Resort in a research report on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $109.50.

Monarch Casino & Resort Price Performance

The business has a 50-day simple moving average of $109.94 and a two-hundred day simple moving average of $100.73. The stock has a market cap of $2.19 billion, a price-to-earnings ratio of 20.90 and a beta of 1.30.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its earnings results on Tuesday, April 21st. The company reported $1.52 EPS for the quarter, beating the consensus estimate of $1.15 by $0.37. The company had revenue of $136.55 million for the quarter, compared to the consensus estimate of $128.49 million. Monarch Casino & Resort had a return on equity of 19.98% and a net margin of 19.62%.The company’s revenue was up 8.9% compared to the same quarter last year. As a group, equities 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 company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be paid a $0.30 dividend. The ex-dividend date is Monday, June 1st. This represents a $1.20 annualized dividend and a yield of 1.0%. Monarch Casino & Resort’s payout ratio is 20.34%.

Insider Transactions at Monarch Casino & Resort

In related news, CEO John Farahi sold 5,000 shares of the business’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 completion of the sale, the chief executive officer directly owned 616,556 shares in the company, valued at $74,504,627.04. The trade was a 0.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In the last ninety days, insiders sold 8,000 shares of company stock valued at $899,630. Insiders own 26.34% of the company’s stock.

Institutional Trading of Monarch Casino & Resort

Institutional investors have recently added to or reduced their stakes in the company. American Century Companies Inc. boosted its stake in Monarch Casino & Resort by 4.3% in the 3rd quarter. American Century Companies Inc. now owns 491,400 shares of the company’s stock valued at $52,010,000 after purchasing an additional 20,328 shares during the period. Segall Bryant & Hamill LLC bought a new stake in Monarch Casino & Resort in the 3rd quarter valued at $1,348,000. Public Sector Pension Investment Board boosted its stake in Monarch Casino & Resort by 32.3% in the 3rd quarter. Public Sector Pension Investment Board now owns 57,285 shares of the company’s stock valued at $6,063,000 after purchasing an additional 13,976 shares during the period. ArrowMark Colorado Holdings LLC bought a new stake in shares of Monarch Casino & Resort in the third quarter valued at approximately $2,214,000. Finally, Teacher Retirement System of Texas boosted its stake in shares of Monarch Casino & Resort by 23.3% in the fourth quarter. Teacher Retirement System of Texas now owns 80,020 shares of the company’s stock valued at $7,658,000 after buying an additional 15,110 shares during the period. 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.