Monarch Casino & Resort (NASDAQ:MCRI) Downgraded by Wall Street Zen to Hold

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

Several other research firms also recently commented on MCRI. UBS Group set a $124.00 price objective on Monarch Casino & Resort in a report on Thursday, July 2nd. Zacks Research cut Monarch Casino & Resort from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 22nd. Truist Financial lifted their price target on shares of Monarch Casino & Resort from $125.00 to $144.00 and gave the company a “buy” rating in a research report on Monday, July 20th. Weiss Ratings restated a “buy (b)” rating on shares of Monarch Casino & Resort in a research note on Wednesday, May 27th. Finally, Wells Fargo & Company lowered their price objective on shares of Monarch Casino & Resort from $116.00 to $114.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 21st. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $124.40.

Monarch Casino & Resort Price Performance

Shares of MCRI opened at $122.75 on Friday. Monarch Casino & Resort has a one year low of $88.13 and a one year high of $135.93. The company has a market cap of $2.20 billion, a PE ratio of 19.67 and a beta of 1.29. The stock has a 50-day moving average of $125.05 and a 200-day moving average of $109.15.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its quarterly earnings results on Monday, July 20th. The company reported $1.78 earnings per share for the quarter, topping analysts’ consensus estimates of $1.68 by $0.10. The business had revenue of $142.60 million for the quarter, compared to the consensus estimate of $142.85 million. Monarch Casino & Resort had a return on equity of 20.63% and a net margin of 20.40%.Monarch Casino & Resort’s revenue for the quarter was up 4.2% on a year-over-year basis. Analysts expect that Monarch Casino & Resort will post 6.98 EPS for the current fiscal year.

Monarch Casino & Resort Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Tuesday, September 1st. Monarch Casino & Resort’s payout ratio is currently 19.23%.

Insider Activity at Monarch Casino & Resort

In other news, CEO John Farahi sold 5,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer owned 616,556 shares in the company, 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. 26.34% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Monarch Casino & Resort

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Hillsdale Investment Management Inc. purchased a new position in Monarch Casino & Resort during the 4th quarter worth $7,244,000. UBS Group AG grew its stake in shares of Monarch Casino & Resort by 26.9% in the 4th quarter. UBS Group AG now owns 46,451 shares of the company’s stock worth $4,445,000 after acquiring an additional 9,855 shares in the last quarter. AlphaQuest LLC raised its holdings in shares of Monarch Casino & Resort by 303.4% in the fourth quarter. AlphaQuest LLC now owns 21,701 shares of the company’s stock valued at $2,077,000 after purchasing an additional 16,321 shares during the last quarter. Pacer Advisors Inc. raised its holdings in shares of Monarch Casino & Resort by 2,489.3% in the fourth quarter. Pacer Advisors Inc. now owns 50,311 shares of the company’s stock valued at $4,815,000 after purchasing an additional 48,368 shares during the last quarter. Finally, Teacher Retirement System of Texas lifted its position in shares of Monarch Casino & Resort by 23.3% during the fourth quarter. Teacher Retirement System of Texas now owns 80,020 shares of the company’s stock valued at $7,658,000 after purchasing an additional 15,110 shares in the last quarter. 62.37% of the stock is owned by hedge funds and other 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.