Monarch Casino & Resort (NASDAQ:MCRI) Sees Strong Trading Volume – Here’s What Happened

Shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI) saw unusually-strong trading volume on Thursday . Approximately 126,776 shares traded hands during mid-day trading, an increase of 13% from the previous session’s volume of 112,060 shares.The stock last traded at $95.51 and had previously closed at $96.43.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on MCRI shares. Jefferies Financial Group reiterated a “hold” rating and set a $112.00 price target on shares of Monarch Casino & Resort in a report on Wednesday, December 24th. Zacks Research upgraded shares of Monarch Casino & Resort from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 6th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Monarch Casino & Resort in a research note on Monday, December 29th. Finally, Wells Fargo & Company increased their target price on shares of Monarch Casino & Resort from $92.00 to $93.00 and gave the stock an “equal weight” rating in a report on Thursday, February 5th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Monarch Casino & Resort currently has an average rating of “Moderate Buy” and an average price target of $99.80.

Monarch Casino & Resort Price Performance

The stock has a market capitalization of $1.71 billion, a PE ratio of 17.55 and a beta of 1.30. The company has a 50 day moving average price of $95.71 and a 200-day moving average price of $96.26.

Monarch Casino & Resort (NASDAQ:MCRI) last released its quarterly earnings results on Wednesday, February 4th. The company reported $1.25 earnings per share for the quarter, missing the consensus estimate of $1.37 by ($0.12). The company had revenue of $140.00 million during the quarter, compared to the consensus estimate of $139.39 million. Monarch Casino & Resort had a net margin of 18.60% and a return on equity of 18.68%. The business’s revenue was up 4.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.22 EPS. As a group, equities analysts anticipate that Monarch Casino & Resort, Inc. will post 5.13 earnings per share for the current year.

Monarch Casino & Resort Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 16th. Stockholders of record on Monday, March 2nd were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, March 2nd. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.3%. Monarch Casino & Resort’s payout ratio is presently 22.10%.

Insider Activity

In related news, CEO John Farahi sold 2,000 shares of the stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $99.00, for a total value of $198,000.00. Following the completion of the transaction, the chief executive officer directly owned 536,304 shares of the company’s stock, valued at $53,094,096. This represents a 0.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 25.52% of the stock is owned by corporate insiders.

Institutional Trading of Monarch Casino & Resort

Several large investors have recently bought and sold shares of MCRI. American Century Companies Inc. grew its holdings in 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 purchasing an additional 20,328 shares during the period. Assenagon Asset Management S.A. lifted its holdings in shares of Monarch Casino & Resort by 211.5% during the third quarter. Assenagon Asset Management S.A. now owns 68,092 shares of the company’s stock valued at $7,207,000 after purchasing an additional 46,235 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Monarch Casino & Resort by 10.7% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 108,791 shares of the company’s stock worth $9,404,000 after purchasing an additional 10,553 shares in the last quarter. Tributary Capital Management LLC boosted its position in shares of Monarch Casino & Resort by 57.8% in the 3rd quarter. Tributary Capital Management LLC now owns 389,306 shares of the company’s stock worth $41,204,000 after purchasing an additional 142,621 shares in the last quarter. Finally, Segall Bryant & Hamill LLC purchased a new stake in shares of Monarch Casino & Resort in the 3rd quarter worth approximately $1,348,000. 62.37% of the stock is owned by 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.