Monarch Casino & Resort, Inc. (NASDAQ:MCRI) Receives Average Rating of “Moderate Buy” from Brokerages

Monarch Casino & Resort, Inc. (NASDAQ:MCRI) has been assigned a consensus recommendation of “Moderate Buy” from the six analysts that are currently covering the firm, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $109.50.

A number of equities research analysts have recently weighed in on MCRI shares. Wall Street Zen upgraded Monarch Casino & Resort from a “hold” rating to a “buy” rating in a research note on Saturday, April 25th. Wells Fargo & Company increased their price objective on shares of 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. Zacks Research upgraded shares of Monarch Casino & Resort from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 5th. Stifel Nicolaus boosted their target price on shares of Monarch Casino & Resort from $97.00 to $102.00 and gave the stock a “hold” rating in a research report on Wednesday, April 22nd. Finally, Truist Financial upped their price target on shares of Monarch Casino & Resort from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd.

Monarch Casino & Resort Trading Up 0.5%

Shares of MCRI stock opened at $116.81 on Monday. Monarch Casino & Resort has a 12-month low of $80.39 and a 12-month high of $121.38. The business’s fifty day simple moving average is $106.02 and its 200-day simple moving average is $99.01. The company has a market cap of $2.07 billion, a PE ratio of 19.80 and a beta of 1.32.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its quarterly earnings data 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. Monarch Casino & Resort had a return on equity of 19.98% and a net margin of 19.62%.The firm had revenue of $136.55 million during the quarter, compared to analysts’ expectations of $128.49 million. The company’s revenue was up 8.9% compared to the same quarter last year. On average, equities analysts forecast that Monarch Casino & Resort will post 7.07 earnings per share for the current year.

Monarch Casino & Resort Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Monday, June 1st will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend 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 payout ratio is 20.34%.

Insider Buying and Selling at Monarch Casino & Resort

In related news, CEO John Farahi sold 2,000 shares of Monarch Casino & Resort stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $99.00, for a total transaction of $198,000.00. Following the completion of the sale, the chief executive officer owned 536,304 shares of the company’s stock, valued at $53,094,096. The trade was a 0.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 26.34% of the company’s stock.

Hedge Funds Weigh In On Monarch Casino & Resort

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in shares of Monarch Casino & Resort by 0.6% in the 4th quarter. Vanguard Group Inc. now owns 1,030,396 shares of the company’s stock valued at $98,609,000 after acquiring an additional 5,667 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of Monarch Casino & Resort by 4.3% during 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 last quarter. Geode Capital Management LLC raised its holdings in shares of Monarch Casino & Resort by 2.8% during the fourth quarter. Geode Capital Management LLC now owns 396,844 shares of the company’s stock worth $37,983,000 after purchasing an additional 10,890 shares during the last quarter. Invesco Ltd. lifted its position in Monarch Casino & Resort by 38.2% during the fourth 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 during the period. Finally, Qube Research & Technologies Ltd boosted its holdings in Monarch Casino & Resort by 77.1% in the third 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 during 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.