Monarch Casino & Resort (NASDAQ:MCRI) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research downgraded shares of Monarch Casino & Resort (NASDAQ:MCRI) from a buy rating to a hold rating in a research report sent to investors on Wednesday, December 27th.

According to Zacks, “Monarch Casino & Resort, Inc. is dedicated to deliver the ultimate guest experience by providing exceptional services as well as the latest gaming, dining and hospitality amenities. With a main focus on their guests’ superior expectations, they continue to aggressively reinvest in our properties. As a market leader, they invite them to become more familiar with their company, their operations and their management team. Monarch Casino & Resort, Inc., through its subsidiaries, owns and operates the Atlantis Casino Resort Spa, a hotel/casino facility in Reno, Nevada, and the Monarch Black Hawk Casino in Black Hawk, Colorado, approximately 40 miles west of Denver. “

MCRI has been the subject of several other reports. ValuEngine raised Monarch Casino & Resort from a hold rating to a buy rating in a research report on Wednesday, September 6th. Union Gaming Research raised Monarch Casino & Resort from a hold rating to a buy rating in a research report on Wednesday, October 25th. Finally, UBS Group raised Monarch Casino & Resort from a hold rating to a buy rating in a research report on Wednesday, October 25th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of Buy and a consensus price target of $53.25.

Monarch Casino & Resort (NASDAQ MCRI) opened at $45.42 on Wednesday. The company has a quick ratio of 1.08, a current ratio of 1.17 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $802.60, a PE ratio of 29.88 and a beta of 1.11. Monarch Casino & Resort has a 52 week low of $23.10 and a 52 week high of $47.92.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its quarterly earnings data on Tuesday, October 24th. The company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.02. The company had revenue of $63.03 million during the quarter, compared to analysts’ expectations of $60.05 million. Monarch Casino & Resort had a return on equity of 11.25% and a net margin of 11.99%. equities research analysts predict that Monarch Casino & Resort will post 1.51 EPS for the current year.

In related news, President Bob Farahi sold 12,242 shares of the company’s stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $46.13, for a total transaction of $564,723.46. Following the sale, the president now owns 378,074 shares in the company, valued at $17,440,553.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Ben Farahi sold 35,000 shares of the company’s stock in a transaction dated Thursday, October 26th. The stock was sold at an average price of $42.99, for a total value of $1,504,650.00. Following the sale, the insider now owns 1,125,772 shares in the company, valued at approximately $48,396,938.28. The disclosure for this sale can be found here. Insiders have sold 138,476 shares of company stock worth $6,259,906 in the last quarter. 27.56% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Macquarie Group Ltd. bought a new stake in Monarch Casino & Resort during the third quarter worth about $171,000. Cornerstone Capital Management Holdings LLC. bought a new stake in Monarch Casino & Resort in the second quarter valued at approximately $156,000. BNP Paribas Arbitrage SA raised its stake in Monarch Casino & Resort by 74.1% in the third quarter. BNP Paribas Arbitrage SA now owns 5,662 shares of the company’s stock valued at $224,000 after buying an additional 2,409 shares during the period. Russell Investments Group Ltd. bought a new stake in Monarch Casino & Resort in the second quarter valued at approximately $173,000. Finally, AMP Capital Investors Ltd bought a new stake in Monarch Casino & Resort in the third quarter valued at approximately $241,000. Institutional investors and hedge funds own 58.29% of the company’s stock.

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Monarch Casino & Resort Company Profile

Monarch Casino & Resort, Inc (Monarch), through its subsidiary, owns and operates the Atlantis Casino Resort Spa (the Atlantis), a hotel/casino facility in Reno, Nevada. The Company also owns and operates Monarch Casino Black Hawk. The Company’s segments include Atlantis and Monarch Casino Black Hawk.

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