Monarch Casino & Resort (NASDAQ:MCRI) Reaches New 1-Year High – Still a Buy?

Monarch Casino & Resort, Inc. (NASDAQ:MCRI)’s stock price reached a new 52-week high during trading on Wednesday . The stock traded as high as $132.91 and last traded at $127.82, with a volume of 182791 shares changing hands. The stock had previously closed at $128.54.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. Wall Street Zen upgraded Monarch Casino & Resort from a “hold” rating to a “buy” rating in a research note on Saturday, April 25th. Stifel Nicolaus increased their price objective on shares of Monarch Casino & Resort from $97.00 to $102.00 and gave the company a “hold” 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. Wells Fargo & Company boosted their target price on shares of Monarch Casino & Resort from $97.00 to $99.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 22nd. Finally, Truist Financial upped their target price 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. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, Monarch Casino & Resort presently has an average rating of “Moderate Buy” and a consensus price target of $109.50.

Monarch Casino & Resort Stock Up 2.3%

The stock has a market cap of $2.32 billion, a P/E ratio of 22.15 and a beta of 1.30. The firm’s 50 day simple moving average is $115.97 and its two-hundred day simple moving average is $102.90.

Monarch Casino & Resort (NASDAQ:MCRI) last announced its quarterly earnings results on Tuesday, April 21st. The company reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.37. Monarch Casino & Resort had a net margin of 19.62% and a return on equity of 19.98%. The company had revenue of $136.55 million during the quarter, compared to the consensus estimate of $128.49 million. The company’s revenue for the quarter was up 8.9% on a year-over-year basis. As a group, equities analysts predict that Monarch Casino & Resort, Inc. will post 7.07 EPS for the current year.

Monarch Casino & Resort Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Monday, June 1st. Monarch Casino & Resort’s dividend payout ratio (DPR) is presently 20.34%.

Insider Buying and Selling at Monarch Casino & Resort

In other news, CEO John Farahi sold 5,000 shares of the firm’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $120.84, for a total value of $604,200.00. Following the sale, the chief executive officer directly owned 616,556 shares of the company’s stock, valued at approximately $74,504,627.04. This trade represents a 0.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 26.34% of the company’s stock.

Hedge Funds Weigh In On Monarch Casino & Resort

A number of hedge funds have recently made changes to their positions in the business. American Century Companies Inc. raised its holdings in shares of Monarch Casino & Resort by 4.3% in the 3rd quarter. American Century Companies Inc. now owns 491,400 shares of the company’s stock worth $52,010,000 after buying an additional 20,328 shares in the last quarter. Segall Bryant & Hamill LLC acquired a new position in Monarch Casino & Resort during the third quarter worth $1,348,000. Public Sector Pension Investment Board boosted its stake in shares of 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 in the last quarter. Hillsdale Investment Management Inc. bought a new stake in shares of Monarch Casino & Resort in the 4th quarter worth about $7,244,000. Finally, ArrowMark Colorado Holdings LLC bought a new stake in shares of Monarch Casino & Resort in the 3rd quarter worth about $2,214,000. Institutional investors and hedge funds own 62.37% of the company’s stock.

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.