Monarch Casino & Resort (NASDAQ:MCRI) Issues Earnings Results

Monarch Casino & Resort (NASDAQ:MCRI) issued its quarterly earnings results on Monday. The company reported $1.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.67 by $0.11, Zacks reports. The company had revenue of $142.60 million for the quarter, compared to analyst estimates of $142.51 million. Monarch Casino & Resort had a return on equity of 19.98% and a net margin of 19.62%.

Monarch Casino & Resort Stock Up 1.1%

Shares of NASDAQ:MCRI opened at $124.38 on Tuesday. Monarch Casino & Resort has a 52 week low of $88.13 and a 52 week high of $135.93. The firm has a 50 day moving average of $124.41 and a 200 day moving average of $107.60. The company has a market capitalization of $2.21 billion, a price-to-earnings ratio of 21.08 and a beta of 1.29.

Monarch Casino & Resort Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be paid a dividend of $0.30 per share. The ex-dividend date is Tuesday, September 1st. This represents a $1.20 annualized dividend and a dividend yield of 1.0%. Monarch Casino & Resort’s dividend payout ratio (DPR) is currently 20.34%.

More Monarch Casino & Resort News

Here are the key news stories impacting Monarch Casino & Resort this week:

• Positive Sentiment: Monarch reported record Q2 results, with net revenue rising 4.2% year over year to $142.6 million and net income increasing 20.4%, showing solid operating momentum. Article Title
• Positive Sentiment: Diluted EPS of $1.78 beat expectations, while revenue was essentially in line with estimates, signaling that earnings strength was the main driver of the quarter. Article Title
• Positive Sentiment: The board declared a quarterly cash dividend of $0.30 per share, reinforcing management’s confidence in cash flow and shareholder returns. Article Title
• Positive Sentiment: Truist raised its price target on MCRI to $144 from $125 and kept a buy rating, suggesting more upside than previously expected. Article Title
• Neutral Sentiment: The company noted strong cash and liquidity, with $138.3 million in cash and no borrowings on its credit facility, which supports stability but is not an immediate catalyst.
• Negative Sentiment: Investors may remain cautious because part of the earnings growth benefited from tax items, and Monarch continues to face litigation risk tied to its Black Hawk construction dispute.

Insider Transactions at Monarch Casino & Resort

In related 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 transaction of $604,200.00. Following the sale, the chief executive officer directly owned 616,556 shares of the company’s stock, 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 legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 26.34% of the company’s stock.

Institutional Investors Weigh In On Monarch Casino & Resort

Several institutional investors and hedge funds have recently modified their holdings of MCRI. Panagora Asset Management Inc. grew its holdings in Monarch Casino & Resort by 6.0% in the fourth quarter. Panagora Asset Management Inc. now owns 3,490 shares of the company’s stock valued at $334,000 after purchasing an additional 198 shares during the last quarter. MML Investors Services LLC lifted its holdings in shares of Monarch Casino & Resort by 12.7% during the 4th quarter. MML Investors Services LLC now owns 3,097 shares of the company’s stock worth $296,000 after acquiring an additional 350 shares during the period. Mariner LLC grew its stake in shares of Monarch Casino & Resort by 42.9% during the 4th quarter. Mariner LLC now owns 3,562 shares of the company’s stock valued at $341,000 after buying an additional 1,069 shares during the period. Aristides Capital LLC raised its holdings in shares of Monarch Casino & Resort by 18.6% in the 4th quarter. Aristides Capital LLC now owns 3,174 shares of the company’s stock worth $304,000 after purchasing an additional 498 shares during the period. Finally, Brooklyn Investment Group lifted its position in Monarch Casino & Resort by 16,760.0% during the third quarter. Brooklyn Investment Group now owns 3,372 shares of the company’s stock valued at $357,000 after buying an additional 3,352 shares in the last quarter. Hedge funds and other institutional investors own 62.37% of the company’s stock.

Wall Street Analysts Forecast Growth

MCRI has been the subject of several recent research reports. UBS Group set a $124.00 price objective on Monarch Casino & Resort in a report on Thursday, July 2nd. Truist Financial raised their target price on Monarch Casino & Resort from $125.00 to $144.00 and gave the company a “buy” rating in a research report on Monday. Wells Fargo & Company increased their target price on shares of Monarch Casino & Resort from $99.00 to $116.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 14th. Stifel Nicolaus upped their target price on shares of Monarch Casino & Resort from $97.00 to $102.00 and gave the stock a “hold” rating in a report on Wednesday, April 22nd. Finally, Jefferies Financial Group reissued a “hold” rating on shares of Monarch Casino & Resort in a research note on Thursday, July 2nd. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $119.60.

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.