Monarch Casino & Resort (NASDAQ:MCRI) Reaches New 1-Year High After Analyst Upgrade

Monarch Casino & Resort, Inc. (NASDAQ:MCRI)’s stock price reached a new 52-week high during trading on Wednesday after Zacks Research upgraded the stock from a hold rating to a strong-buy rating. The company traded as high as $120.91 and last traded at $118.7620, with a volume of 15654 shares trading hands. The stock had previously closed at $119.27.

A number of other analysts have also weighed in on MCRI. Wells Fargo & Company raised their target price on Monarch Casino & Resort from $97.00 to $99.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 22nd. Truist Financial boosted their target price on shares of Monarch Casino & Resort from $120.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. 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 research report on Wednesday, April 22nd. Finally, Wall Street Zen raised shares of Monarch Casino & Resort from a “hold” rating to a “buy” rating in a report on Saturday, April 25th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat.com, Monarch Casino & Resort currently has an average rating of “Moderate Buy” and a consensus price target of $109.50.

Insider Activity at Monarch Casino & Resort

In related news, CEO John Farahi sold 2,000 shares of the firm’s stock in a transaction on Monday, March 16th. The stock was sold at an average price of $99.00, for a total transaction of $198,000.00. Following the sale, the chief executive officer owned 536,304 shares of the company’s stock, valued at approximately $53,094,096. This trade represents a 0.37% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 26.34% of the stock is currently owned by corporate insiders.

Institutional Trading of Monarch Casino & Resort

A number of large investors have recently bought and sold shares of MCRI. GAMMA Investing LLC boosted its holdings in shares of Monarch Casino & Resort by 12.1% in the fourth quarter. GAMMA Investing LLC now owns 984 shares of the company’s stock valued at $94,000 after buying an additional 106 shares during the period. Illinois Municipal Retirement Fund raised its holdings in shares of Monarch Casino & Resort by 2.2% during the third quarter. Illinois Municipal Retirement Fund now owns 6,703 shares of the company’s stock worth $709,000 after acquiring an additional 142 shares during the period. Mariner LLC raised its holdings in shares of Monarch Casino & Resort by 6.5% during the third quarter. Mariner LLC now owns 2,493 shares of the company’s stock worth $264,000 after acquiring an additional 152 shares during the period. Vident Advisory LLC lifted its position in Monarch Casino & Resort by 3.5% in the 2nd quarter. Vident Advisory LLC now owns 5,566 shares of the company’s stock valued at $481,000 after acquiring an additional 186 shares in the last quarter. Finally, Panagora Asset Management Inc. boosted its stake in Monarch Casino & Resort by 6.0% in the 4th quarter. Panagora Asset Management Inc. now owns 3,490 shares of the company’s stock worth $334,000 after purchasing an additional 198 shares during the period. 62.37% of the stock is owned by institutional investors.

Monarch Casino & Resort Trading Up 1.7%

The stock’s 50 day moving average is $101.68 and its two-hundred day moving average is $97.14. The stock has a market capitalization of $2.12 billion, a price-to-earnings ratio of 20.19 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 the consensus estimate of $1.15 by $0.37. The company had revenue of $136.55 million during the quarter, compared to analysts’ expectations of $128.49 million. Monarch Casino & Resort had a return on equity of 19.98% and a net margin of 19.62%.Monarch Casino & Resort’s quarterly revenue was up 8.9% compared to the same quarter last year. On average, research analysts anticipate that Monarch Casino & Resort, Inc. will post 6.48 earnings per share for the current year.

Monarch Casino & Resort Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be given 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 yield of 1.0%. Monarch Casino & Resort’s dividend payout ratio is 20.34%.

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.