Monarch Casino & Resort (NASDAQ:MCRI) Hits New 52-Week High – Should You Buy?

Shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $120.97 and last traded at $120.5040, with a volume of 25395 shares changing hands. The stock had previously closed at $117.96.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Stifel Nicolaus lifted their target price on Monarch Casino & Resort from $97.00 to $102.00 and gave the company a “hold” rating in a research note on Wednesday, April 22nd. Zacks Research upgraded shares of Monarch Casino & Resort from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 5th. Wall Street Zen upgraded shares of Monarch Casino & Resort from a “hold” rating to a “buy” rating in a research report on Saturday, April 25th. Truist Financial raised 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. Finally, Wells Fargo & Company boosted their price target on shares of Monarch Casino & Resort from $97.00 to $99.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 22nd. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, Monarch Casino & Resort currently has a consensus rating of “Moderate Buy” and a consensus target price of $109.50.

Monarch Casino & Resort Price Performance

The stock’s 50-day moving average is $104.93 and its 200-day moving average is $98.51. The stock has a market cap of $2.09 billion, a price-to-earnings ratio of 19.95 and a beta of 1.32.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its quarterly earnings results on Tuesday, April 21st. The company reported $1.52 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 business had revenue of $136.55 million for the quarter, compared to analysts’ expectations of $128.49 million. The firm’s quarterly revenue was up 8.9% on a year-over-year basis. Analysts predict that Monarch Casino & Resort, Inc. will post 7.07 EPS for the current fiscal year.

Monarch Casino & Resort Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend is Monday, June 1st. Monarch Casino & Resort’s dividend payout ratio is presently 20.34%.

Insider Activity

In other 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 directly owned 536,304 shares in the company, valued at $53,094,096. The trade was a 0.37% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 26.34% of the stock is currently owned by corporate insiders.

Institutional Trading of Monarch Casino & Resort

Several large investors have recently added to or reduced their stakes in the business. Kestra Advisory Services LLC acquired a new stake in shares of Monarch Casino & Resort in the 4th quarter valued at $40,000. Osaic Holdings Inc. grew its holdings in Monarch Casino & Resort by 210.0% in the 2nd quarter. Osaic Holdings Inc. now owns 465 shares of the company’s stock valued at $40,000 after buying an additional 315 shares during the last quarter. GAMMA Investing LLC increased its position in Monarch Casino & Resort by 12.1% in the 4th quarter. GAMMA Investing LLC now owns 984 shares of the company’s stock worth $94,000 after buying an additional 106 shares during the period. Parallel Advisors LLC lifted its holdings in shares of Monarch Casino & Resort by 191.3% during the first quarter. Parallel Advisors LLC now owns 1,136 shares of the company’s stock worth $109,000 after buying an additional 746 shares during the last quarter. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of Monarch Casino & Resort by 69.8% during the second quarter. Tower Research Capital LLC TRC now owns 1,275 shares of the company’s stock worth $110,000 after buying an additional 524 shares during the last quarter. 62.37% of the stock is owned by 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.