Monarch Casino & Resort (NASDAQ:MCRI) Rating Increased to Strong-Buy at Texas Capital

Monarch Casino & Resort (NASDAQ:MCRI) was upgraded by equities research analysts at Texas Capital to a “strong-buy” rating in a note issued to investors on Wednesday, Zacks reports.

MCRI has been the topic of a number of other reports. Truist Financial lifted their price objective on shares of Monarch Casino & Resort from $125.00 to $144.00 and gave the stock a “buy” rating in a report on Monday, July 20th. UBS Group set a $124.00 price target on shares of Monarch Casino & Resort in a research report on Thursday, July 2nd. Weiss Ratings reissued a “buy (b)” rating on shares of Monarch Casino & Resort in a research report on Monday, August 24th. Wells Fargo & Company cut their price target on shares of Monarch Casino & Resort from $116.00 to $114.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 21st. Finally, Jefferies Financial Group reaffirmed a “hold” rating on shares of Monarch Casino & Resort in a research report on Thursday, July 2nd. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Monarch Casino & Resort presently has an average rating of “Hold” and an average target price of $124.40.

Monarch Casino & Resort Stock Down 1.1%

MCRI stock opened at $119.61 on Wednesday. The firm has a market capitalization of $2.14 billion, a PE ratio of 19.17 and a beta of 1.31. Monarch Casino & Resort has a twelve month low of $88.13 and a twelve month high of $135.93. The stock’s 50 day moving average is $123.01 and its 200-day moving average is $115.29.

Monarch Casino & Resort (NASDAQ:MCRI) last announced its quarterly earnings results on Monday, July 20th. The company reported $1.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.68 by $0.10. The business had revenue of $142.60 million during the quarter, compared to the consensus estimate of $142.85 million. Monarch Casino & Resort had a return on equity of 20.63% and a net margin of 20.40%.The business’s revenue for the quarter was up 4.2% compared to the same quarter last year. On average, equities research analysts anticipate that Monarch Casino & Resort will post 6.98 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in shares of Monarch Casino & Resort during the 2nd quarter valued at $270,679,000. California State Teachers Retirement System boosted its holdings in shares of Monarch Casino & Resort by 14,508.3% in the 2nd quarter. California State Teachers Retirement System now owns 1,842,540 shares of the company’s stock worth $242,497,000 after buying an additional 1,829,927 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Monarch Casino & Resort by 2.8% in the 4th quarter. Geode Capital Management LLC now owns 396,844 shares of the company’s stock worth $37,983,000 after buying an additional 10,890 shares during the last quarter. Invesco Ltd. grew its position in Monarch Casino & Resort by 38.2% during the fourth quarter. Invesco Ltd. now owns 194,371 shares of the company’s stock valued at $18,601,000 after buying an additional 53,745 shares during the period. Finally, Wellington Management Group LLP grew its position in Monarch Casino & Resort by 23.2% during the second quarter. Wellington Management Group LLP now owns 188,715 shares of the company’s stock valued at $24,837,000 after buying an additional 35,536 shares during the period. Institutional investors own 62.37% of the company’s stock.

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.