Monarch Casino & Resort (NASDAQ:MCRI) Reaches New 1-Year High – What’s Next?

Monarch Casino & Resort, Inc. (NASDAQ:MCRI)’s share price hit a new 52-week high on Wednesday . The company traded as high as $120.91 and last traded at $118.7620, with a volume of 15654 shares changing hands. The stock had previously closed at $119.27.

Wall Street Analyst Weigh In

A number of equities 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 raised their price target on Monarch Casino & Resort from $97.00 to $102.00 and gave the stock a “hold” rating in a research note on Wednesday, April 22nd. Zacks Research downgraded Monarch Casino & Resort from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 6th. Truist Financial raised their price target on 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 increased 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 report on Wednesday, April 22nd. Two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Monarch Casino & Resort presently has an average rating of “Hold” and an average target price of $109.50.

Monarch Casino & Resort Stock Performance

The business’s fifty day moving average price is $100.78 and its two-hundred day moving average price is $96.82. The stock has a market capitalization of $2.11 billion, a P/E ratio of 20.13 and a beta of 1.32.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its earnings results on Tuesday, April 21st. The company reported $1.52 earnings per share for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $136.55 million for the quarter, compared to the consensus estimate of $128.49 million. Monarch Casino & Resort’s revenue for the quarter was up 8.9% on a year-over-year basis. As a group, analysts forecast 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. Investors of record on Monday, June 1st will be paid 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 dividend yield of 1.0%. Monarch Casino & Resort’s payout ratio is currently 20.34%.

Insider Activity at Monarch Casino & Resort

In related news, CEO John Farahi sold 2,000 shares of Monarch Casino & Resort stock in a transaction dated Monday, March 16th. The shares were sold at an average price of $99.00, for a total transaction of $198,000.00. Following the completion of the transaction, the chief executive officer directly owned 536,304 shares of the company’s stock, valued at approximately $53,094,096. The trade was a 0.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 26.34% of the company’s stock.

Hedge Funds Weigh In On Monarch Casino & Resort

A number of large investors have recently made changes to their positions in MCRI. Farther Finance Advisors LLC boosted its stake in shares of Monarch Casino & Resort by 199.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 329 shares of the company’s stock worth $35,000 after purchasing an additional 219 shares during the period. Osaic Holdings Inc. boosted its position 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 period. Kestra Advisory Services LLC purchased a new stake in Monarch Casino & Resort in the 4th quarter valued at about $40,000. TD Private Client Wealth LLC boosted its position in Monarch Casino & Resort by 57.1% in the 3rd quarter. TD Private Client Wealth LLC now owns 594 shares of the company’s stock valued at $63,000 after buying an additional 216 shares during the period. Finally, GAMMA Investing LLC boosted 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 valued at $94,000 after buying an additional 106 shares during the period. 62.37% of the stock is owned by hedge funds and other 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.