Analysts Set Monarch Casino & Resort, Inc. (NASDAQ:MCRI) Target Price at $109.50

Shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI) have been given a consensus rating of “Moderate Buy” by the six analysts that are covering the firm, Marketbeat reports. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $109.50.

Several research firms have recently commented on MCRI. Truist Financial raised their price target on Monarch Casino & Resort from $120.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, April 22nd. Wall Street Zen raised Monarch Casino & Resort from a “hold” rating to a “buy” rating in a report on Saturday, April 25th. Weiss Ratings reissued a “buy (b)” rating on shares of Monarch Casino & Resort in a report on Wednesday, May 27th. Wells Fargo & Company lifted their price objective on Monarch Casino & Resort from $97.00 to $99.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 22nd. Finally, Zacks Research raised Monarch Casino & Resort from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 5th.

Monarch Casino & Resort Stock Up 2.3%

NASDAQ:MCRI opened at $130.66 on Friday. The stock’s 50 day moving average price is $115.97 and its 200 day moving average price is $102.90. Monarch Casino & Resort has a 52-week low of $83.30 and a 52-week high of $132.91. The company has a market capitalization of $2.32 billion, a PE ratio of 22.15 and a beta of 1.30.

Monarch Casino & Resort (NASDAQ:MCRI) last announced its earnings results on Tuesday, April 21st. The company reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.37. Monarch Casino & Resort had a return on equity of 19.98% and a net margin of 19.62%.The company had revenue of $136.55 million for the quarter, compared to the consensus estimate of $128.49 million. The firm’s revenue for the quarter was up 8.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Monarch Casino & Resort will post 7.07 EPS for the current fiscal year.

Monarch Casino & Resort Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $1.20 annualized dividend and a yield of 0.9%. Monarch Casino & Resort’s payout ratio is currently 20.34%.

Insider Transactions at Monarch Casino & Resort

In other news, CEO John Farahi sold 5,000 shares of the business’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $120.84, for a total value of $604,200.00. Following the completion of the transaction, the chief executive officer directly owned 616,556 shares of the company’s stock, valued at $74,504,627.04. The trade was a 0.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available 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 institutional investors have recently made changes to their positions in the stock. Osaic Holdings Inc. grew its position in shares of Monarch Casino & Resort by 210.0% in the second quarter. Osaic Holdings Inc. now owns 465 shares of the company’s stock valued at $40,000 after purchasing an additional 315 shares during the period. Kestra Advisory Services LLC purchased a new stake in shares of Monarch Casino & Resort in the fourth quarter valued at $40,000. GAMMA Investing LLC grew its position 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 purchasing an additional 106 shares during the period. Parallel Advisors LLC grew its position in shares of Monarch Casino & Resort by 191.3% in the first quarter. Parallel Advisors LLC now owns 1,136 shares of the company’s stock valued at $109,000 after purchasing an additional 746 shares during the period. Finally, Tower Research Capital LLC TRC grew its position in shares of Monarch Casino & Resort by 69.8% in the second quarter. Tower Research Capital LLC TRC now owns 1,275 shares of the company’s stock valued at $110,000 after purchasing an additional 524 shares during the period. 62.37% of the stock is owned by institutional investors and hedge funds.

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.