Monarch Casino & Resort, Inc. (NASDAQ:MCRI) Stock Now Rated “Moderate Buy” by Sell-Side Analysts

Shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI) have earned an average rating of “Moderate Buy” from the seven brokerages that are covering the firm, Marketbeat.com reports. Four investment analysts have rated the stock with a hold recommendation, two have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $124.40.

MCRI has been the subject of a number of research analyst reports. UBS Group set a $124.00 target price on Monarch Casino & Resort in a report on Thursday, July 2nd. Jefferies Financial Group restated a “hold” rating on shares of Monarch Casino & Resort in a report on Thursday, July 2nd. Truist Financial lifted their price target on shares of Monarch Casino & Resort from $125.00 to $144.00 and gave the company a “buy” rating in a research note on Monday, July 20th. Texas Capital upgraded shares of Monarch Casino & Resort to a “strong-buy” rating in a report on Wednesday, September 9th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Monarch Casino & Resort in a report on Monday, August 24th.

Insiders Place Their Bets

In related news, CEO John Farahi sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, September 17th. The stock was sold at an average price of $124.00, for a total transaction of $620,000.00. Following the transaction, the chief executive officer directly owned 611,556 shares of the company’s stock, valued at approximately $75,832,944. This represents a 0.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 26.34% of the company’s stock.

Institutional Investors Weigh In On Monarch Casino & Resort

A number of hedge funds have recently added to or reduced their stakes in MCRI. BlackRock Inc. purchased a new position in Monarch Casino & Resort during the 2nd quarter worth $270,679,000. Bank of New York Mellon Corp bought a new stake in shares of Monarch Casino & Resort in the 2nd quarter worth $16,778,000. Hillsdale Investment Management Inc. purchased a new stake in shares of Monarch Casino & Resort in the fourth quarter valued at about $7,244,000. Pacer Advisors Inc. raised its holdings in shares of Monarch Casino & Resort by 2,489.3% in the fourth quarter. Pacer Advisors Inc. now owns 50,311 shares of the company’s stock valued at $4,815,000 after purchasing an additional 48,368 shares during the last quarter. Finally, Man Group plc purchased a new stake in shares of Monarch Casino & Resort in the second quarter valued at about $5,873,000. Institutional investors and hedge funds own 62.37% of the company’s stock.

Monarch Casino & Resort Trading Up 0.4%

Shares of MCRI opened at $118.05 on Friday. The stock has a market capitalization of $2.12 billion, a P/E ratio of 18.92 and a beta of 1.31. The firm’s fifty day simple moving average is $121.91 and its two-hundred day simple moving average is $116.97. Monarch Casino & Resort has a 12 month low of $88.13 and a 12 month high of $135.93.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its quarterly earnings data on Monday, July 20th. The company reported $1.78 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.10. The firm had revenue of $142.60 million during the quarter, compared to analyst estimates of $142.85 million. Monarch Casino & Resort had a return on equity of 20.63% and a net margin of 20.40%.The firm’s revenue for the quarter was up 4.2% on a year-over-year basis. As a group, research analysts predict that Monarch Casino & Resort will post 6.98 EPS for the current fiscal year.

Monarch Casino & Resort Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend was Tuesday, September 1st. Monarch Casino & Resort’s payout ratio is presently 19.23%.

Monarch Casino & Resort Company Profile

Monarch Casino & Resort, Inc is a gaming and hospitality company that owns and operates casino resorts in Nevada and Colorado. Its properties combine casino gaming with hotel accommodations, dining, entertainment, and other resort amenities.

The company operates Atlantis Casino Resort Spa in Reno, Nevada, which offers casino games, hotel rooms, restaurants, entertainment, and spa services. In Black Hawk, Colorado, Monarch operates Monarch Casino Resort Spa, a destination featuring gaming, lodging, dining, entertainment, and wellness facilities.

Monarch Casino & Resort has expanded its presence through the development and acquisition of casino resort properties, including its Black Hawk operations.