Monarch Casino & Resort (NASDAQ:MCRI) Lowered to Hold Rating by Zacks Research

Zacks Research lowered shares of Monarch Casino & Resort (NASDAQ:MCRI) from a strong-buy rating to a hold rating in a report released on Monday,Zacks.com reports.

A number of other research analysts have also commented on the stock. Stifel Nicolaus upped their price objective on shares of Monarch Casino & Resort from $97.00 to $102.00 and gave the company a “hold” rating in a research report on Wednesday, April 22nd. Wells Fargo & Company lifted their target price on 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. Weiss Ratings restated a “buy (b)” rating on shares of Monarch Casino & Resort in a research note on Wednesday, May 27th. Wall Street Zen raised Monarch Casino & Resort from a “hold” rating to a “buy” rating in a report on Saturday, April 25th. Finally, Truist Financial upped 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. Two equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $109.50.

Monarch Casino & Resort Trading Down 0.5%

Shares of MCRI stock opened at $128.80 on Monday. Monarch Casino & Resort has a 1 year low of $85.40 and a 1 year high of $134.31. The firm’s fifty day simple moving average is $117.83 and its 200 day simple moving average is $103.61. The firm has a market capitalization of $2.29 billion, a P/E ratio of 21.83 and a beta of 1.30.

Monarch Casino & Resort (NASDAQ:MCRI) last released its 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. The firm had revenue of $136.55 million during the quarter, compared to analysts’ expectations of $128.49 million. Monarch Casino & Resort had a net margin of 19.62% and a return on equity of 19.98%. The firm’s revenue was up 8.9% on a year-over-year basis. Equities research analysts anticipate that Monarch Casino & Resort will post 7.07 EPS for the current fiscal year.

Monarch Casino & Resort Announces Dividend

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

Insider Transactions at Monarch Casino & Resort

In related news, CEO John Farahi sold 5,000 shares of Monarch Casino & Resort stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $120.84, for a total transaction 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. This trade represents a 0.80% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 26.34% of the stock is owned by corporate insiders.

Institutional Trading of Monarch Casino & Resort

Several hedge funds have recently modified their holdings of the company. Osaic Holdings Inc. boosted its holdings in shares of Monarch Casino & Resort by 210.0% in the 2nd quarter. Osaic Holdings Inc. now owns 465 shares of the company’s stock worth $40,000 after acquiring an additional 315 shares in the last quarter. Kestra Advisory Services LLC bought a new position in Monarch Casino & Resort in the 4th quarter valued at $40,000. GAMMA Investing LLC boosted its stake in Monarch Casino & Resort by 12.1% in the fourth quarter. GAMMA Investing LLC now owns 984 shares of the company’s stock worth $94,000 after purchasing an additional 106 shares in the last quarter. Parallel Advisors LLC boosted its stake in Monarch Casino & Resort by 191.3% in the first quarter. Parallel Advisors LLC now owns 1,136 shares of the company’s stock worth $109,000 after purchasing an additional 746 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew 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 purchasing an additional 524 shares during the last quarter. Institutional investors and hedge funds 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.