Monarch Casino & Resort (NASDAQ:MCRI) Releases Quarterly Earnings Results, Beats Expectations By $0.11 EPS

Monarch Casino & Resort (NASDAQ:MCRI) released its earnings results on Monday. The company reported $1.78 EPS for the quarter, topping the consensus estimate of $1.67 by $0.11, Zacks reports. Monarch Casino & Resort had a net margin of 19.62% and a return on equity of 19.98%.

Monarch Casino & Resort Price Performance

Shares of NASDAQ:MCRI traded up $1.35 during trading on Monday, hitting $124.38. 137,888 shares of the company were exchanged, compared to its average volume of 142,187. The company has a market cap of $2.21 billion, a PE ratio of 21.08 and a beta of 1.29. Monarch Casino & Resort has a 52-week low of $88.13 and a 52-week high of $135.93. The stock has a 50 day moving average of $124.26 and a 200 day moving average of $107.40.

Monarch Casino & Resort Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Monday, June 1st were paid a $0.30 dividend. The ex-dividend date was Monday, June 1st. This represents a $1.20 annualized dividend and a dividend yield of 1.0%. Monarch Casino & Resort’s payout ratio is presently 20.34%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on MCRI shares. Jefferies Financial Group reissued a “hold” rating on shares of Monarch Casino & Resort in a report on Thursday, July 2nd. Stifel Nicolaus boosted their target price on Monarch Casino & Resort from $97.00 to $102.00 and gave the stock a “hold” rating in a report on Wednesday, April 22nd. Wall Street Zen raised shares of Monarch Casino & Resort from a “hold” rating to a “buy” rating in a report on Saturday, April 25th. Zacks Research lowered Monarch Casino & Resort from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 22nd. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Monarch Casino & Resort in a research note on Wednesday, May 27th. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $119.60.

Insider Buying and Selling at Monarch Casino & Resort

In related news, CEO John Farahi sold 5,000 shares of the business’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $120.84, for a total transaction of $604,200.00. Following the transaction, the chief executive officer owned 616,556 shares in the company, valued at $74,504,627.04. The trade was a 0.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 26.34% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC lifted its position in Monarch Casino & Resort by 36.0% during the first quarter. AQR Capital Management LLC now owns 57,731 shares of the company’s stock valued at $4,489,000 after purchasing an additional 15,295 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Monarch Casino & Resort by 4.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,618 shares of the company’s stock valued at $592,000 after acquiring an additional 316 shares in the last quarter. Creative Planning acquired a new position in Monarch Casino & Resort during the second quarter valued at $283,000. Quantbot Technologies LP acquired a new stake in shares of Monarch Casino & Resort during the 2nd quarter valued at about $431,000. Finally, First Trust Advisors LP increased its position in shares of Monarch Casino & Resort by 9.5% during the second quarter. First Trust Advisors LP now owns 41,109 shares of the company’s stock worth $3,553,000 after purchasing an additional 3,574 shares in the last quarter. 62.37% of the stock is currently owned by 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.