Monarch Casino & Resort (NASDAQ:MCRI) Sets New 12-Month High – What’s Next?

Monarch Casino & Resort, Inc. (NASDAQ:MCRI) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $83.11 and last traded at $83.10, with a volume of 9544 shares trading hands. The stock had previously closed at $79.67.

Wall Street Analysts Forecast Growth

MCRI has been the topic of several research analyst reports. Macquarie reissued a “neutral” rating and set a $76.00 target price on shares of Monarch Casino & Resort in a research note on Thursday, July 25th. Stifel Nicolaus lifted their price target on Monarch Casino & Resort from $72.00 to $77.00 and gave the company a “hold” rating in a research report on Thursday, October 24th. StockNews.com upgraded Monarch Casino & Resort from a “buy” rating to a “strong-buy” rating in a research report on Monday, October 21st. Finally, Truist Financial lifted their price target on Monarch Casino & Resort from $75.00 to $82.00 and gave the company a “hold” rating in a research report on Wednesday, October 23rd.

Monarch Casino & Resort Stock Up 3.7 %

The company has a fifty day simple moving average of $76.65 and a 200 day simple moving average of $72.02. The firm has a market capitalization of $1.52 billion, a P/E ratio of 18.38 and a beta of 1.73.

Monarch Casino & Resort (NASDAQ:MCRI) last released its earnings results on Wednesday, October 23rd. The company reported $1.47 EPS for the quarter, topping the consensus estimate of $1.37 by $0.10. Monarch Casino & Resort had a return on equity of 17.06% and a net margin of 16.82%. The business had revenue of $137.87 million for the quarter, compared to the consensus estimate of $134.50 million. During the same period in the previous year, the company posted $1.38 earnings per share. As a group, equities analysts expect that Monarch Casino & Resort, Inc. will post 4.72 earnings per share for the current fiscal year.

Monarch Casino & Resort Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Sunday, December 15th. Stockholders of record on Sunday, December 1st will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.45%. The ex-dividend date of this dividend is Friday, November 29th. Monarch Casino & Resort’s dividend payout ratio is currently 26.55%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Financial Management Professionals Inc. purchased a new stake in Monarch Casino & Resort during the third quarter valued at $30,000. GAMMA Investing LLC increased its position in Monarch Casino & Resort by 61.0% in the third quarter. GAMMA Investing LLC now owns 470 shares of the company’s stock worth $37,000 after buying an additional 178 shares in the last quarter. Meeder Asset Management Inc. bought a new position in shares of Monarch Casino & Resort in the second quarter worth about $53,000. Canada Pension Plan Investment Board bought a new position in shares of Monarch Casino & Resort in the second quarter worth about $102,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Monarch Casino & Resort by 81.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,712 shares of the company’s stock worth $185,000 after acquiring an additional 1,221 shares during the period. Hedge funds and other institutional investors own 62.37% of the company’s stock.

Monarch Casino & Resort Company Profile

Monarch Casino & Resort, Inc, through its subsidiaries, owns and operates the Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada. It also owns and operates the Monarch Casino Resort Spa Black Hawk in Black Hawk, Colorado. The company was incorporated in 1993 and is based in Reno, Nevada.