Monarch Casino & Resort, Inc. (NASDAQ:MCRI) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI) have received an average recommendation of “Moderate Buy” from the seven brokerages that are currently covering the stock, MarketBeat Ratings reports. Four research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $99.80.

Several research firms have recently weighed in on MCRI. Wall Street Zen cut shares of Monarch Casino & Resort from a “buy” rating to a “hold” rating in a report on Saturday, November 1st. Zacks Research raised Monarch Casino & Resort from a “hold” rating to a “strong-buy” rating in a report on Friday, February 6th. Wells Fargo & Company lifted their price target on Monarch Casino & Resort from $92.00 to $93.00 and gave the company an “equal weight” rating in a research report on Thursday, February 5th. Weiss Ratings restated a “buy (b-)” rating on shares of Monarch Casino & Resort in a research report on Monday, December 29th. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $112.00 target price on shares of Monarch Casino & Resort in a research report on Wednesday, December 24th.

Insider Buying and Selling

In other Monarch Casino & Resort news, CEO John Farahi sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, December 17th. The stock was sold at an average price of $100.63, for a total transaction of $100,630.00. Following the sale, the chief executive officer owned 553,110 shares in the company, valued at $55,659,459.30. This trade represents a 0.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 25.52% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Monarch Casino & Resort

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Monarch Casino & Resort by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 1,030,396 shares of the company’s stock worth $98,609,000 after buying an additional 5,667 shares in the last quarter. American Century Companies Inc. raised its holdings in shares of Monarch Casino & Resort by 4.3% during the 3rd quarter. American Century Companies Inc. now owns 491,400 shares of the company’s stock worth $52,010,000 after acquiring an additional 20,328 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Monarch Casino & Resort by 2.8% during the 4th quarter. Geode Capital Management LLC now owns 396,844 shares of the company’s stock worth $37,983,000 after acquiring an additional 10,890 shares in the last quarter. Tributary Capital Management LLC grew its holdings in shares of Monarch Casino & Resort by 57.8% in the third quarter. Tributary Capital Management LLC now owns 389,306 shares of the company’s stock valued at $41,204,000 after purchasing an additional 142,621 shares in the last quarter. Finally, Qube Research & Technologies Ltd increased its position in Monarch Casino & Resort by 77.1% in the third quarter. Qube Research & Technologies Ltd now owns 188,498 shares of the company’s stock worth $19,951,000 after purchasing an additional 82,035 shares during the last quarter. 62.37% of the stock is currently owned by institutional investors.

Monarch Casino & Resort Stock Down 0.6%

Shares of MCRI opened at $93.33 on Friday. Monarch Casino & Resort has a twelve month low of $69.99 and a twelve month high of $113.88. The stock has a market cap of $1.70 billion, a PE ratio of 17.19 and a beta of 1.34. The business’s 50-day moving average price is $94.92 and its 200-day moving average price is $97.49.

Monarch Casino & Resort (NASDAQ:MCRI) last issued its quarterly earnings data on Wednesday, February 4th. The company reported $1.25 EPS for the quarter, missing the consensus estimate of $1.37 by ($0.12). Monarch Casino & Resort had a net margin of 18.60% and a return on equity of 18.68%. The firm had revenue of $140.00 million for the quarter, compared to analysts’ expectations of $139.39 million. During the same period in the prior year, the firm posted $0.22 EPS. Monarch Casino & Resort’s revenue was up 4.1% on a year-over-year basis. Analysts expect that Monarch Casino & Resort will post 5.13 earnings per share for the current fiscal year.

Monarch Casino & Resort Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Monday, March 2nd will be given a $0.30 dividend. The ex-dividend date is Monday, March 2nd. This represents a $1.20 annualized dividend and a yield of 1.3%. Monarch Casino & Resort’s payout ratio is 22.10%.

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.