Monarch Casino & Resort (NASDAQ:MCRI) Sets New 1-Year High – Still a Buy?

Shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI) hit a new 52-week high on Monday . The stock traded as high as $120.97 and last traded at $120.5040, with a volume of 25395 shares traded. The stock had previously closed at $117.96.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on MCRI shares. Truist Financial increased their price target on Monarch Casino & Resort from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Wall Street Zen upgraded Monarch Casino & Resort from a “hold” rating to a “buy” rating in a research note on Saturday, April 25th. Zacks Research upgraded shares of Monarch Casino & Resort from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 5th. Stifel Nicolaus increased 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. Finally, Wells Fargo & Company boosted their target price on shares of 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. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Monarch Casino & Resort presently has a consensus rating of “Moderate Buy” and an average price target of $109.50.

Monarch Casino & Resort Stock Performance

The company has a market cap of $2.15 billion, a PE ratio of 20.52 and a beta of 1.32. The stock has a 50 day moving average of $104.10 and a 200-day moving average of $98.11.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its quarterly earnings results on Tuesday, April 21st. The company reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.37. The business had revenue of $136.55 million for the quarter, compared to the consensus estimate of $128.49 million. Monarch Casino & Resort had a return on equity of 19.98% and a net margin of 19.62%.The business’s revenue was up 8.9% on a year-over-year basis. Equities research analysts forecast that Monarch Casino & Resort, Inc. will post 7.07 EPS for the current year.

Monarch Casino & Resort Dividend Announcement

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

Insiders Place Their Bets

In other Monarch Casino & Resort news, CEO John Farahi sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $99.00, for a total transaction of $198,000.00. Following the completion of the transaction, the chief executive officer directly owned 536,304 shares of the company’s stock, valued at approximately $53,094,096. This trade represents a 0.37% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 26.34% of the company’s stock.

Institutional Trading of Monarch Casino & Resort

A number of hedge funds and other institutional investors have recently made changes to their positions in MCRI. Kestra Advisory Services LLC purchased a new position in shares of Monarch Casino & Resort during the fourth quarter worth $40,000. Osaic Holdings Inc. boosted its position in 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 purchasing an additional 315 shares in the last quarter. TD Private Client Wealth LLC grew its stake in shares of Monarch Casino & Resort by 57.1% during the 3rd quarter. TD Private Client Wealth LLC now owns 594 shares of the company’s stock worth $63,000 after purchasing an additional 216 shares during the period. GAMMA Investing LLC increased its holdings in shares of Monarch Casino & Resort by 12.1% during the 4th quarter. GAMMA Investing LLC now owns 984 shares of the company’s stock valued at $94,000 after purchasing an additional 106 shares in the last quarter. Finally, Parallel Advisors LLC lifted its stake in shares of Monarch Casino & Resort by 191.3% in the 1st quarter. Parallel Advisors LLC now owns 1,136 shares of the company’s stock valued at $109,000 after purchasing an additional 746 shares during the period. Institutional investors and hedge funds own 62.37% of the company’s stock.

Monarch Casino & Resort Company Profile

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.