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

Monarch Casino & Resort, Inc. (NASDAQ:MCRI)’s share price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $120.97 and last traded at $120.5040, with a volume of 25395 shares changing hands. The stock had previously closed at $117.96.

Analyst Ratings Changes

MCRI has been the topic of a number of research reports. Truist Financial raised their target price on shares of Monarch Casino & Resort from $120.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, April 22nd. Wells Fargo & Company increased their price objective on Monarch Casino & Resort from $97.00 to $99.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 22nd. Zacks Research upgraded Monarch Casino & Resort from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 5th. Stifel Nicolaus lifted their target price on 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, Wall Street Zen upgraded Monarch Casino & Resort from a “hold” rating to a “buy” rating in a report on Saturday, April 25th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $109.50.

Monarch Casino & Resort Stock Up 2.5%

The stock’s 50 day moving average price is $104.10 and its 200-day moving average price is $98.11. The stock has a market capitalization of $2.15 billion, a P/E ratio of 20.52 and a beta of 1.32.

Monarch Casino & Resort (NASDAQ:MCRI) last issued its quarterly earnings data on Tuesday, April 21st. The company reported $1.52 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.37. The company had revenue of $136.55 million during the quarter, compared to the consensus estimate of $128.49 million. Monarch Casino & Resort had a net margin of 19.62% and a return on equity of 19.98%. The business’s revenue for the quarter was up 8.9% compared to the same quarter last year. Analysts anticipate that Monarch Casino & Resort, Inc. will post 7.07 earnings per share for the current year.

Monarch Casino & Resort Announces Dividend

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

Insider Buying and Selling at Monarch Casino & Resort

In related news, CEO John Farahi sold 2,000 shares of the firm’s stock in a transaction dated Monday, March 16th. The stock was sold at an average price of $99.00, for a total transaction of $198,000.00. Following the sale, the chief executive officer owned 536,304 shares of the company’s stock, valued at $53,094,096. This trade represents a 0.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 26.34% of the stock is owned by company insiders.

Institutional Trading of Monarch Casino & Resort

Hedge funds have recently modified their holdings of the company. American Century Companies Inc. raised its stake 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. Segall Bryant & Hamill LLC acquired a new stake in Monarch Casino & Resort in the third quarter valued at approximately $1,348,000. Public Sector Pension Investment Board grew its holdings in Monarch Casino & Resort by 32.3% in the third quarter. Public Sector Pension Investment Board now owns 57,285 shares of the company’s stock worth $6,063,000 after purchasing an additional 13,976 shares during the last quarter. ArrowMark Colorado Holdings LLC purchased a new position in Monarch Casino & Resort in the third quarter worth $2,214,000. Finally, Clark Capital Management Group Inc. acquired a new position in shares of Monarch Casino & Resort during the third quarter worth $6,192,000. 62.37% of the stock is owned by hedge funds and other institutional investors.

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.