John Farahi Sells 5,000 Shares of Monarch Casino & Resort (NASDAQ:MCRI) Stock

Monarch Casino & Resort, Inc. (NASDAQ:MCRI) 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 value of $604,200.00. Following the sale, the chief executive officer owned 616,556 shares in the company, valued at approximately $74,504,627.04. This trade represents a 0.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

John Farahi also recently made the following trade(s):

• On Monday, March 16th, John Farahi sold 2,000 shares of Monarch Casino & Resort stock. The stock was sold at an average price of $99.00, for a total value of $198,000.00.
• On Tuesday, March 10th, John Farahi sold 1,000 shares of Monarch Casino & Resort stock. The stock was sold at an average price of $97.43, for a total value of $97,430.00.

Monarch Casino & Resort Trading Down 0.4%

NASDAQ:MCRI opened at $120.26 on Friday. The stock has a market cap of $2.13 billion, a P/E ratio of 20.38 and a beta of 1.32. The stock’s 50-day moving average is $108.10 and its 200-day moving average is $99.99. Monarch Casino & Resort, Inc. has a 1-year low of $82.15 and a 1-year high of $122.52.

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

Monarch Casino & Resort Announces Dividend

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

Hedge Funds Weigh In On Monarch Casino & Resort

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. GAMMA Investing LLC lifted its stake in shares of Monarch Casino & Resort by 12.1% in the fourth quarter. GAMMA Investing LLC now owns 984 shares of the company’s stock worth $94,000 after acquiring an additional 106 shares during the period. Illinois Municipal Retirement Fund lifted its stake in Monarch Casino & Resort by 2.2% in the third quarter. Illinois Municipal Retirement Fund now owns 6,703 shares of the company’s stock valued at $709,000 after buying an additional 142 shares during the period. Mariner LLC lifted its stake in Monarch Casino & Resort by 6.5% in the third quarter. Mariner LLC now owns 2,493 shares of the company’s stock valued at $264,000 after buying an additional 152 shares during the period. Vident Advisory LLC lifted its stake in Monarch Casino & Resort by 3.5% in the second quarter. Vident Advisory LLC now owns 5,566 shares of the company’s stock valued at $481,000 after buying an additional 186 shares during the period. Finally, Panagora Asset Management Inc. lifted its stake in Monarch Casino & Resort by 6.0% in the fourth quarter. Panagora Asset Management Inc. now owns 3,490 shares of the company’s stock valued at $334,000 after buying an additional 198 shares during the period. 62.37% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on MCRI. Truist Financial lifted their price objective on Monarch Casino & Resort from $120.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday, April 22nd. Wells Fargo & Company lifted 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. Stifel Nicolaus lifted their price objective on Monarch Casino & Resort from $97.00 to $102.00 and gave the stock a “hold” rating in a research note on Wednesday, April 22nd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Monarch Casino & Resort in a research note on Wednesday. Finally, Wall Street Zen raised Monarch Casino & Resort from a “hold” rating to a “buy” rating in a research note on Saturday, April 25th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $109.50.

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.