Monarch Casino & Resort (NASDAQ:MCRI) Hits New 52-Week High – Here’s What Happened

Monarch Casino & Resort, Inc. (NASDAQ:MCRI) reached a new 52-week high during trading on Thursday . The company traded as high as $122.25 and last traded at $121.7780, with a volume of 33979 shares trading hands. The stock had previously closed at $120.29.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. Stifel Nicolaus raised 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 note on Wednesday, April 22nd. Wells Fargo & Company raised their price objective on shares of Monarch Casino & Resort from $97.00 to $99.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 22nd. Zacks Research upgraded shares of Monarch Casino & Resort from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 5th. Truist Financial raised their price objective on shares of Monarch Casino & Resort from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Finally, Wall Street Zen upgraded shares of Monarch Casino & Resort from a “hold” rating to a “buy” rating in a research note 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 data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $109.50.

Monarch Casino & Resort Price Performance

The stock has a market capitalization of $2.14 billion, a P/E ratio of 20.41 and a beta of 1.32. The stock’s fifty day moving average is $107.15 and its two-hundred day moving average is $99.65.

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

Monarch Casino & Resort Dividend Announcement

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

Insiders Place Their Bets

In related 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 value of $198,000.00. Following the completion of the transaction, the chief executive officer 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 document filed with the SEC, which is accessible through this hyperlink. Insiders own 26.34% of the company’s stock.

Hedge Funds Weigh In On Monarch Casino & Resort

Several institutional investors and hedge funds have recently added to or reduced their stakes in MCRI. Osaic Holdings Inc. grew its position in Monarch Casino & Resort by 210.0% during 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. Kestra Advisory Services LLC purchased a new position in Monarch Casino & Resort during the 4th quarter worth approximately $40,000. GAMMA Investing LLC grew its position in Monarch Casino & Resort by 12.1% during the 4th quarter. GAMMA Investing LLC now owns 984 shares of the company’s stock worth $94,000 after purchasing an additional 106 shares in the last quarter. Parallel Advisors LLC grew its position in Monarch Casino & Resort by 191.3% during the 1st quarter. Parallel Advisors LLC now owns 1,136 shares of the company’s stock worth $109,000 after purchasing an additional 746 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its position in Monarch Casino & Resort by 69.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,275 shares of the company’s stock worth $110,000 after purchasing an additional 524 shares in the last quarter. 62.37% of the stock is currently owned by hedge funds and other institutional investors.

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.