Monarch Casino & Resort (NASDAQ:MCRI) Sets New 12-Month High – Here’s Why

Shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI) hit a new 52-week high during trading on Monday . The company traded as high as $134.80 and last traded at $134.2550, with a volume of 416365 shares traded. The stock had previously closed at $133.87.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Wall Street Zen raised shares of Monarch Casino & Resort from a “hold” rating to a “buy” rating in a research note on Saturday, April 25th. Truist Financial lifted their price target on shares of Monarch Casino & Resort from $120.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, April 22nd. Zacks Research cut Monarch Casino & Resort from a “strong-buy” rating to a “hold” rating in a report on Monday, June 22nd. Weiss Ratings reiterated a “buy (b)” rating on shares of Monarch Casino & Resort in a research report on Wednesday, May 27th. Finally, Stifel Nicolaus raised their target price 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. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $109.50.

Monarch Casino & Resort Stock Performance

The business’s 50 day moving average price is $119.82 and its 200-day moving average price is $104.36. The firm has a market capitalization of $2.35 billion, a PE ratio of 22.56 and a beta of 1.30.

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 the consensus estimate of $1.15 by $0.37. Monarch Casino & Resort had a net margin of 19.62% and a return on equity of 19.98%. The firm had revenue of $136.55 million for the quarter, compared to analyst estimates of $128.49 million. Monarch Casino & Resort’s quarterly revenue was up 8.9% on a year-over-year basis. As a group, analysts anticipate that Monarch Casino & Resort, Inc. will post 7.07 earnings per share for the current year.

Monarch Casino & Resort Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Monday, June 1st were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Monday, June 1st. Monarch Casino & Resort’s dividend payout ratio (DPR) is currently 20.34%.

Insider Buying and Selling at Monarch Casino & Resort

In other news, CEO John Farahi sold 5,000 shares of Monarch Casino & Resort stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $120.84, for a total value of $604,200.00. Following the completion of the sale, the chief executive officer directly owned 616,556 shares of the company’s stock, valued at approximately $74,504,627.04. The trade was a 0.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 26.34% of the company’s stock.

Hedge Funds Weigh In On Monarch Casino & Resort

Hedge funds have recently bought and sold shares of the company. Kestra Advisory Services LLC purchased a new stake in Monarch Casino & Resort during the fourth quarter worth about $40,000. Osaic Holdings Inc. grew its holdings in shares of Monarch Casino & Resort by 210.0% in the second quarter. Osaic Holdings Inc. now owns 465 shares of the company’s stock valued at $40,000 after purchasing an additional 315 shares in the last quarter. GAMMA Investing LLC grew its holdings 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 valued at $94,000 after purchasing an additional 106 shares in the last quarter. Parallel Advisors LLC increased its stake 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 buying an additional 746 shares during the period. Finally, Tower Research Capital LLC TRC increased its stake 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 buying an additional 524 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.