Monarch Casino & Resort, Inc. (NASDAQ:MCRI) Stock Has Consensus Target Price of $124.40

Monarch Casino & Resort, Inc. (NASDAQ:MCRI) has been assigned a consensus rating of “Moderate Buy” from the seven brokerages that are covering the company, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $124.40.

Several research firms recently weighed in on MCRI. Weiss Ratings restated a “buy (b)” rating on shares of Monarch Casino & Resort in a research report on Monday, August 24th. Texas Capital upgraded Monarch Casino & Resort to a “strong-buy” rating in a report on Wednesday, September 9th. Stifel Nicolaus lifted their price objective on Monarch Casino & Resort from $102.00 to $128.00 and gave the stock a “hold” rating in a report on Tuesday, July 21st. Wells Fargo & Company cut their price objective on Monarch Casino & Resort from $116.00 to $114.00 and set an “equal weight” rating for the company in a research note on Tuesday, July 21st. Finally, UBS Group set a $124.00 target price on Monarch Casino & Resort in a report on Thursday, July 2nd.

Insider Buying and Selling

In related news, CEO John Farahi sold 5,000 shares of the stock in a transaction on Thursday, September 17th. The stock was sold at an average price of $124.00, for a total value of $620,000.00. Following the completion of the transaction, the chief executive officer directly owned 611,556 shares of the company’s stock, valued at approximately $75,832,944. This represents a 0.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 26.34% of the company’s stock.

Institutional Investors Weigh In On Monarch Casino & Resort

Large investors have recently modified their holdings of the business. Allworth Financial LP lifted its stake in shares of Monarch Casino & Resort by 46.7% in the second quarter. Allworth Financial LP now owns 311 shares of the company’s stock worth $41,000 after buying an additional 99 shares in the last quarter. GAMMA Investing LLC grew its stake in Monarch Casino & Resort by 7.6% during the 2nd quarter. GAMMA Investing LLC now owns 1,791 shares of the company’s stock valued at $236,000 after acquiring an additional 126 shares in the last quarter. IFP Advisors Inc raised its holdings in Monarch Casino & Resort by 267.6% in the 2nd quarter. IFP Advisors Inc now owns 261 shares of the company’s stock valued at $34,000 after acquiring an additional 190 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in Monarch Casino & Resort by 11.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 2,700 shares of the company’s stock worth $258,000 after purchasing an additional 271 shares in the last quarter. Finally, Swiss National Bank boosted its holdings in shares of Monarch Casino & Resort by 1.2% during the 1st quarter. Swiss National Bank now owns 25,311 shares of the company’s stock worth $2,420,000 after purchasing an additional 300 shares during the last quarter. Hedge funds and other institutional investors own 62.37% of the company’s stock.

Monarch Casino & Resort Stock Performance

Shares of NASDAQ MCRI opened at $117.74 on Friday. The firm has a market cap of $2.11 billion, a PE ratio of 18.87 and a beta of 1.31. The firm has a fifty day moving average of $121.81 and a 200 day moving average of $116.97. Monarch Casino & Resort has a one year low of $88.13 and a one year high of $135.93.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its quarterly earnings data on Monday, July 20th. The company reported $1.78 earnings per share for the quarter, topping analysts’ consensus estimates of $1.68 by $0.10. Monarch Casino & Resort had a net margin of 20.40% and a return on equity of 20.63%. The company had revenue of $142.60 million during the quarter, compared to analysts’ expectations of $142.85 million. The firm’s quarterly revenue was up 4.2% compared to the same quarter last year. On average, equities analysts predict that Monarch Casino & Resort will post 6.98 EPS for the current fiscal year.

Monarch Casino & Resort Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Tuesday, September 1st were given 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 was Tuesday, September 1st. Monarch Casino & Resort’s payout ratio is presently 19.23%.

Monarch Casino & Resort Company Profile

Monarch Casino & Resort, Inc is a gaming and hospitality company that owns and operates casino resorts in Nevada and Colorado. Its properties combine casino gaming with hotel accommodations, dining, entertainment, and other resort amenities.

The company operates Atlantis Casino Resort Spa in Reno, Nevada, which offers casino games, hotel rooms, restaurants, entertainment, and spa services. In Black Hawk, Colorado, Monarch operates Monarch Casino Resort Spa, a destination featuring gaming, lodging, dining, entertainment, and wellness facilities.

Monarch Casino & Resort has expanded its presence through the development and acquisition of casino resort properties, including its Black Hawk operations.