Monarch Casino & Resort (NASDAQ:MCRI) Posts Earnings Results

Monarch Casino & Resort (NASDAQ:MCRI) announced its earnings results on Tuesday. The company reported $1.76 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.86 by ($0.10), Zacks reports. The firm had revenue of $146.26 million during the quarter, compared to analysts’ expectations of $147.93 million. During the same period in the prior year, the company earned $1.69 earnings per share. The business’s quarterly revenue was up 2.4% on a year-over-year basis.

Monarch Casino & Resort Trading Down 0.7%

Shares of MCRI stock opened at $115.28 on Wednesday. The company has a 50 day moving average price of $118.84 and a 200-day moving average price of $112.18. Monarch Casino & Resort has a 52 week low of $88.13 and a 52 week high of $135.93.

Monarch Casino & Resort Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Tuesday, December 1st will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Tuesday, December 1st.

Insider Buying and Selling at Monarch Casino & Resort

In related news, CEO John Farahi sold 5,000 shares of the stock in a transaction that occurred on Thursday, September 17th. The shares were sold at an average price of $124.00, for a total transaction of $620,000.00. Following the transaction, the chief executive officer owned 611,556 shares in the company, valued at $75,832,944. This represents a 0.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 26.34% of the stock is owned by insiders.

Analyst Ratings Changes

A number of research analysts have issued reports on MCRI shares. Zacks Research upgraded Monarch Casino & Resort from a “strong sell” rating to a “hold” rating in a research note on Friday, September 18th. UBS Group set a $124.00 price objective on shares of Monarch Casino & Resort in a research note on Thursday, July 2nd. Wall Street Zen cut shares of Monarch Casino & Resort from a “buy” rating to a “hold” rating in a report on Saturday, August 1st. Texas Capital upgraded shares of Monarch Casino & Resort to a “strong-buy” rating in a report on Wednesday, September 9th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Monarch Casino & Resort in a research report on Monday, August 24th. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, Monarch Casino & Resort currently has a consensus rating of “Moderate Buy” and a consensus price target of $124.40.

Monarch Casino & Resort Company Profile

Monarch Casino & Resort, Inc operates casino resorts in Nevada and Colorado. The company’s properties combine casino gaming with hotel accommodations, dining, entertainment and other hospitality services.

Its principal properties are Atlantis Casino Resort Spa in Reno, Nevada, and Monarch Casino Resort Spa in Black Hawk, Colorado. The resorts offer gaming facilities, restaurants and bars, hotel rooms and suites, spa services, meeting spaces and entertainment options. The company primarily serves regional visitors and destination guests in the western United States.

Monarch Casino & Resort traces its history to the opening of the Atlantis in Reno in 1972.