Monarch Casino & Resort (NASDAQ:MCRI) Reaches New 12-Month High – Should You Buy?

Shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $127.90 and last traded at $127.22, with a volume of 229348 shares. The stock had previously closed at $124.89.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Truist Financial upped their price target on Monarch Casino & Resort from $120.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, April 22nd. Zacks Research raised Monarch Casino & Resort from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 5th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Monarch Casino & Resort in a research report on Wednesday, May 27th. Stifel Nicolaus upped their price target on Monarch Casino & Resort from $97.00 to $102.00 and gave the stock a “hold” rating in a research report on Wednesday, April 22nd. Finally, Wells Fargo & Company upped their price target on Monarch Casino & Resort from $97.00 to $99.00 and gave the stock an “equal weight” rating in a research report on Wednesday, April 22nd. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, Monarch Casino & Resort has an average rating of “Moderate Buy” and an average price target of $109.50.

Monarch Casino & Resort Stock Up 1.1%

The business has a 50-day moving average price of $113.48 and a 200-day moving average price of $101.97. The firm has a market capitalization of $2.29 billion, a price-to-earnings ratio of 21.87 and a beta of 1.30.

Monarch Casino & Resort (NASDAQ:MCRI) last released its earnings results on Tuesday, April 21st. The company reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.37. Monarch Casino & Resort had a return on equity of 19.98% and a net margin of 19.62%.The firm had revenue of $136.55 million for the quarter, compared to the consensus estimate of $128.49 million. The firm’s revenue was up 8.9% on a year-over-year basis. On average, equities research analysts forecast 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 announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Monday, June 1st. Monarch Casino & Resort’s dividend payout ratio is presently 20.34%.

Insider Activity

In related news, CEO John Farahi sold 5,000 shares of the company’s 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 transaction, the chief executive officer directly owned 616,556 shares of the company’s stock, valued at $74,504,627.04. This represents a 0.80% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 26.34% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Monarch Casino & Resort

Several hedge funds have recently made changes to their positions in MCRI. Qube Research & Technologies Ltd increased its position in shares of Monarch Casino & Resort by 77.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 188,498 shares of the company’s stock valued at $19,951,000 after acquiring an additional 82,035 shares during the period. Hillsdale Investment Management Inc. acquired a new position in shares of Monarch Casino & Resort in the 4th quarter valued at $7,244,000. Arrowstreet Capital Limited Partnership increased its position in shares of Monarch Casino & Resort by 64.5% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 178,976 shares of the company’s stock valued at $18,943,000 after acquiring an additional 70,185 shares during the period. Clark Capital Management Group Inc. acquired a new position in shares of Monarch Casino & Resort in the 3rd quarter valued at $6,192,000. Finally, Invesco Ltd. increased its position in shares of Monarch Casino & Resort by 38.2% in the 4th quarter. Invesco Ltd. now owns 194,371 shares of the company’s stock valued at $18,601,000 after acquiring an additional 53,745 shares during the period. 62.37% of the stock is owned by institutional investors and hedge funds.

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.