Monarch Casino & Resort (NASDAQ:MCRI) Stock Price Crosses Above Two Hundred Day Moving Average – What’s Next?

Monarch Casino & Resort, Inc. (NASDAQ:MCRI)’s share price crossed above its two hundred day moving average during trading on Tuesday. The stock has a two hundred day moving average of $118.03 and traded as high as $119.65. Monarch Casino & Resort shares last traded at $119.23, with a volume of 74,133 shares.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on MCRI shares. Jefferies Financial Group reissued a “hold” rating on shares of Monarch Casino & Resort in a research note on Thursday, July 2nd. Stifel Nicolaus upped their price objective on shares of Monarch Casino & Resort from $102.00 to $128.00 and gave the company a “hold” rating in a research note on Tuesday, July 21st. Zacks Research raised Monarch Casino & Resort from a “strong sell” rating to a “hold” rating in a research note on Friday, September 18th. Texas Capital raised shares of Monarch Casino & Resort to a “strong-buy” rating in a research 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 equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $124.40.

Monarch Casino & Resort Price Performance

The company’s 50 day simple moving average is $121.23 and its 200 day simple moving average is $118.17. The firm has a market cap of $2.07 billion, a price-to-earnings ratio of 18.49 and a beta of 1.37.

Monarch Casino & Resort (NASDAQ:MCRI) last released its earnings results on Monday, July 20th. The company reported $1.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.10. Monarch Casino & Resort had a return on equity of 20.63% and a net margin of 20.40%.The firm had revenue of $142.60 million during the quarter, compared to analyst estimates of $142.85 million. Monarch Casino & Resort’s revenue for the quarter was up 4.2% on a year-over-year basis. As a group, analysts forecast that Monarch Casino & Resort, Inc. will post 6.98 earnings per share for the current year.

Monarch Casino & Resort Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.0%. Monarch Casino & Resort’s payout ratio is currently 19.23%.

Insider Buying and Selling at Monarch Casino & Resort

In related news, CEO John Farahi sold 5,000 shares of the company’s 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 sale, the chief executive officer directly owned 611,556 shares in the company, valued at approximately $75,832,944. This represents a 0.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 26.34% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. IFP Advisors Inc increased its position in shares of 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 purchasing an additional 190 shares during the last quarter. Allworth Financial LP acquired a new position in shares of Monarch Casino & Resort during the second quarter worth $41,000. Global Retirement Partners LLC purchased a new position in Monarch Casino & Resort in the second quarter valued at $57,000. Integrated Wealth Concepts LLC acquired a new stake in Monarch Casino & Resort in the second quarter valued at $73,000. Finally, Globeflex Capital L P acquired a new position in shares of Monarch Casino & Resort during the 2nd quarter worth about $97,000. Hedge funds and other institutional investors own 62.37% of the company’s stock.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc is a gaming and hospitality company that owns and operates casino resorts in the United States. Its properties serve leisure and gaming customers with casino gaming, hotel accommodations, dining, entertainment, spa services and meeting facilities.

The company operates Atlantis Casino Resort Spa in Reno, Nevada, and Monarch Casino Resort Spa in Black Hawk, Colorado. The resorts offer a range of gaming options, including slot machines, table games and, where permitted, sports wagering, along with restaurants, bars and other guest amenities.

Monarch’s history in the casino industry dates to the development of its Black Hawk property in the 1990s and its subsequent expansion in Nevada.