Monarch Casino & Resort (NASDAQ:MCRI) Sets New 52-Week High – Time to Buy?

Monarch Casino & Resort, Inc. (NASDAQ:MCRI) hit a new 52-week high on Thursday . The company traded as high as $122.25 and last traded at $121.7780, with a volume of 33979 shares trading hands. The stock had previously closed at $120.29.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Wall Street Zen upgraded Monarch Casino & Resort from a “hold” rating to a “buy” rating in a research note on Saturday, April 25th. Wells Fargo & Company upped their price objective on Monarch Casino & Resort from $97.00 to $99.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 22nd. Truist Financial upped their price objective on Monarch Casino & Resort from $120.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, April 22nd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Monarch Casino & Resort in a research note on Wednesday. Finally, Zacks Research raised Monarch Casino & Resort from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, Monarch Casino & Resort has a consensus rating of “Moderate Buy” and an average target price of $109.50.

Monarch Casino & Resort Stock Performance

The company has a 50-day simple moving average of $108.10 and a 200-day simple moving average of $99.99. The company has a market cap of $2.13 billion, a price-to-earnings ratio of 20.38 and a beta of 1.32.

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, topping 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 company had revenue of $136.55 million for the quarter, compared to analysts’ expectations of $128.49 million. The business’s revenue was up 8.9% compared to the same quarter last year. As a group, equities research analysts forecast that Monarch Casino & Resort, Inc. will post 7.07 EPS for the current year.

Monarch Casino & Resort Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be given a dividend of $0.30 per share. The ex-dividend date is Monday, June 1st. This represents a $1.20 annualized dividend and a yield of 1.0%. Monarch Casino & Resort’s payout ratio is presently 20.34%.

Insider Transactions 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, May 28th. The stock was sold at an average price of $120.84, for a total value of $604,200.00. Following the sale, the chief executive officer owned 616,556 shares in the company, 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 SEC, which is available at this hyperlink. In the last 90 days, insiders sold 8,000 shares of company stock worth $899,630. Insiders own 26.34% of the company’s stock.

Institutional Investors Weigh In On Monarch Casino & Resort

Institutional investors and hedge funds have recently modified their holdings of the company. Osaic Holdings Inc. grew its holdings in shares of Monarch Casino & Resort by 210.0% in the 2nd quarter. Osaic Holdings Inc. now owns 465 shares of the company’s stock worth $40,000 after acquiring an additional 315 shares during the period. Kestra Advisory Services LLC acquired a new stake in shares of Monarch Casino & Resort in the 4th quarter worth approximately $40,000. GAMMA Investing LLC grew its holdings in shares of Monarch Casino & Resort by 12.1% in the 4th quarter. GAMMA Investing LLC now owns 984 shares of the company’s stock worth $94,000 after acquiring an additional 106 shares during the period. Parallel Advisors LLC grew its holdings in shares of Monarch Casino & Resort by 191.3% in the 1st quarter. Parallel Advisors LLC now owns 1,136 shares of the company’s stock worth $109,000 after acquiring an additional 746 shares during the period. Finally, Tower Research Capital LLC TRC grew its holdings in shares of Monarch Casino & Resort by 69.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,275 shares of the company’s stock worth $110,000 after acquiring 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.