Monarch Casino & Resort (NASDAQ:MCRI) Hits New 52-Week High – What’s Next?

Monarch Casino & Resort, Inc. (NASDAQ:MCRI) hit a new 52-week high during trading on Tuesday . The company traded as high as $134.31 and last traded at $129.46, with a volume of 232348 shares trading hands. The stock had previously closed at $130.66.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Wall Street Zen raised shares of Monarch Casino & Resort from a “hold” rating to a “buy” rating in a research note on Saturday, April 25th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Monarch Casino & Resort in a report on Wednesday, May 27th. Zacks Research cut shares of Monarch Casino & Resort from a “strong-buy” rating to a “hold” rating in a research report on Monday. Truist Financial lifted their target price on shares of Monarch Casino & Resort from $120.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, April 22nd. Finally, Wells Fargo & Company boosted their price target on shares of Monarch Casino & Resort from $97.00 to $99.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 22nd. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $109.50.

Monarch Casino & Resort Stock Performance

The firm has a 50-day moving average of $118.47 and a 200-day moving average of $103.85. The firm has a market capitalization of $2.31 billion, a P/E ratio of 22.05 and a beta of 1.30.

Monarch Casino & Resort (NASDAQ:MCRI) last announced its quarterly earnings data on Tuesday, April 21st. The company reported $1.52 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.37. The firm had revenue of $136.55 million during the quarter, compared to the consensus estimate of $128.49 million. Monarch Casino & Resort had a return on equity of 19.98% and a net margin of 19.62%.The business’s revenue was up 8.9% compared to the same quarter last year. Equities analysts anticipate that Monarch Casino & Resort, Inc. will post 7.07 EPS for the current fiscal year.

Monarch Casino & Resort Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date was Monday, June 1st. Monarch Casino & Resort’s dividend payout ratio is currently 20.34%.

Insiders Place Their Bets

In other Monarch Casino & Resort news, CEO John Farahi sold 5,000 shares of the stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $120.84, for a total transaction of $604,200.00. Following the completion of the sale, the chief executive officer 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. 26.34% of the stock is owned by insiders.

Hedge Funds Weigh In On Monarch Casino & Resort

Several hedge funds and other institutional investors have recently modified their holdings of MCRI. Vanguard Group Inc. boosted its holdings in shares of Monarch Casino & Resort by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 1,030,396 shares of the company’s stock worth $98,609,000 after purchasing an additional 5,667 shares during the period. American Century Companies Inc. raised its position in Monarch Casino & Resort by 4.3% during the 3rd quarter. American Century Companies Inc. now owns 491,400 shares of the company’s stock valued at $52,010,000 after purchasing an additional 20,328 shares during the last quarter. Geode Capital Management LLC raised its position in Monarch Casino & Resort by 2.8% during the 4th quarter. Geode Capital Management LLC now owns 396,844 shares of the company’s stock valued at $37,983,000 after purchasing an additional 10,890 shares during the last quarter. Invesco Ltd. lifted its holdings in Monarch Casino & Resort by 38.2% in the 4th quarter. Invesco Ltd. now owns 194,371 shares of the company’s stock worth $18,601,000 after buying an additional 53,745 shares during the period. Finally, Qube Research & Technologies Ltd lifted its holdings in Monarch Casino & Resort by 77.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 188,498 shares of the company’s stock worth $19,951,000 after buying an additional 82,035 shares during the period. 62.37% of the stock is owned by institutional investors.

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.