Monarch Casino & Resort (NASDAQ:MCRI) Downgraded by Zacks Research to “Strong Sell”

Zacks Research cut shares of Monarch Casino & Resort (NASDAQ:MCRI) from a hold rating to a strong sell rating in a research report report published on Wednesday,Zacks.com reports.

Other analysts have also issued reports about the stock. Wall Street Zen upgraded shares of Monarch Casino & Resort from a “hold” rating to a “buy” rating in a report on Saturday, April 25th. Jefferies Financial Group reissued a “hold” rating on shares of Monarch Casino & Resort in a research report on Thursday, July 2nd. UBS Group set a $124.00 price target on Monarch Casino & Resort in a research report on Thursday, July 2nd. Wells Fargo & Company reduced their price target on Monarch Casino & Resort from $116.00 to $114.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Finally, Truist Financial increased their price objective on Monarch Casino & Resort from $125.00 to $144.00 and gave the stock a “buy” rating in a report on Monday. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $124.40.

Monarch Casino & Resort Stock Performance

NASDAQ MCRI opened at $119.17 on Wednesday. The stock has a market cap of $2.12 billion, a P/E ratio of 19.10 and a beta of 1.29. Monarch Casino & Resort has a fifty-two week low of $88.13 and a fifty-two week high of $135.93. The stock has a 50 day simple moving average of $124.53 and a two-hundred day simple moving average of $108.07.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its earnings results on Monday, July 20th. The company reported $1.78 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.68 by $0.10. The firm had revenue of $142.60 million for the quarter, compared to analysts’ expectations of $142.85 million. Monarch Casino & Resort had a return on equity of 20.63% and a net margin of 20.40%.Monarch Casino & Resort’s revenue for the quarter was up 4.2% compared to the same quarter last year. Sell-side analysts predict that Monarch Casino & Resort will post 6.98 earnings per share for the current year.

Monarch Casino & Resort Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st will be given a $0.30 dividend. 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, September 1st. 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 firm’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 transaction of $604,200.00. Following the completion of the transaction, the chief executive officer owned 616,556 shares of the company’s stock, valued at $74,504,627.04. This trade represents a 0.80% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 26.34% of the stock is owned by insiders.

Hedge Funds Weigh In On Monarch Casino & Resort

Several institutional investors and hedge funds have recently modified their holdings of the stock. GAMMA Investing LLC lifted its stake in Monarch Casino & Resort by 12.1% during the 4th quarter. GAMMA Investing LLC now owns 984 shares of the company’s stock valued at $94,000 after acquiring an additional 106 shares during the period. Mariner LLC lifted its stake in shares of Monarch Casino & Resort by 6.5% in the 3rd quarter. Mariner LLC now owns 2,493 shares of the company’s stock worth $264,000 after purchasing an additional 152 shares during the period. Vident Advisory LLC lifted its stake in shares of Monarch Casino & Resort by 3.5% in the 2nd quarter. Vident Advisory LLC now owns 5,566 shares of the company’s stock worth $481,000 after purchasing an additional 186 shares during the period. Panagora Asset Management Inc. boosted its holdings in shares of Monarch Casino & Resort by 6.0% in the fourth quarter. Panagora Asset Management Inc. now owns 3,490 shares of the company’s stock worth $334,000 after buying an additional 198 shares during the last quarter. Finally, Strs Ohio grew its position in Monarch Casino & Resort by 2.7% during the fourth quarter. Strs Ohio now owns 7,500 shares of the company’s stock valued at $718,000 after buying an additional 200 shares during the period. 62.37% of the stock is currently 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.