Analysts Set Monarch Casino & Resort, Inc. (NASDAQ:MCRI) PT at $124.40

Monarch Casino & Resort, Inc. (NASDAQ:MCRI) has received a consensus rating of “Hold” from the six analysts that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and two have issued a buy recommendation on the company. The average 12-month target price among brokers that have covered the stock in the last year is $124.40.

Several analysts have commented on MCRI shares. Wall Street Zen downgraded shares of Monarch Casino & Resort from a “buy” rating to a “hold” rating in a research report on Saturday, August 1st. Wells Fargo & Company cut their price target on shares of Monarch Casino & Resort from $116.00 to $114.00 and set an “equal weight” rating on the stock in a report on Tuesday, July 21st. Stifel Nicolaus lifted 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 cut shares of Monarch Casino & Resort from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 22nd. Finally, Jefferies Financial Group reissued a “hold” rating on shares of Monarch Casino & Resort in a research report on Thursday, July 2nd.

Monarch Casino & Resort Stock Performance

Shares of MCRI opened at $124.39 on Friday. The company has a market capitalization of $2.23 billion, a PE ratio of 19.93 and a beta of 1.31. The company’s 50 day moving average price is $125.50 and its 200 day moving average price is $110.26. Monarch Casino & Resort has a 52 week low of $88.13 and a 52 week high of $135.93.

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, topping analysts’ consensus estimates of $1.68 by $0.10. Monarch Casino & Resort had a net margin of 20.40% and a return on equity of 20.63%. The company had revenue of $142.60 million during the quarter, compared to the consensus estimate of $142.85 million. The company’s revenue was up 4.2% on a year-over-year basis. On average, equities analysts forecast that Monarch Casino & Resort will post 6.98 earnings per share for the current fiscal 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 paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Tuesday, September 1st. Monarch Casino & Resort’s dividend payout ratio is 19.23%.

Insider Activity

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 value of $604,200.00. Following the transaction, the chief executive officer directly owned 616,556 shares of the company’s stock, valued at approximately $74,504,627.04. This trade represents a 0.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 26.34% of the company’s stock.

Hedge Funds Weigh In On Monarch Casino & Resort

A number of institutional investors have recently modified their holdings of the company. Meeder Asset Management Inc. bought a new stake in shares of Monarch Casino & Resort during the 2nd quarter worth $176,000. BlackRock Inc. bought a new position in Monarch Casino & Resort in the 2nd quarter worth $270,679,000. Deutsche Bank AG acquired a new position in Monarch Casino & Resort during the 2nd quarter worth $1,710,000. Global Retirement Partners LLC acquired a new position in Monarch Casino & Resort during the 2nd quarter worth $57,000. Finally, Bank of New York Mellon Corp bought a new stake in Monarch Casino & Resort during the second quarter valued at about $16,778,000. Institutional investors 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.