Monarch Casino & Resort (NASDAQ:MCRI) Shares Gap Down to $69.57

Monarch Casino & Resort, Inc. (NASDAQ:MCRI) gapped down prior to trading on Thursday . The stock had previously closed at $69.57, but opened at $67.33. Monarch Casino & Resort shares last traded at $65.33, with a volume of 17,183 shares trading hands.

Analysts Set New Price Targets

A number of research firms have commented on MCRI. Macquarie upped their price target on Monarch Casino & Resort from $75.00 to $76.00 and gave the company a “neutral” rating in a research report on Thursday. Truist Financial boosted their price objective on Monarch Casino & Resort from $72.00 to $74.00 and gave the company a “hold” rating in a research note on Thursday, February 15th. Stifel Nicolaus reissued a “hold” rating and issued a $70.00 price objective on shares of Monarch Casino & Resort in a research note on Friday, January 5th. Finally, StockNews.com raised Monarch Casino & Resort from a “hold” rating to a “buy” rating in a research note on Saturday, March 9th.

Monarch Casino & Resort Trading Up 1.2 %

The business has a 50 day moving average of $70.68 and a two-hundred day moving average of $67.07. The company has a debt-to-equity ratio of 0.01, a quick ratio of 0.55 and a current ratio of 0.61. The firm has a market capitalization of $1.27 billion, a price-to-earnings ratio of 15.92 and a beta of 1.66.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its quarterly earnings results on Wednesday, February 14th. The company reported $0.93 earnings per share for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.11). Monarch Casino & Resort had a return on equity of 17.22% and a net margin of 16.40%. The firm had revenue of $128.19 million for the quarter, compared to analyst estimates of $119.33 million. Equities analysts predict that Monarch Casino & Resort, Inc. will post 4.55 EPS for the current year.

Monarch Casino & Resort Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Saturday, June 15th. Investors of record on Saturday, June 1st will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.78%. The ex-dividend date is Friday, May 31st. Monarch Casino & Resort’s dividend payout ratio (DPR) is currently 28.37%.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company increased its holdings in Monarch Casino & Resort by 3.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 5,553 shares of the company’s stock worth $391,000 after purchasing an additional 162 shares in the last quarter. Credit Suisse AG increased its holdings in Monarch Casino & Resort by 1.0% during the 4th quarter. Credit Suisse AG now owns 18,228 shares of the company’s stock worth $1,402,000 after purchasing an additional 177 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in Monarch Casino & Resort by 40.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 637 shares of the company’s stock worth $40,000 after purchasing an additional 184 shares in the last quarter. Fuller & Thaler Asset Management Inc. increased its holdings in Monarch Casino & Resort by 0.5% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 36,495 shares of the company’s stock worth $3,183,000 after purchasing an additional 185 shares in the last quarter. Finally, Legal & General Group Plc increased its holdings in Monarch Casino & Resort by 0.6% during the 2nd quarter. Legal & General Group Plc now owns 31,231 shares of the company’s stock worth $1,832,000 after purchasing an additional 195 shares in the last quarter. 62.37% of the stock is owned by institutional investors and hedge funds.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc, through its subsidiaries, owns and operates the Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada. It also owns and operates the Monarch Casino Resort Spa Black Hawk in Black Hawk, Colorado. The company was incorporated in 1993 and is based in Reno, Nevada.