Monarch Casino & Resort (NASDAQ:MCRI) Price Target Raised to $93.00

Monarch Casino & Resort (NASDAQ:MCRI) had its price target lifted by Wells Fargo & Company from $92.00 to $93.00 in a report issued on Thursday,Benzinga reports. The firm currently has an equal weight rating on the stock.

Other analysts have also recently issued research reports about the stock. Jefferies Financial Group reissued a “hold” rating and set a $112.00 target price on shares of Monarch Casino & Resort in a research note on Wednesday, December 24th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Monarch Casino & Resort in a report on Monday, December 29th. Stifel Nicolaus boosted their price objective on Monarch Casino & Resort from $92.00 to $97.00 and gave the stock a “hold” rating in a research note on Wednesday, October 22nd. Finally, Wall Street Zen downgraded Monarch Casino & Resort from a “buy” rating to a “hold” rating in a research report on Saturday, November 1st. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $99.80.

Monarch Casino & Resort Price Performance

Monarch Casino & Resort stock opened at $98.87 on Thursday. The stock has a market capitalization of $1.80 billion, a PE ratio of 18.21 and a beta of 1.34. The business has a 50 day simple moving average of $94.88 and a 200-day simple moving average of $97.74. Monarch Casino & Resort has a 12 month low of $69.99 and a 12 month high of $113.88.

Monarch Casino & Resort (NASDAQ:MCRI) last released its quarterly earnings results on Wednesday, February 4th. The company reported $1.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.12). The company had revenue of $140.00 million during the quarter, compared to analyst estimates of $139.39 million. Monarch Casino & Resort had a net margin of 18.60% and a return on equity of 18.68%. Monarch Casino & Resort’s revenue was up 4.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.22 EPS. On average, equities research analysts anticipate that Monarch Casino & Resort will post 5.13 EPS for the current fiscal year.

Monarch Casino & Resort Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be issued a $0.30 dividend. The ex-dividend date is Monday, March 2nd. This represents a $1.20 dividend on an annualized basis and a yield of 1.2%. Monarch Casino & Resort’s dividend payout ratio is presently 22.10%.

Insiders Place Their Bets

In other news, CEO John Farahi sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $100.63, for a total transaction of $100,630.00. Following the transaction, the chief executive officer directly owned 553,110 shares in the company, valued at $55,659,459.30. The trade was a 0.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 25.52% of the stock is owned by company insiders.

Hedge Funds Weigh In On Monarch Casino & Resort

A number of institutional investors have recently added to or reduced their stakes in MCRI. Farther Finance Advisors LLC boosted its stake in Monarch Casino & Resort by 199.1% during the third quarter. Farther Finance Advisors LLC now owns 329 shares of the company’s stock worth $35,000 after buying an additional 219 shares during the last quarter. USA Financial Formulas purchased a new position in shares of Monarch Casino & Resort during the 3rd quarter worth $47,000. Osaic Holdings Inc. boosted its position in shares of Monarch Casino & Resort by 210.0% during the 2nd quarter. Osaic Holdings Inc. now owns 465 shares of the company’s stock valued at $40,000 after acquiring an additional 315 shares during the last quarter. TD Private Client Wealth LLC boosted its position in shares of Monarch Casino & Resort by 57.1% during the 3rd quarter. TD Private Client Wealth LLC now owns 594 shares of the company’s stock valued at $63,000 after acquiring an additional 216 shares during the last quarter. Finally, Blue Trust Inc. grew its holdings in shares of Monarch Casino & Resort by 46.4% in the third quarter. Blue Trust Inc. now owns 612 shares of the company’s stock valued at $65,000 after purchasing an additional 194 shares during the period. Hedge funds and other 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.