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

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

Several other brokerages also recently issued reports on MCRI. Jefferies Financial Group reiterated a “hold” rating on shares of Monarch Casino & Resort in a report on Thursday, July 2nd. Weiss Ratings reissued a “buy (b)” rating on shares of Monarch Casino & Resort in a report on Wednesday, May 27th. Wells Fargo & Company reduced their price objective on Monarch Casino & Resort from $116.00 to $114.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Truist Financial upped their target price on Monarch Casino & Resort from $125.00 to $144.00 and gave the stock a “buy” rating in a report on Monday, July 20th. Finally, Wall Street Zen upgraded Monarch Casino & Resort from a “hold” rating to a “buy” rating in a research report on Saturday, April 25th. Two research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $124.40.

Monarch Casino & Resort Trading Up 0.3%

Shares of Monarch Casino & Resort stock opened at $119.54 on Wednesday. The firm’s 50 day moving average is $124.56 and its 200 day moving average is $108.15. The firm has a market capitalization of $2.12 billion, a PE ratio of 19.16 and a beta of 1.29. Monarch Casino & Resort has a 1 year low of $88.13 and a 1 year high of $135.93.

Monarch Casino & Resort (NASDAQ:MCRI) last issued its quarterly earnings data on Monday, July 20th. The company reported $1.78 EPS for the quarter, beating the consensus estimate 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 business 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. As a group, research analysts anticipate that Monarch Casino & Resort will post 6.98 earnings per share for the current year.

Monarch Casino & Resort Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Tuesday, September 1st will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a 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 other news, CEO John Farahi sold 5,000 shares of the firm’s 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 transaction, the chief executive officer 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 26.34% of the company’s stock.

Institutional Trading of Monarch Casino & Resort

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in Monarch Casino & Resort by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 1,030,396 shares of the company’s stock worth $98,609,000 after buying an additional 5,667 shares during the period. Geode Capital Management LLC grew its position in shares of Monarch Casino & Resort by 2.8% in the 4th quarter. Geode Capital Management LLC now owns 396,844 shares of the company’s stock valued at $37,983,000 after buying an additional 10,890 shares during the last quarter. Invesco Ltd. increased its stake in shares of Monarch Casino & Resort by 38.2% in the fourth quarter. Invesco Ltd. now owns 194,371 shares of the company’s stock valued at $18,601,000 after buying an additional 53,745 shares during the period. Qube Research & Technologies Ltd increased its stake in shares of Monarch Casino & Resort by 77.1% in the third quarter. Qube Research & Technologies Ltd now owns 188,498 shares of the company’s stock valued at $19,951,000 after buying an additional 82,035 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its stake in shares of Monarch Casino & Resort by 64.5% in the third quarter. Arrowstreet Capital Limited Partnership now owns 178,976 shares of the company’s stock valued at $18,943,000 after buying an additional 70,185 shares during the period. 62.37% of the stock is currently owned by institutional investors and hedge funds.

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.