Monarch Casino & Resort (NASDAQ:MCRI) Price Target Raised to $116.00

Monarch Casino & Resort (NASDAQ:MCRI) had its price objective hoisted by Wells Fargo & Company from $99.00 to $116.00 in a research report report published on Tuesday morning, Marketbeat.com reports. They currently have an equal weight rating on the stock.

A number of other equities research analysts also recently weighed in on MCRI. Stifel Nicolaus boosted their price target on Monarch Casino & Resort from $97.00 to $102.00 and gave the company a “hold” rating in a report on Wednesday, April 22nd. Truist Financial lifted their price objective on shares of Monarch Casino & Resort from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, April 22nd. Jefferies Financial Group reiterated a “hold” rating on shares of Monarch Casino & Resort in a research note on Thursday, July 2nd. UBS Group set a $124.00 price target on shares of Monarch Casino & Resort in a research report on Thursday, July 2nd. Finally, Zacks Research lowered shares of Monarch Casino & Resort from a “strong-buy” rating to a “hold” rating in a report on Monday, June 22nd. Two analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $115.80.

Monarch Casino & Resort Trading Down 0.1%

Shares of NASDAQ MCRI opened at $126.25 on Tuesday. The stock has a fifty day moving average price of $124.17 and a 200 day moving average price of $107.22. Monarch Casino & Resort has a 12-month low of $88.13 and a 12-month high of $135.93. The company has a market cap of $2.24 billion, a P/E ratio of 21.40 and a beta of 1.29.

Monarch Casino & Resort (NASDAQ:MCRI) last issued its earnings results on Tuesday, April 21st. The company reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.37. The company had revenue of $136.55 million during the quarter, compared to the consensus estimate of $128.49 million. Monarch Casino & Resort had a return on equity of 19.98% and a net margin of 19.62%.The company’s revenue was up 8.9% compared to the same quarter last year. On average, sell-side analysts forecast that Monarch Casino & Resort will post 7.07 EPS for the current fiscal year.

Monarch Casino & Resort Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were issued 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 was Monday, June 1st. Monarch Casino & Resort’s dividend payout ratio (DPR) is 20.34%.

Insiders Place Their Bets

In other Monarch Casino & Resort news, CEO John Farahi sold 5,000 shares of the business’s stock in a transaction dated 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 directly owned 616,556 shares of the company’s stock, valued at $74,504,627.04. The trade was a 0.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 26.34% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Monarch Casino & Resort

A number of hedge funds have recently made changes to their positions in the business. Qube Research & Technologies Ltd grew its holdings in Monarch Casino & Resort by 77.1% in the 3rd quarter. Qube Research & Technologies Ltd now owns 188,498 shares of the company’s stock worth $19,951,000 after buying an additional 82,035 shares in the last quarter. Hillsdale Investment Management Inc. bought a new stake in Monarch Casino & Resort during the 4th quarter valued at $7,244,000. Arrowstreet Capital Limited Partnership boosted its position in Monarch Casino & Resort by 64.5% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 178,976 shares of the company’s stock worth $18,943,000 after acquiring an additional 70,185 shares during the period. Invesco Ltd. boosted its position in Monarch Casino & Resort by 38.2% during the 4th quarter. Invesco Ltd. now owns 194,371 shares of the company’s stock worth $18,601,000 after acquiring an additional 53,745 shares during the period. Finally, Pacer Advisors Inc. grew its stake in shares of Monarch Casino & Resort by 2,489.3% in the fourth quarter. Pacer Advisors Inc. now owns 50,311 shares of the company’s stock worth $4,815,000 after purchasing an additional 48,368 shares in the last quarter. 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.