Monarch Casino & Resort, Inc. (NASDAQ:MCRI) Director Craig F. Sullivan Sells 12,200 Shares

Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Get Free Report) Director Craig F. Sullivan sold 12,200 shares of the company's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $105.55, for a total transaction of $1,287,710.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Monarch Casino & Resort Stock Down 1.0%

Monarch Casino & Resort stock traded down $1.08 during mid-day trading on Friday, reaching $104.34. 208,321 shares of the company's stock were exchanged, compared to its average volume of 167,312. The company has a market cap of $1.93 billion, a P/E ratio of 19.61 and a beta of 1.54. Monarch Casino & Resort, Inc. has a twelve month low of $69.99 and a twelve month high of $113.88. The company has a fifty day moving average of $87.76 and a 200-day moving average of $84.26.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The company reported $1.44 earnings per share for the quarter, beating analysts' consensus estimates of $1.22 by $0.22. Monarch Casino & Resort had a net margin of 18.70% and a return on equity of 18.99%. The business had revenue of $136.91 million for the quarter, compared to analyst estimates of $129.76 million. Equities research analysts expect that Monarch Casino & Resort, Inc. will post 5.13 earnings per share for the current fiscal year.

Monarch Casino & Resort Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Monday, September 1st will be issued a $0.30 dividend. The ex-dividend date is Friday, August 29th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.15%. Monarch Casino & Resort's payout ratio is 22.56%.

Institutional Investors Weigh In On Monarch Casino & Resort

A number of hedge funds and other institutional investors have recently modified their holdings of MCRI. TD Private Client Wealth LLC raised its holdings in shares of Monarch Casino & Resort by 72.6% in the 1st quarter. TD Private Client Wealth LLC now owns 378 shares of the company's stock valued at $29,000 after purchasing an additional 159 shares in the last quarter. Parallel Advisors LLC raised its holdings in shares of Monarch Casino & Resort by 51.2% in the 2nd quarter. Parallel Advisors LLC now owns 384 shares of the company's stock valued at $33,000 after purchasing an additional 130 shares in the last quarter. Vestcor Inc acquired a new stake in shares of Monarch Casino & Resort in the 1st quarter valued at $58,000. GAMMA Investing LLC raised its holdings in shares of Monarch Casino & Resort by 28.7% in the 2nd quarter. GAMMA Investing LLC now owns 839 shares of the company's stock valued at $73,000 after purchasing an additional 187 shares in the last quarter. Finally, Meeder Asset Management Inc. raised its holdings in shares of Monarch Casino & Resort by 45.3% in the 1st quarter. Meeder Asset Management Inc. now owns 1,139 shares of the company's stock valued at $89,000 after purchasing an additional 355 shares in the last quarter. 62.37% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Truist Financial upped their price objective on shares of Monarch Casino & Resort from $100.00 to $105.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Stifel Nicolaus increased their target price on shares of Monarch Casino & Resort from $81.00 to $92.00 and gave the stock a "hold" rating in a report on Thursday, July 17th. Wall Street Zen upgraded shares of Monarch Casino & Resort from a "hold" rating to a "buy" rating in a report on Sunday, July 13th. Wells Fargo & Company upgraded shares of Monarch Casino & Resort from an "underweight" rating to an "equal weight" rating and increased their target price for the stock from $83.00 to $89.00 in a report on Thursday, July 17th. Finally, Macquarie reiterated a "neutral" rating and set a $92.00 target price on shares of Monarch Casino & Resort in a report on Wednesday, April 23rd. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $93.20.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc engages in the ownership and operation of the Atlantis Casino Resort Spa, a hotel and casino facility in Reno, Nevada, and the Monarch Black Hawk Casino in Black Hawk, Colorado. The company was founded in 1993 and is headquartered in Reno, NV.