Monarch Casino & Resort, Inc. (NASDAQ:MCRI) CEO John Farahi Sells 2,000 Shares

Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Get Free Report) CEO John Farahi sold 2,000 shares of Monarch Casino & Resort stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $105.78, for a total value of $211,560.00. Following the sale, the chief executive officer directly owned 560,110 shares of the company's stock, valued at $59,248,435.80. This represents a 0.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Monarch Casino & Resort Stock Performance

Shares of NASDAQ MCRI traded down $1.08 during trading hours on Friday, hitting $104.34. The company's stock had a trading volume of 208,321 shares, compared to its average volume of 114,201. Monarch Casino & Resort, Inc. has a 12 month low of $69.99 and a 12 month high of $113.88. The business has a 50-day simple moving average of $87.76 and a 200-day simple moving average of $84.26. The stock has a market cap of $1.93 billion, a price-to-earnings ratio of 19.61 and a beta of 1.54.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last posted its earnings results on Wednesday, July 16th. The company reported $1.44 earnings per share for the quarter, topping analysts' consensus estimates of $1.22 by $0.22. Monarch Casino & Resort had a return on equity of 18.99% and a net margin of 18.70%. The firm had revenue of $136.91 million for the quarter, compared to the consensus estimate of $129.76 million. On average, equities research analysts forecast that Monarch Casino & Resort, Inc. will post 5.13 EPS for the current year.

Monarch Casino & Resort Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Monday, September 1st will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend 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 dividend payout ratio (DPR) is 22.56%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in MCRI. Raymond James Financial Inc. purchased a new position in shares of Monarch Casino & Resort during the 4th quarter worth approximately $6,118,000. American Century Companies Inc. boosted its position in shares of Monarch Casino & Resort by 9.3% in the 4th quarter. American Century Companies Inc. now owns 404,073 shares of the company's stock worth $31,881,000 after purchasing an additional 34,384 shares in the last quarter. Sei Investments Co. boosted its position in shares of Monarch Casino & Resort by 13.9% in the 4th quarter. Sei Investments Co. now owns 21,837 shares of the company's stock worth $1,723,000 after purchasing an additional 2,664 shares in the last quarter. LPL Financial LLC boosted its position in shares of Monarch Casino & Resort by 47.0% in the 4th quarter. LPL Financial LLC now owns 6,737 shares of the company's stock worth $532,000 after purchasing an additional 2,155 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Monarch Casino & Resort by 0.9% in the 4th quarter. Vanguard Group Inc. now owns 1,003,709 shares of the company's stock worth $79,193,000 after purchasing an additional 9,234 shares in the last quarter. Hedge funds and other institutional investors own 62.37% of the company's stock.

Analysts Set New Price Targets

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