Monarch Casino & Resort (NASDAQ:MCRI) Downgraded by Zacks Research to "Hold"

Key Points

• Zacks Research downgraded Monarch Casino & Resort (MCRI) from a "strong‑buy" to a "hold," and analysts' consensus remains an average "Hold" with a $99.80 average target price.
• In the most recent quarter MCRI missed EPS at $1.25 versus $1.37 expected, while revenue rose 4.1% year‑over‑year to $140.0 million.
• CEO John Farahi sold 2,000 shares at about $99 (a 0.37% reduction in his stake); insiders own 25.52% of the company and institutional investors own roughly 62.37%.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a report released on Monday,Zacks.com reports.

MCRI has been the topic of a number of other research reports. Jefferies Financial Group restated a "hold" rating and set a $112.00 price objective on shares of Monarch Casino & Resort in a research report on Wednesday, December 24th. Wells Fargo & Company increased their price target on shares of Monarch Casino & Resort from $92.00 to $93.00 and gave the stock an "equal weight" rating in a research report on Thursday, February 5th. Finally, Weiss Ratings reiterated a "buy (b-)" rating on shares of Monarch Casino & Resort in a research report on Monday, December 29th. Two analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, Monarch Casino & Resort currently has an average rating of "Hold" and an average target price of $99.80.

Monarch Casino & Resort Stock Up 0.8%

Shares of Monarch Casino & Resort stock opened at $98.91 on Monday. The company has a market cap of $1.77 billion, a price-to-earnings ratio of 18.22 and a beta of 1.30. The company's 50 day moving average is $96.30 and its 200 day moving average is $96.10. Monarch Casino & Resort has a twelve month low of $69.99 and a twelve month high of $113.88.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last issued its quarterly earnings data on Wednesday, February 4th. The company reported $1.25 earnings per share for the quarter, missing analysts' consensus estimates of $1.37 by ($0.12). The company had revenue of $140.00 million for the quarter, compared to the consensus estimate of $139.39 million. Monarch Casino & Resort had a net margin of 18.60% and a return on equity of 18.68%. The firm's revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter last year, the company earned $0.22 EPS. Sell-side analysts expect that Monarch Casino & Resort will post 5.13 EPS for the current fiscal year.

Insiders Place Their Bets

In other Monarch Casino & Resort news, CEO John Farahi sold 2,000 shares of the stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $99.00, for a total value of $198,000.00. Following the transaction, the chief executive officer directly owned 536,304 shares in the company, valued at approximately $53,094,096. This trade represents a 0.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 25.52% of the company's stock.

Institutional Trading of Monarch Casino & Resort

Hedge funds and other institutional investors have recently modified their holdings of the company. American Century Companies Inc. increased its stake in shares of Monarch Casino & Resort by 4.3% in the third quarter. American Century Companies Inc. now owns 491,400 shares of the company's stock worth $52,010,000 after purchasing an additional 20,328 shares in the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Monarch Casino & Resort by 211.5% in the third quarter. Assenagon Asset Management S.A. now owns 68,092 shares of the company's stock worth $7,207,000 after purchasing an additional 46,235 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of Monarch Casino & Resort by 10.7% in the second quarter. Arrowstreet Capital Limited Partnership now owns 108,791 shares of the company's stock worth $9,404,000 after purchasing an additional 10,553 shares in the last quarter. Tributary Capital Management LLC increased its stake in shares of Monarch Casino & Resort by 57.8% in the third quarter. Tributary Capital Management LLC now owns 389,306 shares of the company's stock worth $41,204,000 after purchasing an additional 142,621 shares in the last quarter. Finally, Segall Bryant & Hamill LLC purchased a new stake in shares of Monarch Casino & Resort in the third quarter worth $1,348,000. 62.37% of the stock is owned by hedge funds and other institutional investors.

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.

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