Monarch Casino & Resort (NASDAQ:MCRI) Hits New 1-Year High - What's Next?

Key Points

• Monarch Casino & Resort shares hit a new 52-week high on Friday, trading as high as $124.18 and ending near $122.80, up about 1% on the day.
• The company has seen a wave of mostly positive analyst action, including recent upgrades from Zacks Research and Wall Street Zen, though the overall consensus remains Moderate Buy with an average target price of $109.50.
• Monarch’s latest quarterly results were strong, with EPS of $1.52 versus the $1.15 estimate and revenue of $136.55 million, while the company also announced a quarterly dividend of $0.30 per share.

Shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Get Free Report) reached a new 52-week high on Friday . The stock traded as high as $124.18 and last traded at $122.80, with a volume of 36075 shares. The stock had previously closed at $121.98.

Analyst Ratings Changes

MCRI has been the topic of a number of research reports. Wells Fargo & Company boosted their price target on Monarch Casino & Resort from $97.00 to $99.00 and gave the company an "equal weight" rating in a report on Wednesday, April 22nd. 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. Zacks Research upgraded Monarch Casino & Resort from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 5th. Weiss Ratings restated a "buy (b)" rating on shares of Monarch Casino & Resort in a report on Wednesday, May 27th. Finally, Wall Street Zen upgraded Monarch Casino & Resort from a "hold" rating to a "buy" rating in a report on Saturday, April 25th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $109.50.

Monarch Casino & Resort Stock Up 1.0%

The company has a market capitalization of $2.19 billion, a P/E ratio of 20.90 and a beta of 1.30. The business has a fifty day moving average price of $109.94 and a 200 day moving average price of $100.73.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last released its earnings results on Tuesday, April 21st. The company reported $1.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.15 by $0.37. The business had revenue of $136.55 million for 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 quarterly revenue was up 8.9% on a year-over-year basis. As a group, equities analysts forecast that Monarch Casino & Resort, Inc. will post 7.07 earnings per share for the current year.

Monarch Casino & Resort Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be given a $0.30 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.0%. Monarch Casino & Resort's payout ratio is currently 20.34%.

Insider Activity

In related news, CEO John Farahi sold 5,000 shares of Monarch Casino & Resort stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $120.84, for a total value of $604,200.00. Following the sale, the chief executive officer owned 616,556 shares of the company's stock, valued at approximately $74,504,627.04. The trade was a 0.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 8,000 shares of company stock valued at $899,630 over the last 90 days. 26.34% of the stock is currently owned by insiders.

Institutional Trading of Monarch Casino & Resort

A number of hedge funds and other institutional investors have recently modified their holdings of MCRI. AQR Capital Management LLC increased its position in shares of Monarch Casino & Resort by 36.0% in the first quarter. AQR Capital Management LLC now owns 57,731 shares of the company's stock valued at $4,489,000 after acquiring an additional 15,295 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Monarch Casino & Resort by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,618 shares of the company's stock valued at $592,000 after acquiring an additional 316 shares during the last quarter. Creative Planning acquired a new stake in shares of Monarch Casino & Resort in the second quarter valued at about $283,000. Quantbot Technologies LP acquired a new stake in shares of Monarch Casino & Resort in the second quarter valued at about $431,000. Finally, First Trust Advisors LP increased its position in shares of Monarch Casino & Resort by 9.5% in the second quarter. First Trust Advisors LP now owns 41,109 shares of the company's stock valued at $3,553,000 after acquiring an additional 3,574 shares during the last quarter. Institutional investors and hedge funds own 62.37% of the company's stock.

About Monarch Casino & Resort

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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