Monarch Casino & Resort (NASDAQ:MCRI) Hits New 52-Week High - Here's What Happened

Key Points

• Monarch Casino & Resort hit a new 52-week high on Thursday, trading as high as $122.25 after closing previously at $120.29.
• Recent analyst activity has been mostly positive, with multiple firms raising price targets and ratings; the stock now carries a consensus Moderate Buy rating and a $109.50 average price target.
• The company reported solid quarterly results, posting $1.52 EPS versus the $1.15 estimate and revenue of $136.55 million, while also declaring a quarterly dividend of $0.30 per share.

Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $122.25 and last traded at $121.7780, with a volume of 33979 shares changing hands. The stock had previously closed at $120.29.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on MCRI shares. Stifel Nicolaus upped their target price on shares of Monarch Casino & Resort from $97.00 to $102.00 and gave the company a "hold" rating in a research note on Wednesday, April 22nd. Wall Street Zen raised shares of Monarch Casino & Resort from a "hold" rating to a "buy" rating in a report on Saturday, April 25th. Truist Financial raised their target price 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. Wells Fargo & Company raised their target price on shares of Monarch Casino & Resort from $97.00 to $99.00 and gave the stock an "equal weight" rating in a report on Wednesday, April 22nd. Finally, Zacks Research raised shares of Monarch Casino & Resort from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 5th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Monarch Casino & Resort presently has a consensus rating of "Moderate Buy" and a consensus price target of $109.50.

Monarch Casino & Resort Price Performance

The stock's fifty day simple moving average is $107.15 and its 200-day simple moving average is $99.65. The stock has a market cap of $2.14 billion, a P/E ratio of 20.41 and a beta of 1.32.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last announced its quarterly earnings results on Tuesday, April 21st. The company reported $1.52 EPS for the quarter, beating the consensus estimate of $1.15 by $0.37. Monarch Casino & Resort had a net margin of 19.62% and a return on equity of 19.98%. The company had revenue of $136.55 million for the quarter, compared to analyst estimates of $128.49 million. The business's revenue was up 8.9% compared to the same quarter last year. Analysts forecast that Monarch Casino & Resort, Inc. will post 7.07 EPS for the current year.

Monarch Casino & Resort Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be paid a $0.30 dividend. The ex-dividend date is Monday, June 1st. This represents a $1.20 annualized dividend and a dividend yield of 1.0%. Monarch Casino & Resort's dividend payout ratio (DPR) is presently 20.34%.

Insider Activity at Monarch Casino & Resort

In other Monarch Casino & Resort news, CEO John Farahi sold 2,000 shares of the firm's 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 sale, the chief executive officer 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 26.34% of the company's stock.

Institutional Investors Weigh In On Monarch Casino & Resort

Several large investors have recently made changes to their positions in MCRI. AQR Capital Management LLC increased its stake 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 purchasing an additional 15,295 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Monarch Casino & Resort by 4.3% during 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 period. Creative Planning acquired a new position in shares of Monarch Casino & Resort during the second quarter valued at approximately $283,000. Quantbot Technologies LP acquired a new position in shares of Monarch Casino & Resort during the second quarter valued at approximately $431,000. Finally, First Trust Advisors LP increased its stake in shares of Monarch Casino & Resort by 9.5% during 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 period. Institutional investors and hedge funds 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.

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