Monarch Casino & Resort (NASDAQ:MCRI) Posts Quarterly Earnings Results, Beats Estimates By $0.07 EPS

Key Points

• Monarch Casino & Resort reported a quarterly earnings per share (EPS) of $1.69, exceeding analysts' expectations of $1.62 by $0.07.
• The company has a net margin of 18.70% and a return on equity of 18.99%, indicating strong financial performance.
• Wall Street analysts have mixed ratings for the stock, with a consensus rating of "Hold" and a price target of $93.20 after some analysts upgraded their ratings recently.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) issued its earnings results on Tuesday. The company reported $1.69 EPS for the quarter, topping analysts' consensus estimates of $1.62 by $0.07, Zacks reports. Monarch Casino & Resort had a net margin of 18.70% and a return on equity of 18.99%.

Monarch Casino & Resort Price Performance

NASDAQ:MCRI traded up $0.69 during trading hours on Tuesday, hitting $97.21. The company had a trading volume of 137,592 shares, compared to its average volume of 107,766. The stock has a 50-day moving average price of $101.70 and a 200 day moving average price of $91.46. The company has a market capitalization of $1.78 billion, a PE ratio of 18.27 and a beta of 1.49. Monarch Casino & Resort has a 52 week low of $69.99 and a 52 week high of $113.88.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MCRI. Truist Financial raised their price objective on Monarch Casino & Resort from $100.00 to $105.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. Zacks Research cut Monarch Casino & Resort from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 15th. Stifel Nicolaus boosted their price objective on Monarch Casino & Resort from $81.00 to $92.00 and gave the company a "hold" rating in a research 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. Finally, Wells Fargo & Company raised shares of Monarch Casino & Resort from an "underweight" rating to an "equal weight" rating and lifted their target price for the stock from $83.00 to $89.00 in a research note on Thursday, July 17th. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $93.20.

Institutional Investors Weigh In On Monarch Casino & Resort

A number of large investors have recently modified their holdings of MCRI. Osaic Holdings Inc. raised its stake in Monarch Casino & Resort by 210.0% in the second quarter. Osaic Holdings Inc. now owns 465 shares of the company's stock worth $40,000 after buying an additional 315 shares in the last quarter. Public Sector Pension Investment Board raised its position in shares of Monarch Casino & Resort by 7.4% in the 2nd quarter. Public Sector Pension Investment Board now owns 43,309 shares of the company's stock worth $3,744,000 after acquiring an additional 2,978 shares in the last quarter. Tower Research Capital LLC TRC lifted its stake in shares of Monarch Casino & Resort by 69.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,275 shares of the company's stock valued at $110,000 after purchasing an additional 524 shares during the period. Vident Advisory LLC lifted its stake in shares of Monarch Casino & Resort by 3.5% in the 2nd quarter. Vident Advisory LLC now owns 5,566 shares of the company's stock valued at $481,000 after purchasing an additional 186 shares during the period. Finally, Lazard Asset Management LLC boosted its position in shares of Monarch Casino & Resort by 1,483.4% during the second quarter. Lazard Asset Management LLC now owns 42,561 shares of the company's stock valued at $3,678,000 after purchasing an additional 39,873 shares in the last quarter. Institutional investors own 62.37% of the company's stock.

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.

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