Monarch Casino & Resort (NASDAQ:MCRI) Posts Quarterly Earnings Results, Beats Expectations By $0.11 EPS

Key Points

• Monarch Casino & Resort beat quarterly earnings expectations, reporting EPS of $1.78 versus the $1.67 consensus estimate, a beat of $0.11 per share.
• The stock rose in midday trading to $124.38, with the company valued at about $2.21 billion and trading near its 50-day average of $124.26.
• The company also paid a quarterly dividend of $0.30 per share, equal to a 1.0% annualized yield, while analysts currently hold a consensus “Hold” rating with a $119.60 target price.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) announced its quarterly earnings data on Monday. The company reported $1.78 EPS for the quarter, beating analysts' consensus estimates of $1.67 by $0.11, Zacks reports. Monarch Casino & Resort had a return on equity of 19.98% and a net margin of 19.62%.

Monarch Casino & Resort Price Performance

Shares of NASDAQ MCRI traded up $1.35 during mid-day trading on Monday, hitting $124.38. The company had a trading volume of 137,485 shares, compared to its average volume of 142,184. The stock has a market cap of $2.21 billion, a price-to-earnings ratio of 21.08 and a beta of 1.29. Monarch Casino & Resort has a 12 month low of $88.13 and a 12 month high of $135.93. The firm's 50 day simple moving average is $124.26 and its two-hundred day simple moving average is $107.40.

Monarch Casino & Resort Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Monday, June 1st were paid a dividend of $0.30 per share. The ex-dividend date was Monday, June 1st. This represents a $1.20 annualized dividend and a yield of 1.0%. Monarch Casino & Resort's dividend payout ratio is 20.34%.

Insider Buying and Selling at Monarch Casino & Resort

In other news, CEO John Farahi sold 5,000 shares of the business's stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $120.84, for a total transaction of $604,200.00. Following the completion of the transaction, the chief executive officer directly owned 616,556 shares in the company, valued at approximately $74,504,627.04. The trade was a 0.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 26.34% of the stock is currently owned by company insiders.

Institutional Trading of Monarch Casino & Resort

Several institutional investors have recently modified their holdings of the company. Mariner LLC lifted its holdings in shares of Monarch Casino & Resort by 6.5% during the 3rd quarter. Mariner LLC now owns 2,493 shares of the company's stock worth $264,000 after acquiring an additional 152 shares during the period. Vident Advisory LLC boosted its holdings in Monarch Casino & Resort by 3.5% in the second quarter. Vident Advisory LLC now owns 5,566 shares of the company's stock valued at $481,000 after acquiring an additional 186 shares during the last quarter. Panagora Asset Management Inc. raised its stake in Monarch Casino & Resort by 6.0% during the fourth quarter. Panagora Asset Management Inc. now owns 3,490 shares of the company's stock worth $334,000 after buying an additional 198 shares during the last quarter. Swiss National Bank raised its position in shares of Monarch Casino & Resort by 1.2% in the 3rd quarter. Swiss National Bank now owns 25,011 shares of the company's stock worth $2,647,000 after acquiring an additional 300 shares in the last quarter. Finally, Osaic Holdings Inc. boosted its holdings in shares of Monarch Casino & Resort by 210.0% during the 2nd 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. Institutional investors and hedge funds own 62.37% of the company's stock.

Analyst Ratings Changes

MCRI has been the topic of several recent analyst reports. Jefferies Financial Group reiterated a "hold" rating on shares of Monarch Casino & Resort in a research report on Thursday, July 2nd. Truist Financial lifted their price target on Monarch Casino & Resort from $125.00 to $144.00 and gave the company a "buy" rating in a report on Monday. Stifel Nicolaus increased their price objective on shares of Monarch Casino & Resort from $97.00 to $102.00 and gave the stock a "hold" rating in a report on Wednesday, April 22nd. Weiss Ratings reissued a "buy (b)" rating on shares of Monarch Casino & Resort in a research report on Wednesday, May 27th. Finally, Zacks Research downgraded shares of Monarch Casino & Resort from a "strong-buy" rating to a "hold" rating in a report on Monday, June 22nd. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $119.60.

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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