Monarch Casino & Resort (NASDAQ:MCRI) Announces Quarterly Earnings Results

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) posted its earnings results on Wednesday. The company reported $0.96 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.98 by ($0.02), Yahoo Finance reports. Monarch Casino & Resort had a return on equity of 17.22% and a net margin of 16.40%. The firm had revenue of $121.66 million for the quarter, compared to analysts' expectations of $122.13 million. During the same period in the previous year, the company earned $0.90 earnings per share.

Monarch Casino & Resort Price Performance

MCRI traded up $0.80 on Friday, hitting $67.34. 93,780 shares of the company's stock were exchanged, compared to its average volume of 116,077. Monarch Casino & Resort has a fifty-two week low of $56.25 and a fifty-two week high of $75.52. The company has a current ratio of 0.61, a quick ratio of 0.55 and a debt-to-equity ratio of 0.01. The firm has a 50-day moving average price of $70.75 and a 200-day moving average price of $67.04. The stock has a market cap of $1.27 billion, a price-to-earnings ratio of 15.92 and a beta of 1.66.

Monarch Casino & Resort Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Saturday, June 15th. Shareholders of record on Saturday, June 1st will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.20 annualized dividend and a yield of 1.78%. Monarch Casino & Resort's dividend payout ratio (DPR) is presently 28.37%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on MCRI. Truist Financial raised their target price on Monarch Casino & Resort from $72.00 to $74.00 and gave the company a "hold" rating in a research report on Thursday, February 15th. StockNews.com raised shares of Monarch Casino & Resort from a "hold" rating to a "buy" rating in a research note on Saturday, March 9th. Stifel Nicolaus reissued a "hold" rating and issued a $70.00 price target on shares of Monarch Casino & Resort in a research note on Friday, January 5th. Finally, Macquarie lifted their price target on shares of Monarch Casino & Resort from $75.00 to $76.00 and gave the company a "neutral" rating in a research note on Thursday.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. BlackRock Inc. raised its holdings in shares of Monarch Casino & Resort by 3.2% during the 2nd quarter. BlackRock Inc. now owns 2,337,231 shares of the company's stock worth $164,658,000 after acquiring an additional 72,857 shares during the period. Vanguard Group Inc. increased its stake in Monarch Casino & Resort by 3.3% during the fourth quarter. Vanguard Group Inc. now owns 1,059,127 shares of the company's stock worth $73,239,000 after purchasing an additional 33,849 shares during the period. JPMorgan Chase & Co. increased its stake in Monarch Casino & Resort by 3.6% during the third quarter. JPMorgan Chase & Co. now owns 841,840 shares of the company's stock worth $52,278,000 after purchasing an additional 29,575 shares during the period. Macquarie Group Ltd. grew its position in shares of Monarch Casino & Resort by 2.5% during the second quarter. Macquarie Group Ltd. now owns 578,861 shares of the company's stock worth $33,962,000 after buying an additional 14,291 shares in the last quarter. Finally, Invesco Ltd. grew its position in shares of Monarch Casino & Resort by 925.0% during the first quarter. Invesco Ltd. now owns 570,410 shares of the company's stock worth $49,757,000 after buying an additional 514,761 shares in the last quarter. Hedge funds and other institutional investors own 62.37% of the company's stock.

Monarch Casino & Resort Company Profile

Monarch Casino & Resort, Inc, through its subsidiaries, owns and operates the Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada. It also owns and operates the Monarch Casino Resort Spa Black Hawk in Black Hawk, Colorado. The company was incorporated in 1993 and is based in Reno, Nevada.