Monarch Casino & Resort (NASDAQ:MCRI) Stock Passes Above Two Hundred Day Moving Average - What's Next?

Key Points

• Monarch Casino & Resort shares rose above their 200-day moving average, trading as high as $122.03 and last changing hands at $121.47. The company has a $2.18 billion market capitalization and a P/E ratio of 19.47.
• Analyst sentiment remains mixed, with a consensus “Hold” rating and an average price target of $124.40. Recent targets ranged from $114 to $128.
• Monarch reported quarterly EPS of $1.78, exceeding estimates by $0.10, while revenue increased 4.2% year over year to $142.6 million. The company also pays a quarterly dividend of $0.30, representing a 1.0% yield.

Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Get Free Report) shares passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $116.27 and traded as high as $122.03. Monarch Casino & Resort shares last traded at $121.47, with a volume of 681,695 shares trading hands.

Analysts Set New Price Targets

A number of research firms recently weighed in on MCRI. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Monarch Casino & Resort in a research note on Monday, August 24th. Jefferies Financial Group reissued a "hold" rating on shares of Monarch Casino & Resort in a research note on Thursday, July 2nd. Wall Street Zen downgraded Monarch Casino & Resort from a "buy" rating to a "hold" rating in a report on Saturday, August 1st. Wells Fargo & Company decreased their price objective on Monarch Casino & Resort from $116.00 to $114.00 and set an "equal weight" rating for the company in a report on Tuesday, July 21st. Finally, Stifel Nicolaus increased their target price on Monarch Casino & Resort from $102.00 to $128.00 and gave the stock a "hold" rating in a report on Tuesday, July 21st. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $124.40.

Monarch Casino & Resort Stock Down 0.9%

The firm's 50-day moving average price is $122.51 and its 200 day moving average price is $116.27. The company has a market capitalization of $2.18 billion, a P/E ratio of 19.47 and a beta of 1.31.

Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last posted its earnings results on Monday, July 20th. The company reported $1.78 earnings per share for the quarter, topping analysts' consensus estimates of $1.68 by $0.10. Monarch Casino & Resort had a net margin of 20.40% and a return on equity of 20.63%. The company had revenue of $142.60 million for the quarter, compared to analyst estimates of $142.85 million. The company's quarterly revenue was up 4.2% compared to the same quarter last year. As a group, equities research analysts expect that Monarch Casino & Resort, Inc. will post 6.98 EPS for the current year.

Monarch Casino & Resort Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were paid a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $1.20 annualized dividend and a dividend yield of 1.0%. Monarch Casino & Resort's dividend payout ratio is 19.23%.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of MCRI. Hillsdale Investment Management Inc. purchased a new stake in Monarch Casino & Resort in the 4th quarter valued at $7,244,000. Sei Investments Co. lifted its stake in Monarch Casino & Resort by 69.9% during the 1st quarter. Sei Investments Co. now owns 33,319 shares of the company's stock valued at $3,185,000 after acquiring an additional 13,712 shares in the last quarter. BlackRock Inc. purchased a new position in Monarch Casino & Resort during the 2nd quarter worth $270,679,000. Ieq Capital LLC purchased a new position in Monarch Casino & Resort during the 2nd quarter worth $1,182,000. Finally, Legal & General Group Plc bought a new stake in shares of Monarch Casino & Resort in the 2nd quarter worth $3,467,000. Institutional investors own 62.37% of the company's stock.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc is a gaming and hospitality company that owns and operates casino resorts in Nevada and Colorado. Its properties combine casino gaming with hotel accommodations, dining, entertainment, and other resort amenities.

The company operates Atlantis Casino Resort Spa in Reno, Nevada, which offers casino games, hotel rooms, restaurants, entertainment, and spa services. In Black Hawk, Colorado, Monarch operates Monarch Casino Resort Spa, a destination featuring gaming, lodging, dining, entertainment, and wellness facilities.

Monarch Casino & Resort has expanded its presence through the development and acquisition of casino resort properties, including its Black Hawk operations.

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