StockNews.com Downgrades Monarch Casino & Resort (NASDAQ:MCRI) to Buy

StockNews.com downgraded shares of Monarch Casino & Resort (NASDAQ:MCRI) from a strong-buy rating to a buy rating in a research report released on Wednesday morning.

A number of other equities research analysts have also recently commented on MCRI. Truist Financial increased their target price on shares of Monarch Casino & Resort from $75.00 to $82.00 and gave the company a “hold” rating in a research report on Wednesday, October 23rd. Macquarie reiterated a “neutral” rating and issued a $76.00 target price on shares of Monarch Casino & Resort in a research report on Thursday, July 25th. Finally, Stifel Nicolaus increased their target price on shares of Monarch Casino & Resort from $72.00 to $77.00 and gave the company a “hold” rating in a research report on Thursday, October 24th.

Monarch Casino & Resort Trading Up 3.4 %

MCRI traded up $2.73 during midday trading on Wednesday, hitting $82.40. 132,784 shares of the company traded hands, compared to its average volume of 87,693. The company has a market capitalization of $1.52 billion, a price-to-earnings ratio of 18.23 and a beta of 1.73. Monarch Casino & Resort has a 52-week low of $61.48 and a 52-week high of $83.91. The business has a 50 day simple moving average of $76.79 and a two-hundred day simple moving average of $72.09.

Monarch Casino & Resort (NASDAQ:MCRI) last posted its quarterly earnings data on Wednesday, October 23rd. The company reported $1.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.37 by $0.10. The business had revenue of $137.87 million for the quarter, compared to the consensus estimate of $134.50 million. Monarch Casino & Resort had a net margin of 16.82% and a return on equity of 17.06%. During the same period last year, the firm posted $1.38 earnings per share. Equities research analysts anticipate that Monarch Casino & Resort will post 4.72 earnings per share for the current year.

Monarch Casino & Resort Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Sunday, December 15th. Investors of record on Sunday, December 1st will be given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.46%. The ex-dividend date is Friday, November 29th. Monarch Casino & Resort’s payout ratio is currently 26.55%.

Institutional Investors Weigh In On Monarch Casino & Resort

Hedge funds and other institutional investors have recently bought and sold shares of the company. American Century Companies Inc. boosted its stake in Monarch Casino & Resort by 17.3% during the second quarter. American Century Companies Inc. now owns 313,682 shares of the company’s stock worth $21,371,000 after buying an additional 46,323 shares during the period. Tributary Capital Management LLC boosted its stake in Monarch Casino & Resort by 0.3% during the second quarter. Tributary Capital Management LLC now owns 276,426 shares of the company’s stock worth $18,833,000 after buying an additional 827 shares during the period. Bank of New York Mellon Corp boosted its stake in Monarch Casino & Resort by 0.8% during the second quarter. Bank of New York Mellon Corp now owns 178,727 shares of the company’s stock worth $12,177,000 after buying an additional 1,400 shares during the period. Dimensional Fund Advisors LP boosted its stake in Monarch Casino & Resort by 6.0% during the second quarter. Dimensional Fund Advisors LP now owns 175,378 shares of the company’s stock worth $11,949,000 after buying an additional 9,990 shares during the period. Finally, Renaissance Technologies LLC boosted its stake in Monarch Casino & Resort by 11.7% during the second quarter. Renaissance Technologies LLC now owns 110,100 shares of the company’s stock worth $7,501,000 after buying an additional 11,500 shares during the period. 62.37% of the stock is currently owned by institutional investors and hedge funds.

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.