Monarch Casino & Resort, Inc. (NASDAQ:MCRI) Receives Average Rating of “Hold” from Brokerages

Monarch Casino & Resort, Inc. (NASDAQ:MCRI) has received an average recommendation of “Hold” from the seven brokerages that are currently covering the company, MarketBeat reports. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $94.60.

Several brokerages have recently issued reports on MCRI. Wells Fargo & Company upped their target price on shares of Monarch Casino & Resort from $89.00 to $91.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 22nd. Wall Street Zen cut Monarch Casino & Resort from a “buy” rating to a “hold” rating in a research report on Saturday, November 1st. Stifel Nicolaus increased their target price on Monarch Casino & Resort from $92.00 to $97.00 and gave the company a “hold” rating in a research note on Wednesday, October 22nd. Weiss Ratings restated a “buy (b-)” rating on shares of Monarch Casino & Resort in a research note on Monday. Finally, Zacks Research downgraded Monarch Casino & Resort from a “strong-buy” rating to a “hold” rating in a report on Monday, September 15th.

Institutional Investors Weigh In On Monarch Casino & Resort

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Caxton Associates LLP purchased a new stake in Monarch Casino & Resort during the 3rd quarter valued at $645,000. Dark Forest Capital Management LP increased its position in Monarch Casino & Resort by 11.8% during the third quarter. Dark Forest Capital Management LP now owns 25,088 shares of the company’s stock valued at $2,655,000 after acquiring an additional 2,655 shares during the last quarter. Verition Fund Management LLC increased its position in Monarch Casino & Resort by 75.3% during the third quarter. Verition Fund Management LLC now owns 11,721 shares of the company’s stock valued at $1,241,000 after acquiring an additional 5,034 shares during the last quarter. Qube Research & Technologies Ltd lifted its holdings in Monarch Casino & Resort by 77.1% in the third quarter. Qube Research & Technologies Ltd now owns 188,498 shares of the company’s stock valued at $19,951,000 after acquiring an additional 82,035 shares during the period. Finally, Mariner LLC boosted its position in Monarch Casino & Resort by 6.5% in the third quarter. Mariner LLC now owns 2,493 shares of the company’s stock worth $264,000 after purchasing an additional 152 shares during the last quarter. Hedge funds and other institutional investors own 62.37% of the company’s stock.

Monarch Casino & Resort Price Performance

Shares of NASDAQ:MCRI opened at $98.26 on Friday. The business has a fifty day moving average price of $95.36 and a 200-day moving average price of $96.77. The company has a market capitalization of $1.79 billion, a PE ratio of 17.74 and a beta of 1.37. Monarch Casino & Resort has a 1-year low of $69.99 and a 1-year high of $113.88.

Monarch Casino & Resort (NASDAQ:MCRI) last announced its quarterly earnings results on Tuesday, October 21st. The company reported $1.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.63 by $0.06. The company had revenue of $142.81 million for the quarter, compared to analysts’ expectations of $145.54 million. Monarch Casino & Resort had a net margin of 19.26% and a return on equity of 19.33%. On average, sell-side analysts anticipate that Monarch Casino & Resort will post 5.13 earnings per share for the current fiscal year.

Monarch Casino & Resort Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Monday, December 1st were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Monday, December 1st. Monarch Casino & Resort’s dividend payout ratio (DPR) is presently 21.66%.

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.