Monarch Casino & Resort (NASDAQ:MCRI) Issues Earnings Results

Monarch Casino & Resort (NASDAQ:MCRI) posted its quarterly earnings data on Wednesday. The company reported $1.25 EPS for the quarter, missing analysts’ consensus estimates of $1.37 by ($0.12), FiscalAI reports. The firm had revenue of $140.00 million during the quarter, compared to the consensus estimate of $139.39 million. Monarch Casino & Resort had a return on equity of 19.33% and a net margin of 19.26%.The firm’s quarterly revenue was up 4.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.22 EPS.

Monarch Casino & Resort Trading Down 0.2%

Shares of NASDAQ MCRI opened at $93.64 on Thursday. Monarch Casino & Resort has a 1-year low of $69.99 and a 1-year high of $113.88. The company has a 50-day moving average of $94.87 and a two-hundred day moving average of $97.87. The company has a market cap of $1.71 billion, a PE ratio of 16.90 and a beta of 1.34.

Monarch Casino & Resort Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Monday, March 2nd will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, March 2nd. This represents a $1.20 dividend on an annualized basis and a yield of 1.3%. Monarch Casino & Resort’s dividend payout ratio is currently 21.66%.

Insiders Place Their Bets

In other Monarch Casino & Resort news, CEO John Farahi sold 1,000 shares of the business’s stock in a transaction on Wednesday, December 17th. The shares were sold at an average price of $100.63, for a total transaction of $100,630.00. Following the sale, the chief executive officer owned 553,110 shares of the company’s stock, valued at approximately $55,659,459.30. The trade was a 0.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 25.52% of the stock is owned by company insiders.

Institutional Trading of Monarch Casino & Resort

A number of institutional investors and hedge funds have recently modified their holdings of MCRI. Qube Research & Technologies Ltd boosted its holdings in shares of Monarch Casino & Resort by 77.1% in the third quarter. Qube Research & Technologies Ltd now owns 188,498 shares of the company’s stock worth $19,951,000 after acquiring an additional 82,035 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in Monarch Casino & Resort by 64.5% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 178,976 shares of the company’s stock worth $18,943,000 after acquiring an additional 70,185 shares during the last quarter. AQR Capital Management LLC increased its holdings in shares of Monarch Casino & Resort by 36.0% in the 1st quarter. AQR Capital Management LLC now owns 57,731 shares of the company’s stock worth $4,489,000 after purchasing an additional 15,295 shares in the last quarter. Lazard Asset Management LLC boosted its position in shares of Monarch Casino & Resort by 30.5% during the third quarter. Lazard Asset Management LLC now owns 55,548 shares of the company’s stock valued at $5,879,000 after buying an additional 12,987 shares during the last quarter. Finally, Bank of America Corp DE lifted its stake in Monarch Casino & Resort by 1.7% during the 2nd quarter. Bank of America Corp DE now owns 48,623 shares of the company’s stock valued at $4,203,000 after acquiring an additional 828 shares during the period. 62.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Jefferies Financial Group reiterated a “hold” rating and issued a $112.00 target price on shares of Monarch Casino & Resort in a report on Wednesday, December 24th. Weiss Ratings reissued a “buy (b-)” rating on shares of Monarch Casino & Resort in a research note on Monday, December 29th. Stifel Nicolaus boosted their price objective on shares of Monarch Casino & Resort from $92.00 to $97.00 and gave the stock a “hold” rating in a research note on Wednesday, October 22nd. Wells Fargo & Company raised their target price on shares of Monarch Casino & Resort from $92.00 to $93.00 and gave the company an “equal weight” rating in a research note on Thursday. Finally, Wall Street Zen cut shares of Monarch Casino & Resort from a “buy” rating to a “hold” rating in a report on Saturday, November 1st. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, Monarch Casino & Resort currently has an average rating of “Hold” and a consensus price target of $99.80.

Monarch Casino & Resort Company Profile

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.