Monarch Casino & Resort (NASDAQ:MCRI) Reaches New 52-Week High – Time to Buy?

Monarch Casino & Resort, Inc. (NASDAQ:MCRI) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $127.90 and last traded at $127.22, with a volume of 229348 shares changing hands. The stock had previously closed at $124.89.

Analyst Ratings Changes

A number of brokerages have recently commented on MCRI. Zacks Research upgraded Monarch Casino & Resort from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 5th. Stifel Nicolaus increased their price objective on Monarch Casino & Resort from $97.00 to $102.00 and gave the company a “hold” rating in a research report on Wednesday, April 22nd. Wall Street Zen upgraded Monarch Casino & Resort from a “hold” rating to a “buy” rating in a research report on Saturday, April 25th. Weiss Ratings reiterated a “buy (b)” rating on shares of Monarch Casino & Resort in a research report on Wednesday, May 27th. Finally, Wells Fargo & Company increased their target price on Monarch Casino & Resort from $97.00 to $99.00 and gave the company an “equal weight” rating in a report on Wednesday, April 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $109.50.

Monarch Casino & Resort Price Performance

The company has a fifty day moving average of $112.19 and a 200-day moving average of $101.56. The firm has a market capitalization of $2.26 billion, a PE ratio of 21.56 and a beta of 1.30.

Monarch Casino & Resort (NASDAQ:MCRI) last announced its quarterly earnings data on Tuesday, April 21st. The company reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.15 by $0.37. Monarch Casino & Resort had a return on equity of 19.98% and a net margin of 19.62%.The business had revenue of $136.55 million during the quarter, compared to analyst estimates of $128.49 million. The firm’s quarterly revenue was up 8.9% on a year-over-year basis. Equities analysts anticipate that Monarch Casino & Resort, Inc. will post 7.07 EPS for the current year.

Monarch Casino & Resort Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Monday, June 1st. Monarch Casino & Resort’s dividend payout ratio (DPR) is currently 20.34%.

Insiders Place Their Bets

In other Monarch Casino & Resort news, CEO John Farahi sold 5,000 shares of the firm’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $120.84, for a total transaction of $604,200.00. Following the transaction, the chief executive officer directly owned 616,556 shares in the company, valued at $74,504,627.04. This trade represents a 0.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 26.34% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Monarch Casino & Resort

Institutional investors have recently bought and sold shares of the stock. Kestra Advisory Services LLC bought a new position in Monarch Casino & Resort during the fourth quarter valued at about $40,000. Osaic Holdings Inc. grew its position in shares of Monarch Casino & Resort by 210.0% in the second quarter. Osaic Holdings Inc. now owns 465 shares of the company’s stock valued at $40,000 after purchasing an additional 315 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Monarch Casino & Resort by 12.1% in the fourth quarter. GAMMA Investing LLC now owns 984 shares of the company’s stock valued at $94,000 after purchasing an additional 106 shares during the last quarter. Parallel Advisors LLC grew its position in shares of Monarch Casino & Resort by 191.3% in the first quarter. Parallel Advisors LLC now owns 1,136 shares of the company’s stock valued at $109,000 after purchasing an additional 746 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew its position in shares of Monarch Casino & Resort by 69.8% in the second quarter. Tower Research Capital LLC TRC now owns 1,275 shares of the company’s stock valued at $110,000 after purchasing an additional 524 shares during the last quarter. 62.37% of the stock is currently owned by institutional investors.

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.