Monarch Casino & Resort (NASDAQ:MCRI) CEO John Farahi Sells 5,000 Shares

Monarch Casino & Resort, Inc. (NASDAQ:MCRI) CEO John Farahi sold 5,000 shares of Monarch Casino & Resort stock in a transaction on 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 approximately $74,504,627.04. This represents a 0.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

John Farahi also recently made the following trade(s):

• On Monday, March 16th, John Farahi sold 2,000 shares of Monarch Casino & Resort stock. The stock was sold at an average price of $99.00, for a total transaction of $198,000.00.
• On Tuesday, March 10th, John Farahi sold 1,000 shares of Monarch Casino & Resort stock. The shares were sold at an average price of $97.43, for a total transaction of $97,430.00.

Monarch Casino & Resort Trading Down 0.4%

MCRI opened at $120.26 on Friday. The stock has a market capitalization of $2.13 billion, a P/E ratio of 20.38 and a beta of 1.32. Monarch Casino & Resort, Inc. has a 12 month low of $82.15 and a 12 month high of $122.52. The firm’s fifty day simple moving average is $108.10 and its 200 day simple moving average is $99.99.

Monarch Casino & Resort (NASDAQ:MCRI) last issued its quarterly earnings results on Tuesday, April 21st. The company reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.37. The firm had revenue of $136.55 million for the quarter, compared to analyst estimates of $128.49 million. Monarch Casino & Resort had a net margin of 19.62% and a return on equity of 19.98%. Monarch Casino & Resort’s revenue was up 8.9% compared to the same quarter last year. On average, equities research analysts predict that Monarch Casino & Resort, Inc. will post 7.07 EPS for the current fiscal year.

Monarch Casino & Resort Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Monday, June 1st will be issued a $0.30 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $1.20 dividend on an annualized basis and a yield of 1.0%. Monarch Casino & Resort’s payout ratio is currently 20.34%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Wells Fargo & Company upped their price target on shares of Monarch Casino & Resort from $97.00 to $99.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 22nd. Stifel Nicolaus upped their price target on shares of Monarch Casino & Resort from $97.00 to $102.00 and gave the stock a “hold” rating in a report on Wednesday, April 22nd. Weiss Ratings reissued a “buy (b)” rating on shares of Monarch Casino & Resort in a research note on Wednesday. Wall Street Zen raised shares of Monarch Casino & Resort from a “hold” rating to a “buy” rating in a research note on Saturday, April 25th. Finally, Truist Financial upped their price target on shares of Monarch Casino & Resort from $120.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $109.50.

Institutional Trading of Monarch Casino & Resort

A number of large investors have recently added to or reduced their stakes in MCRI. Qube Research & Technologies Ltd grew its stake in Monarch Casino & Resort by 77.1% during 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 in the last quarter. Hillsdale Investment Management Inc. bought a new stake in Monarch Casino & Resort during the fourth quarter valued at approximately $7,244,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of 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. Clark Capital Management Group Inc. bought a new stake in shares of Monarch Casino & Resort in the 3rd quarter worth approximately $6,192,000. Finally, Invesco Ltd. lifted its holdings in shares of Monarch Casino & Resort by 38.2% in the 4th quarter. Invesco Ltd. now owns 194,371 shares of the company’s stock worth $18,601,000 after acquiring an additional 53,745 shares during the last quarter. Hedge funds and other institutional investors own 62.37% of the company’s stock.

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.