Monarch Casino & Resort (NASDAQ:MCRI) Stock Price Passes Above 200-Day Moving Average – Time to Sell?

Shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $116.27 and traded as high as $122.03. Monarch Casino & Resort shares last traded at $121.47, with a volume of 681,695 shares changing hands.

Wall Street Analysts Forecast Growth

MCRI has been the topic of several recent research reports. Stifel Nicolaus upped their price objective on Monarch Casino & Resort from $102.00 to $128.00 and gave the stock a “hold” rating in a research report on Tuesday, July 21st. UBS Group set a $124.00 target price on Monarch Casino & Resort in a research report on Thursday, July 2nd. Wall Street Zen lowered Monarch Casino & Resort from a “buy” rating to a “hold” rating in a research note on Saturday, August 1st. Texas Capital raised Monarch Casino & Resort to a “strong-buy” rating in a report on Wednesday, September 9th. Finally, Zacks Research downgraded Monarch Casino & Resort from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $124.40.

Monarch Casino & Resort Price Performance

The business’s 50 day moving average price is $122.51 and its 200 day moving average price is $116.27. The firm has a market cap of $2.18 billion, a PE ratio of 19.47 and a beta of 1.31.

Monarch Casino & Resort (NASDAQ:MCRI) last issued its quarterly earnings results on Monday, July 20th. The company reported $1.78 earnings per share for the quarter, beating analysts’ consensus estimates of $1.68 by $0.10. Monarch Casino & Resort had a net margin of 20.40% and a return on equity of 20.63%. The firm had revenue of $142.60 million for the quarter, compared to analyst estimates of $142.85 million. Monarch Casino & Resort’s quarterly revenue was up 4.2% compared to the same quarter last year. As a group, analysts predict that Monarch Casino & Resort, Inc. will post 6.98 earnings per share for the current year.

Monarch Casino & Resort Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were paid a $0.30 dividend. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.0%. Monarch Casino & Resort’s payout ratio is currently 19.23%.

Institutional Investors Weigh In On Monarch Casino & Resort

Large investors have recently modified their holdings of the business. IFP Advisors Inc grew its stake in Monarch Casino & Resort by 267.6% during the 2nd quarter. IFP Advisors Inc now owns 261 shares of the company’s stock valued at $34,000 after acquiring an additional 190 shares in the last quarter. Allworth Financial LP acquired a new stake in Monarch Casino & Resort during the second quarter worth $41,000. Global Retirement Partners LLC acquired a new position in shares of Monarch Casino & Resort in the 2nd quarter valued at $57,000. Integrated Wealth Concepts LLC acquired a new position in shares of Monarch Casino & Resort in the 2nd quarter valued at $73,000. Finally, Globeflex Capital L P purchased a new position in shares of Monarch Casino & Resort during the 2nd quarter worth $97,000. Hedge funds and other institutional investors own 62.37% of the company’s stock.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc is a gaming and hospitality company that owns and operates casino resorts in Nevada and Colorado. Its properties combine casino gaming with hotel accommodations, dining, entertainment, and other resort amenities.

The company operates Atlantis Casino Resort Spa in Reno, Nevada, which offers casino games, hotel rooms, restaurants, entertainment, and spa services. In Black Hawk, Colorado, Monarch operates Monarch Casino Resort Spa, a destination featuring gaming, lodging, dining, entertainment, and wellness facilities.

Monarch Casino & Resort has expanded its presence through the development and acquisition of casino resort properties, including its Black Hawk operations.