Monarch Casino & Resort (NASDAQ:MCRI) Downgraded by StockNews.com to “Buy”

StockNews.com lowered shares of Monarch Casino & Resort (NASDAQ:MCRI) from a strong-buy rating to a buy rating in a report issued on Wednesday.

MCRI has been the topic of several other reports. Truist Financial upped their price objective on shares of Monarch Casino & Resort from $75.00 to $82.00 and gave the company a “hold” rating in a report on Wednesday, October 23rd. Macquarie reaffirmed a “neutral” rating and issued a $76.00 price objective on shares of Monarch Casino & Resort in a report on Thursday, July 25th. Finally, Stifel Nicolaus upped their price objective on shares of Monarch Casino & Resort from $72.00 to $77.00 and gave the company a “hold” rating in a report on Thursday, October 24th.

Monarch Casino & Resort Price Performance

Monarch Casino & Resort stock traded up $2.73 during mid-day trading on Wednesday, reaching $82.40. 132,784 shares of the company traded hands, compared to its average volume of 87,693. Monarch Casino & Resort has a fifty-two week low of $61.48 and a fifty-two week high of $83.91. The company has a market capitalization of $1.52 billion, a price-to-earnings ratio of 18.23 and a beta of 1.73. The firm’s fifty day moving average is $76.79 and its two-hundred day moving average is $72.09.

Monarch Casino & Resort (NASDAQ:MCRI) last issued its quarterly earnings results on Wednesday, October 23rd. The company reported $1.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.37 by $0.10. Monarch Casino & Resort had a net margin of 16.82% and a return on equity of 17.06%. The business had revenue of $137.87 million for the quarter, compared to analyst estimates of $134.50 million. During the same quarter in the prior year, the business posted $1.38 EPS. As a group, equities research analysts predict that Monarch Casino & Resort will post 4.72 earnings per share for the current year.

Monarch Casino & Resort Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Sunday, December 15th. Investors of record on Sunday, December 1st will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.46%. The ex-dividend date is Friday, November 29th. Monarch Casino & Resort’s dividend payout ratio (DPR) is presently 26.55%.

Institutional Trading of Monarch Casino & Resort

Hedge funds have recently added to or reduced their stakes in the company. Financial Management Professionals Inc. purchased a new stake in Monarch Casino & Resort during the third quarter worth $30,000. GAMMA Investing LLC boosted its holdings in Monarch Casino & Resort by 61.0% during the third quarter. GAMMA Investing LLC now owns 470 shares of the company’s stock worth $37,000 after buying an additional 178 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in Monarch Casino & Resort during the second quarter valued at $53,000. Canada Pension Plan Investment Board purchased a new position in Monarch Casino & Resort during the second quarter valued at $102,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Monarch Casino & Resort by 81.9% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,712 shares of the company’s stock valued at $185,000 after purchasing an additional 1,221 shares in the last quarter. 62.37% of the stock is owned by hedge funds and other institutional investors.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc, through its subsidiaries, owns and operates the Atlantis Casino Resort Spa, a hotel and casino in Reno, Nevada. It also owns and operates the Monarch Casino Resort Spa Black Hawk in Black Hawk, Colorado. The company was incorporated in 1993 and is based in Reno, Nevada.