Monarch Casino & Resort (NASDAQ:MCRI) Cut to Buy at StockNews.com

Monarch Casino & Resort (NASDAQ:MCRI) was downgraded by analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a note issued to investors on Tuesday.

Other equities research analysts also recently issued research reports about the company. Stifel Nicolaus raised their target price on Monarch Casino & Resort from $72.00 to $77.00 and gave the company a “hold” rating in a report on Thursday, October 24th. Wells Fargo & Company started coverage on shares of Monarch Casino & Resort in a research report on Monday. They issued an “underweight” rating and a $79.00 price target for the company. Finally, Truist Financial raised their price objective on Monarch Casino & Resort from $75.00 to $82.00 and gave the stock a “hold” rating in a research report on Wednesday, October 23rd. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $78.50.

Monarch Casino & Resort Stock Down 1.1 %

Shares of MCRI traded down $0.89 during trading hours on Tuesday, hitting $82.16. The company had a trading volume of 119,012 shares, compared to its average volume of 120,533. The firm has a market cap of $1.51 billion, a price-to-earnings ratio of 18.18 and a beta of 1.72. The business has a fifty day moving average of $81.40 and a 200-day moving average of $75.48. Monarch Casino & Resort has a 12 month low of $64.50 and a 12 month high of $89.06.

Monarch Casino & Resort (NASDAQ:MCRI) last announced its 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 company had revenue of $137.87 million during the quarter, compared to analysts’ expectations of $134.50 million. During the same quarter in the previous year, the business posted $1.38 earnings per share. On average, equities analysts expect that Monarch Casino & Resort will post 4.72 EPS for the current fiscal year.

Institutional Investors Weigh In On Monarch Casino & Resort

A number of institutional investors have recently added to or reduced their stakes in the company. Tributary Capital Management LLC increased its stake in shares of Monarch Casino & Resort by 0.3% during the 2nd quarter. Tributary Capital Management LLC now owns 276,426 shares of the company’s stock worth $18,833,000 after purchasing an additional 827 shares during the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Monarch Casino & Resort by 0.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 178,727 shares of the company’s stock valued at $12,177,000 after buying an additional 1,400 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Monarch Casino & Resort by 81.9% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,712 shares of the company’s stock worth $185,000 after acquiring an additional 1,221 shares during the last quarter. Victory Capital Management Inc. lifted its stake in Monarch Casino & Resort by 16.6% in the second quarter. Victory Capital Management Inc. now owns 5,324 shares of the company’s stock worth $363,000 after purchasing an additional 758 shares during the last quarter. Finally, American Century Companies Inc. grew its position in Monarch Casino & Resort by 17.3% during the 2nd quarter. American Century Companies Inc. now owns 313,682 shares of the company’s stock worth $21,371,000 after acquiring an additional 46,323 shares during the last quarter. 62.37% of the stock is owned by 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.