Monarch Casino & Resort (NASDAQ:MCRI) Sets New 12-Month High – What’s Next?

Monarch Casino & Resort, Inc. (NASDAQ:MCRI)’s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $83.11 and last traded at $83.10, with a volume of 9544 shares trading hands. The stock had previously closed at $79.67.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Macquarie reissued a “neutral” rating and issued a $76.00 target price on shares of Monarch Casino & Resort in a research report on Thursday, July 25th. Stifel Nicolaus boosted their price target on Monarch Casino & Resort from $72.00 to $77.00 and gave the company a “hold” rating in a research note on Thursday, October 24th. StockNews.com raised Monarch Casino & Resort from a “buy” rating to a “strong-buy” rating in a research note on Monday, October 21st. Finally, Truist Financial boosted their target price on Monarch Casino & Resort from $75.00 to $82.00 and gave the stock a “hold” rating in a research note on Wednesday, October 23rd.

Monarch Casino & Resort Price Performance

The firm has a market capitalization of $1.52 billion, a P/E ratio of 18.38 and a beta of 1.73. The company has a fifty day moving average of $76.65 and a 200 day moving average of $72.02.

Monarch Casino & Resort (NASDAQ:MCRI) last issued its earnings results on Wednesday, October 23rd. The company reported $1.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.37 by $0.10. The company had revenue of $137.87 million for the quarter, compared to analysts’ expectations of $134.50 million. Monarch Casino & Resort had a return on equity of 17.06% and a net margin of 16.82%. During the same period last year, the business earned $1.38 EPS. On average, sell-side analysts forecast that Monarch Casino & Resort, Inc. will post 4.72 EPS for the current year.

Monarch Casino & Resort Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Sunday, December 15th. Stockholders of record on Sunday, December 1st will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, November 29th. This represents a $1.20 annualized dividend and a dividend yield of 1.45%. Monarch Casino & Resort’s payout ratio is 26.55%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MCRI. Financial Management Professionals Inc. bought a new position in Monarch Casino & Resort in the 3rd quarter worth about $30,000. GAMMA Investing LLC boosted its stake in Monarch Casino & Resort by 61.0% in the 3rd quarter. GAMMA Investing LLC now owns 470 shares of the company’s stock worth $37,000 after purchasing an additional 178 shares during the period. Meeder Asset Management Inc. bought a new stake in shares of Monarch Casino & Resort during the 2nd quarter valued at about $53,000. Canada Pension Plan Investment Board bought a new stake in shares of Monarch Casino & Resort during the 2nd quarter valued at about $102,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Monarch Casino & Resort by 81.9% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,712 shares of the company’s stock valued at $185,000 after buying an additional 1,221 shares in the last quarter. Institutional investors own 62.37% of the company’s stock.

Monarch Casino & Resort Company Profile

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.