Key Points
- CEO John Farahi sold 5,000 shares of Monarch Casino & Resort for about $604,200 at an average price of $120.84, reducing his direct stake by 0.80%. He still owns 616,556 shares valued at roughly $74.5 million.
- The company reported stronger-than-expected quarterly results, posting earnings of $1.52 per share versus estimates of $1.15 on revenue of $136.55 million, up 8.9% year over year. Analysts now expect full-year EPS of 7.07.
- Monarch declared a quarterly dividend of $0.30 per share, payable June 15 to shareholders of record on June 1, for an annualized yield of about 1.0%. The payout ratio is currently 20.34%.
Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Get Free Report) CEO John Farahi sold 5,000 shares of the business's stock in a transaction on Thursday, May 28th. The shares were 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. The trade was a 0.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at 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 Stock Performance
Shares of MCRI stock opened at $120.26 on Friday. Monarch Casino & Resort, Inc. has a one year low of $82.15 and a one year high of $122.52. The company's 50-day moving average is $108.10 and its 200 day moving average is $99.99. The company has a market capitalization of $2.13 billion, a price-to-earnings ratio of 20.38 and a beta of 1.32.
Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last issued its quarterly earnings data on Tuesday, April 21st. The company reported $1.52 earnings per share for the quarter, topping the consensus estimate of $1.15 by $0.37. Monarch Casino & Resort had a net margin of 19.62% and a return on equity of 19.98%. The firm had revenue of $136.55 million for the quarter, compared to analysts' expectations of $128.49 million. The company's revenue for the quarter was up 8.9% compared to the same quarter last year. As a group, research analysts predict that Monarch Casino & Resort, Inc. will post 7.07 earnings per share for the current fiscal year.
Monarch Casino & Resort Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Monday, June 1st will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.0%. The ex-dividend date is Monday, June 1st. Monarch Casino & Resort's payout ratio is currently 20.34%.
Institutional Trading of Monarch Casino & Resort
Several hedge funds have recently modified their holdings of MCRI. American Century Companies Inc. raised its position in shares of Monarch Casino & Resort by 4.3% in the 3rd quarter. American Century Companies Inc. now owns 491,400 shares of the company's stock valued at $52,010,000 after purchasing an additional 20,328 shares during the last quarter. Segall Bryant & Hamill LLC purchased a new position in Monarch Casino & Resort during the 3rd quarter worth approximately $1,348,000. Public Sector Pension Investment Board raised its position in Monarch Casino & Resort by 32.3% during the 3rd quarter. Public Sector Pension Investment Board now owns 57,285 shares of the company's stock worth $6,063,000 after buying an additional 13,976 shares during the last quarter. ArrowMark Colorado Holdings LLC purchased a new position in Monarch Casino & Resort during the 3rd quarter worth approximately $2,214,000. Finally, UBS Group AG raised its position in Monarch Casino & Resort by 26.9% during the 4th quarter. UBS Group AG now owns 46,451 shares of the company's stock worth $4,445,000 after buying an additional 9,855 shares during the last quarter. 62.37% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several brokerages recently weighed in on MCRI. Wells Fargo & Company boosted 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 research report on Wednesday, April 22nd. Wall Street Zen upgraded shares of Monarch Casino & Resort from a "hold" rating to a "buy" rating in a research report on Saturday, April 25th. Zacks Research raised shares of Monarch Casino & Resort from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 5th. Stifel Nicolaus lifted their price objective on shares of Monarch Casino & Resort from $97.00 to $102.00 and gave the stock a "hold" rating in a research note on Wednesday, April 22nd. Finally, Truist Financial lifted their price objective on shares of Monarch Casino & Resort from $120.00 to $125.00 and gave the stock a "buy" rating in a research note 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's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $109.50.
Read Our Latest Stock Analysis on MCRI
Monarch Casino & Resort Company Profile
(
Get Free Report)
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.
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