Key Points
- CEO John Farahi sold 5,000 Monarch Casino shares at an average price of $124, generating $620,000 and reducing his stake by 0.81% to 611,556 shares.
- Monarch reported quarterly earnings of $1.78 per share, beating estimates of $1.68, while revenue reached $142.6 million, up 4.2% year over year.
- Analyst sentiment is mixed, with the stock carrying a consensus “Hold” rating and an average price target of $124.40; institutional investors own 62.37% of the company.
Monarch Casino & Resort, Inc. (NASDAQ:MCRI - Get Free Report) CEO John Farahi sold 5,000 shares of the firm's stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $124.00, for a total transaction of $620,000.00. Following the transaction, the chief executive officer owned 611,556 shares of the company's stock, valued at approximately $75,832,944. This trade represents a 0.81% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website.
Monarch Casino & Resort Price Performance
NASDAQ MCRI opened at $119.86 on Tuesday. The company's 50 day simple moving average is $122.42 and its 200 day simple moving average is $116.57. Monarch Casino & Resort, Inc. has a 12 month low of $88.13 and a 12 month high of $135.93. The company has a market capitalization of $2.15 billion, a P/E ratio of 19.21 and a beta of 1.31.
Monarch Casino & Resort (NASDAQ:MCRI - Get Free Report) last issued its earnings results on Monday, July 20th. The company reported $1.78 earnings per share for the quarter, topping analysts' consensus estimates of $1.68 by $0.10. The firm had revenue of $142.60 million during the quarter, compared to analysts' expectations of $142.85 million. Monarch Casino & Resort had a net margin of 20.40% and a return on equity of 20.63%. The firm's revenue was up 4.2% compared to the same quarter last year. On average, analysts anticipate that Monarch Casino & Resort, Inc. will post 6.98 earnings per share for the current year.
Monarch Casino & Resort Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Tuesday, September 1st were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date was Tuesday, September 1st. Monarch Casino & Resort's dividend payout ratio is 19.23%.
Wall Street Analysts Forecast Growth
A number of equities analysts recently issued reports on the company. Truist Financial lifted their target price on Monarch Casino & Resort from $125.00 to $144.00 and gave the stock a "buy" rating in a report on Monday, July 20th. Texas Capital raised Monarch Casino & Resort to a "strong-buy" rating in a report on Wednesday, September 9th. Wells Fargo & Company decreased their price target on Monarch Casino & Resort from $116.00 to $114.00 and set an "equal weight" rating for the company in a research report on Tuesday, July 21st. UBS Group set a $124.00 price target on Monarch Casino & Resort in a research note on Thursday, July 2nd. Finally, Stifel Nicolaus boosted their price objective on Monarch Casino & Resort from $102.00 to $128.00 and gave the stock a "hold" rating in a report on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $124.40.
Get Our Latest Report on MCRI
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently modified their holdings of the business. IFP Advisors Inc raised its position in Monarch Casino & Resort by 267.6% during the second quarter. IFP Advisors Inc now owns 261 shares of the company's stock valued at $34,000 after buying an additional 190 shares during the period. Allworth Financial LP acquired a new stake in Monarch Casino & Resort during the 2nd quarter worth about $41,000. Global Retirement Partners LLC acquired a new stake in Monarch Casino & Resort during the 2nd quarter worth about $57,000. Integrated Wealth Concepts LLC purchased a new position in Monarch Casino & Resort during the 2nd quarter valued at about $73,000. Finally, Globeflex Capital L P purchased a new position in Monarch Casino & Resort during the 2nd quarter valued at about $97,000. Hedge funds and other institutional investors own 62.37% of the company's stock.
About Monarch Casino & Resort
(
Get Free Report)
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.
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