Monarch Casino & Resort (NASDAQ:MCRI) Announces Quarterly Earnings Results

Monarch Casino & Resort (NASDAQ:MCRI) released its earnings results on Wednesday. The company reported $0.96 earnings per share for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.02), Yahoo Finance reports. The business had revenue of $121.66 million during the quarter, compared to analysts’ expectations of $122.13 million. Monarch Casino & Resort had a return on equity of 17.22% and a net margin of 16.40%. During the same quarter in the previous year, the business earned $0.90 EPS.

Monarch Casino & Resort Stock Up 0.9 %

NASDAQ MCRI traded up $0.61 during trading on Friday, hitting $67.15. The company’s stock had a trading volume of 31,544 shares, compared to its average volume of 115,216. Monarch Casino & Resort has a fifty-two week low of $56.25 and a fifty-two week high of $75.52. The company has a market cap of $1.26 billion, a PE ratio of 15.81 and a beta of 1.66. The company has a debt-to-equity ratio of 0.01, a current ratio of 0.61 and a quick ratio of 0.55. The business’s 50 day simple moving average is $70.75 and its 200-day simple moving average is $67.04.

Monarch Casino & Resort Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Saturday, June 15th. Stockholders of record on Saturday, June 1st will be given a $0.30 dividend. The ex-dividend date is Friday, May 31st. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.79%. Monarch Casino & Resort’s payout ratio is 28.37%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MCRI. Macquarie lifted their price target on shares of Monarch Casino & Resort from $75.00 to $76.00 and gave the company a “neutral” rating in a research note on Thursday. Truist Financial raised their price target on Monarch Casino & Resort from $72.00 to $74.00 and gave the company a “hold” rating in a research note on Thursday, February 15th. StockNews.com raised shares of Monarch Casino & Resort from a “hold” rating to a “buy” rating in a research report on Saturday, March 9th. Finally, Stifel Nicolaus reiterated a “hold” rating and set a $70.00 price objective on shares of Monarch Casino & Resort in a research note on Friday, January 5th.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Advisor Group Holdings Inc. increased its holdings in Monarch Casino & Resort by 31.6% in the 1st quarter. Advisor Group Holdings Inc. now owns 2,808 shares of the company’s stock worth $245,000 after buying an additional 675 shares during the period. LPL Financial LLC raised its holdings in shares of Monarch Casino & Resort by 16.0% during the third quarter. LPL Financial LLC now owns 3,880 shares of the company’s stock worth $241,000 after purchasing an additional 534 shares during the last quarter. Price T Rowe Associates Inc. MD acquired a new position in Monarch Casino & Resort during the fourth quarter valued at $236,000. Brevan Howard Capital Management LP purchased a new stake in Monarch Casino & Resort in the fourth quarter valued at $230,000. Finally, Point72 Middle East FZE grew its position in Monarch Casino & Resort by 694.5% during the 2nd quarter. Point72 Middle East FZE now owns 3,186 shares of the company’s stock worth $224,000 after purchasing an additional 2,785 shares during the period. Institutional investors and hedge funds own 62.37% of the company’s stock.

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.