Monarch Casino & Resort (NASDAQ:MCRI) Shares Gap Down to $69.57

Monarch Casino & Resort, Inc. (NASDAQ:MCRI)’s stock price gapped down prior to trading on Thursday . The stock had previously closed at $69.57, but opened at $67.33. Monarch Casino & Resort shares last traded at $65.33, with a volume of 17,183 shares changing hands.

Wall Street Analysts Forecast Growth

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

Monarch Casino & Resort Stock Performance

The company has a market cap of $1.27 billion, a price-to-earnings ratio of 15.92 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 stock has a 50-day moving average price of $70.68 and a 200 day moving average price of $67.07.

Monarch Casino & Resort (NASDAQ:MCRI) last released its quarterly earnings results on Wednesday, February 14th. The company reported $0.93 EPS for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.11). The business had revenue of $128.19 million for the quarter, compared to analyst estimates of $119.33 million. Monarch Casino & Resort had a return on equity of 17.22% and a net margin of 16.40%. As a group, analysts anticipate that Monarch Casino & Resort, Inc. will post 4.55 EPS for the current fiscal year.

Monarch Casino & Resort Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Saturday, June 15th. Stockholders of record on Saturday, June 1st will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.78%. The ex-dividend date is Friday, May 31st. Monarch Casino & Resort’s dividend payout ratio is currently 28.37%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of MCRI. State of Wyoming bought a new position in shares of Monarch Casino & Resort during the fourth quarter worth about $28,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Monarch Casino & Resort by 40.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 637 shares of the company’s stock worth $40,000 after buying an additional 184 shares in the last quarter. UBS Group AG grew its holdings in shares of Monarch Casino & Resort by 214.2% during the third quarter. UBS Group AG now owns 1,458 shares of the company’s stock worth $82,000 after buying an additional 994 shares in the last quarter. Steward Partners Investment Advisory LLC bought a new position in shares of Monarch Casino & Resort during the fourth quarter worth about $108,000. Finally, Captrust Financial Advisors grew its holdings in shares of Monarch Casino & Resort by 30.0% during the first quarter. Captrust Financial Advisors now owns 1,593 shares of the company’s stock worth $139,000 after buying an additional 368 shares in the last quarter. 62.37% of the stock is currently 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.