Monarch Casino & Resort, Inc. (NASDAQ:MCRI)’s share price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $34.96 and last traded at $34.91, with a volume of 230,380 shares changing hands. The stock had previously closed at $33.89.
Several equities analysts recently issued reports on the company. Stifel Nicolaus restated a “hold” rating and set a $33.00 price target on shares of Monarch Casino & Resort in a research note on Friday, July 28th. Zacks Investment Research upgraded Monarch Casino & Resort from a “sell” rating to a “hold” rating in a research note on Friday, May 5th. BidaskClub upgraded Monarch Casino & Resort from a “sell” rating to a “hold” rating in a research note on Friday, August 11th. Deutsche Bank AG boosted their price target on Monarch Casino & Resort from $95.00 to $97.00 and gave the company a “buy” rating in a research note on Monday, May 1st. Finally, Imperial Capital boosted their price target on Monarch Casino & Resort from $35.00 to $38.00 and gave the company an “outperform” rating in a research note on Thursday, July 27th. Four equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $46.60.
The firm’s 50 day moving average price is $32.10 and its 200-day moving average price is $29.50. The company has a market cap of $599.60 million, a P/E ratio of 23.11 and a beta of 1.06.
Monarch Casino & Resort (NASDAQ:MCRI) last released its quarterly earnings results on Tuesday, July 25th. The company reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.03. Monarch Casino & Resort had a net margin of 11.77% and a return on equity of 11.16%. The business had revenue of $58.23 million for the quarter, compared to analysts’ expectations of $58 million. On average, analysts predict that Monarch Casino & Resort, Inc. will post $1.51 EPS for the current fiscal year.
In other Monarch Casino & Resort news, President Bob Farahi sold 34,000 shares of the business’s stock in a transaction dated Wednesday, August 9th. The shares were sold at an average price of $34.43, for a total value of $1,170,620.00. Following the transaction, the president now directly owns 482,516 shares in the company, valued at $16,613,025.88. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 27.56% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Argent Capital Management LLC boosted its position in Monarch Casino & Resort by 6.4% in the first quarter. Argent Capital Management LLC now owns 116,137 shares of the company’s stock worth $3,431,000 after buying an additional 7,025 shares during the last quarter. Prudential Financial Inc. raised its stake in Monarch Casino & Resort by 2.6% in the first quarter. Prudential Financial Inc. now owns 33,152 shares of the company’s stock valued at $980,000 after buying an additional 830 shares during the period. Hancock Holding Co. acquired a new stake in Monarch Casino & Resort during the first quarter valued at about $209,000. Friedberg Investment Management raised its stake in Monarch Casino & Resort by 4.1% in the first quarter. Friedberg Investment Management now owns 90,420 shares of the company’s stock valued at $2,671,000 after buying an additional 3,600 shares during the period. Finally, Alambic Investment Management L.P. raised its stake in Monarch Casino & Resort by 12.5% in the first quarter. Alambic Investment Management L.P. now owns 52,380 shares of the company’s stock worth $1,547,000 after buying an additional 5,800 shares during the period. Hedge funds and other institutional investors own 55.95% of the company’s stock.
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About Monarch Casino & Resort
Monarch Casino & Resort, Inc (Monarch), through its subsidiary, owns and operates the Atlantis Casino Resort Spa (the Atlantis), a hotel/casino facility in Reno, Nevada. The Company also owns and operates Monarch Casino Black Hawk. The Company’s segments include Atlantis and Monarch Casino Black Hawk.
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