Monarch Casino & Resort (NASDAQ:MCRI) Rating Increased to Buy at Zacks Investment Research

Monarch Casino & Resort (NASDAQ:MCRI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday, Zacks.com reports. The brokerage presently has a $46.00 price objective on the stock. Zacks Investment Research‘s price objective indicates a potential upside of 8.54% from the company’s previous close.

According to Zacks, “Monarch Casino & Resort, Inc. is dedicated to deliver the ultimate guest experience by providing exceptional services as well as the latest gaming, dining and hospitality amenities. With a main focus on their guests’ superior expectations, they continue to aggressively reinvest in our properties. As a market leader, they invite them to become more familiar with their company, their operations and their management team. Monarch Casino & Resort, Inc., through its subsidiaries, owns and operates the Atlantis Casino Resort Spa, a hotel/casino facility in Reno, Nevada, and the Monarch Black Hawk Casino in Black Hawk, Colorado, approximately 40 miles west of Denver. “

Other research analysts have also issued reports about the company. ValuEngine upgraded Monarch Casino & Resort from a “hold” rating to a “buy” rating in a research note on Monday, July 29th. BidaskClub lowered Monarch Casino & Resort from a “hold” rating to a “sell” rating in a research note on Wednesday, October 9th.

Shares of NASDAQ MCRI traded down $0.16 during trading hours on Friday, reaching $42.38. The stock had a trading volume of 27,029 shares, compared to its average volume of 43,428. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.64 and a quick ratio of 0.58. The business’s fifty day moving average is $43.40 and its two-hundred day moving average is $44.01. Monarch Casino & Resort has a twelve month low of $34.45 and a twelve month high of $48.71. The company has a market cap of $745.30 million, a price-to-earnings ratio of 23.16, a PEG ratio of 1.69 and a beta of 0.98.

Monarch Casino & Resort (NASDAQ:MCRI) last released its quarterly earnings data on Wednesday, July 24th. The company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.04. Monarch Casino & Resort had a return on equity of 11.24% and a net margin of 14.01%. The firm had revenue of $62.76 million during the quarter, compared to analyst estimates of $61.20 million. Sell-side analysts forecast that Monarch Casino & Resort will post 1.95 earnings per share for the current fiscal year.

In other Monarch Casino & Resort news, President Bob Farahi sold 24,340 shares of the stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $45.08, for a total transaction of $1,097,247.20. Following the completion of the transaction, the president now directly owns 380,066 shares in the company, valued at $17,133,375.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 26.64% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. raised its stake in Monarch Casino & Resort by 1.2% during the second quarter. BlackRock Inc. now owns 1,785,371 shares of the company’s stock worth $76,307,000 after acquiring an additional 21,835 shares in the last quarter. Park West Asset Management LLC raised its stake in Monarch Casino & Resort by 1.2% during the second quarter. Park West Asset Management LLC now owns 1,497,531 shares of the company’s stock worth $64,004,000 after acquiring an additional 17,193 shares in the last quarter. Vanguard Group Inc. raised its stake in Monarch Casino & Resort by 1.3% during the second quarter. Vanguard Group Inc. now owns 720,092 shares of the company’s stock worth $30,776,000 after acquiring an additional 9,426 shares in the last quarter. Janus Henderson Group PLC increased its stake in shares of Monarch Casino & Resort by 8.6% in the second quarter. Janus Henderson Group PLC now owns 452,611 shares of the company’s stock valued at $19,345,000 after buying an additional 35,700 shares in the last quarter. Finally, Invesco Ltd. increased its stake in shares of Monarch Casino & Resort by 1.3% in the second quarter. Invesco Ltd. now owns 347,001 shares of the company’s stock valued at $14,831,000 after buying an additional 4,480 shares in the last quarter. Hedge funds and other institutional investors own 60.40% 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/casino facility in Reno, Nevada. It also owns and operates the Monarch Casino Black Hawk in Black Hawk, Colorado. As of February 20, 2019, the company's Atlantis Casino Resort Spa featured approximately 61,000 square feet of casino space; 824 guest rooms; 8 food outlets; 2 espresso and pastry bars; a 30,000 square-foot health spa and salon with an enclosed pool; 2 retail outlets offering clothing and gift shop merchandise; an 8,000 square-foot family entertainment center; and approximately 52,000 square feet of banquet, convention, and meeting room space.

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