ValuEngine Lowers Monarch Casino & Resort, Inc. (MCRI) to Hold

ValuEngine downgraded shares of Monarch Casino & Resort, Inc. (NASDAQ:MCRI) from a buy rating to a hold rating in a report published on Monday.

MCRI has been the subject of several other reports. Stifel Nicolaus reiterated a hold rating and set a $33.00 price objective on shares of Monarch Casino & Resort in a research note on Friday, July 28th. Zacks Investment Research upgraded shares of Monarch Casino & Resort from a hold rating to a buy rating and set a $34.00 price objective for the company in a research note on Wednesday, July 5th. BidaskClub upgraded shares of Monarch Casino & Resort from a sell rating to a hold rating in a research note on Friday, August 11th. Finally, Imperial Capital boosted their price objective on shares of Monarch Casino & Resort from $35.00 to $38.00 and gave the stock an outperform rating in a research note on Thursday, July 27th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and an average price target of $46.60.

Shares of Monarch Casino & Resort (MCRI) traded down 0.80% during trading on Monday, reaching $39.50. 25,812 shares of the company’s stock traded hands. Monarch Casino & Resort has a 1-year low of $21.13 and a 1-year high of $40.30. The company has a market capitalization of $693.94 million, a price-to-earnings ratio of 26.74 and a beta of 1.04. The stock has a 50-day moving average of $35.85 and a 200-day moving average of $31.91.

Monarch Casino & Resort (NASDAQ:MCRI) last released its quarterly earnings data on Tuesday, July 25th. The company reported $0.40 earnings per share (EPS) 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 company had revenue of $58.23 million during the quarter, compared to the consensus estimate of $58.00 million. On average, equities analysts predict that Monarch Casino & Resort will post $1.52 EPS for the current fiscal year.

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In other news, President Bob Farahi sold 34,000 shares of the company’s stock in a transaction on 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 completion of the transaction, the president now directly owns 482,516 shares in the company, valued at $16,613,025.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 27.56% of the stock is currently owned by corporate insiders.

Several hedge funds have recently made changes to their positions in the company. Texas Permanent School Fund boosted its stake in shares of Monarch Casino & Resort by 1.1% in the second quarter. Texas Permanent School Fund now owns 8,052 shares of the company’s stock valued at $244,000 after purchasing an additional 84 shares during the period. Legal & General Group Plc boosted its stake in shares of Monarch Casino & Resort by 0.7% in the first quarter. Legal & General Group Plc now owns 18,412 shares of the company’s stock valued at $544,000 after purchasing an additional 136 shares during the period. Capital One National Association boosted its stake in shares of Monarch Casino & Resort by 0.8% in the second quarter. Capital One National Association now owns 17,880 shares of the company’s stock valued at $541,000 after purchasing an additional 140 shares during the period. The Manufacturers Life Insurance Company boosted its stake in shares of Monarch Casino & Resort by 2.4% in the second quarter. The Manufacturers Life Insurance Company now owns 9,754 shares of the company’s stock valued at $295,000 after purchasing an additional 224 shares during the period. Finally, Comerica Bank boosted its stake in shares of Monarch Casino & Resort by 4.4% in the first quarter. Comerica Bank now owns 10,332 shares of the company’s stock valued at $308,000 after purchasing an additional 435 shares during the period. Institutional investors and hedge funds own 58.43% of the company’s stock.

Monarch Casino & Resort Company Profile

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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