Wall Street analysts expect Monarch Casino & Resort, Inc. (NASDAQ:MCRI) to post $65.15 million in sales for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Monarch Casino & Resort’s earnings. The highest sales estimate is $66.70 million and the lowest is $63.60 million. Monarch Casino & Resort reported sales of $63.03 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 3.4%. The company is expected to issue its next quarterly earnings results on Tuesday, October 23rd.
According to Zacks, analysts expect that Monarch Casino & Resort will report full year sales of $240.05 million for the current financial year, with estimates ranging from $239.60 million to $240.50 million. For the next financial year, analysts anticipate that the firm will post sales of $274.70 million, with estimates ranging from $267.50 million to $281.90 million. Zacks’ sales averages are a mean average based on a survey of research analysts that cover Monarch Casino & Resort.
Monarch Casino & Resort (NASDAQ:MCRI) last posted its earnings results on Wednesday, July 25th. The company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.49 by $0.01. The company had revenue of $59.91 million during the quarter, compared to the consensus estimate of $61.35 million. Monarch Casino & Resort had a net margin of 12.50% and a return on equity of 11.47%.
A number of research analysts have weighed in on MCRI shares. BidaskClub upgraded shares of Monarch Casino & Resort from a “sell” rating to a “hold” rating in a research report on Monday, August 27th. Zacks Investment Research downgraded shares of Monarch Casino & Resort from a “buy” rating to a “hold” rating in a research report on Saturday, July 28th. Stifel Nicolaus upped their price objective on shares of Monarch Casino & Resort from $45.00 to $49.00 and gave the stock a “hold” rating in a research report on Wednesday, July 25th. Finally, Jefferies Financial Group upgraded shares of Monarch Casino & Resort from an “underperform” rating to a “hold” rating and set a $48.00 price objective for the company in a research report on Wednesday, July 25th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $50.00.
Shares of Monarch Casino & Resort stock traded down $0.94 during trading hours on Friday, reaching $44.39. The stock had a trading volume of 114,675 shares, compared to its average volume of 60,789. The company has a market cap of $812.86 million, a P/E ratio of 30.20, a price-to-earnings-growth ratio of 1.94 and a beta of 1.04. Monarch Casino & Resort has a twelve month low of $39.67 and a twelve month high of $49.63. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.66 and a current ratio of 0.72.
In other news, President Bob Farahi acquired 8,000 shares of the firm’s stock in a transaction on Friday, September 7th. The stock was acquired at an average price of $44.84 per share, for a total transaction of $358,720.00. Following the completion of the transaction, the president now owns 419,408 shares in the company, valued at approximately $18,806,254.72. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 26.24% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in MCRI. Park West Asset Management LLC increased its stake in shares of Monarch Casino & Resort by 14.6% during the first quarter. Park West Asset Management LLC now owns 1,530,789 shares of the company’s stock worth $64,737,000 after purchasing an additional 195,000 shares in the last quarter. BlackRock Inc. increased its stake in shares of Monarch Casino & Resort by 6.5% during the second quarter. BlackRock Inc. now owns 1,654,865 shares of the company’s stock worth $72,898,000 after purchasing an additional 101,600 shares in the last quarter. Lafitte Capital Management LP increased its stake in shares of Monarch Casino & Resort by 9.3% during the first quarter. Lafitte Capital Management LP now owns 959,061 shares of the company’s stock worth $40,559,000 after purchasing an additional 81,786 shares in the last quarter. Northern Trust Corp increased its stake in shares of Monarch Casino & Resort by 6.0% during the second quarter. Northern Trust Corp now owns 200,079 shares of the company’s stock worth $8,815,000 after purchasing an additional 11,408 shares in the last quarter. Finally, Argent Capital Management LLC increased its stake in shares of Monarch Casino & Resort by 15.4% during the second quarter. Argent Capital Management LLC now owns 64,937 shares of the company’s stock worth $2,860,000 after purchasing an additional 8,660 shares in the last quarter. 59.41% of the stock is owned by institutional investors and hedge funds.
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 March 5, 2018, 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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