ValuEngine Downgrades Monarch Casino & Resort (MCRI) to Hold

ValuEngine downgraded shares of Monarch Casino & Resort (NASDAQ:MCRI) from a buy rating to a hold rating in a report released on Friday morning.

Other equities analysts also recently issued reports about the company. BidaskClub upgraded Monarch Casino & Resort from a sell rating to a hold rating in a research report on Friday, August 11th. UBS upgraded Monarch Casino & Resort from a hold rating to a buy rating in a research report on Wednesday, October 25th. Zacks Investment Research upgraded Monarch Casino & Resort from a hold rating to a buy rating and set a $45.00 price objective for the company in a research report on Wednesday, October 11th. Finally, Union Gaming Research upgraded Monarch Casino & Resort from a hold rating to a buy rating in a research report on Wednesday, October 25th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Monarch Casino & Resort presently has an average rating of Buy and a consensus price target of $53.25.

Monarch Casino & Resort (MCRI) opened at $45.89 on Friday. The company has a current ratio of 1.17, a quick ratio of 1.08 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $818.29, a P/E ratio of 30.41 and a beta of 1.10. Monarch Casino & Resort has a 52-week low of $23.10 and a 52-week high of $47.92.

Monarch Casino & Resort (NASDAQ:MCRI) last issued its quarterly earnings data on Tuesday, October 24th. The company reported $0.49 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.47 by $0.02. The business had revenue of $63.03 million during the quarter, compared to the consensus estimate of $60.05 million. Monarch Casino & Resort had a return on equity of 11.25% and a net margin of 11.99%. research analysts anticipate that Monarch Casino & Resort will post 1.51 EPS for the current year.

In related news, major shareholder Ben Farahi sold 35,000 shares of the business’s stock in a transaction that occurred on Thursday, October 26th. The stock was sold at an average price of $42.99, for a total transaction of $1,504,650.00. Following the sale, the insider now owns 1,125,772 shares of the company’s stock, valued at $48,396,938.28. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, President Bob Farahi sold 10,111 shares of the business’s stock in a transaction that occurred on Monday, November 13th. The stock was sold at an average price of $45.48, for a total value of $459,848.28. Following the sale, the president now directly owns 472,405 shares in the company, valued at approximately $21,484,979.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 110,234 shares of company stock worth $4,949,262. 27.56% of the stock is owned by corporate insiders.

A number of large investors have recently made changes to their positions in MCRI. Texas Permanent School Fund increased its holdings 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 buying an additional 84 shares in the last quarter. Legal & General Group Plc increased its holdings 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 buying an additional 136 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings 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 buying an additional 224 shares in the last quarter. Nationwide Fund Advisors increased its holdings in shares of Monarch Casino & Resort by 6.6% in the second quarter. Nationwide Fund Advisors now owns 7,156 shares of the company’s stock valued at $216,000 after buying an additional 446 shares in the last quarter. Finally, Zacks Investment Management increased its holdings in shares of Monarch Casino & Resort by 1.9% in the second quarter. Zacks Investment Management now owns 76,027 shares of the company’s stock valued at $2,300,000 after buying an additional 1,381 shares in the last quarter. 58.29% of the stock is currently owned by hedge funds and other institutional investors.

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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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