Trading Report: The Gabelli Begins Coverage on Monarch Casino & Resort Inc. (MCRI)

The Gabelli Begins Coverage on Monarch Casino & Resort Inc. (MCRI)

Research analysts at Gabelli assumed coverage on shares of Monarch Casino & Resort Inc. (NASDAQ:MCRI) in a research note issued to investors on Friday. The brokerage set a “hold” rating and a $27.00 price target on the stock. Gabelli’s price objective would indicate a potential upside of 11.85% from the stock’s current price.

Separately, Zacks Investment Research lowered shares of Monarch Casino & Resort from a “strong-buy” rating to a “hold” rating in a report on Wednesday, September 21st.

Monarch Casino & Resort (NASDAQ:MCRI) opened at 24.14 on Friday. Monarch Casino & Resort has a one year low of $17.29 and a one year high of $25.55. The stock’s 50 day moving average is $24.07 and its 200-day moving average is $22.11. The firm has a market cap of $418.01 million, a price-to-earnings ratio of 19.48 and a beta of 0.86.

Monarch Casino & Resort (NASDAQ:MCRI) last issued its quarterly earnings results on Wednesday, July 20th. The company reported $0.32 EPS for the quarter, missing the Zacks’ consensus estimate of $0.34 by $0.02. Monarch Casino & Resort had a return on equity of 10.57% and a net margin of 10.40%. On average, equities research analysts expect that Monarch Casino & Resort will post $1.29 earnings per share for the current fiscal year.

In other news, President Bob Farahi sold 10,000 shares of the stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $24.24, for a total value of $242,400.00. Following the transaction, the president now owns 516,614 shares of the company’s stock, valued at approximately $12,522,723.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 27.91% of the stock is currently owned by insiders.

Several institutional investors have recently added to or reduced their stakes in MCRI. BlackRock Fund Advisors raised its position in Monarch Casino & Resort by 5.6% in the second quarter. BlackRock Fund Advisors now owns 700,605 shares of the company’s stock valued at $15,392,000 after buying an additional 36,888 shares in the last quarter. Lafitte Capital Management LP raised its position in Monarch Casino & Resort by 3.3% in the first quarter. Lafitte Capital Management LP now owns 631,353 shares of the company’s stock valued at $12,286,000 after buying an additional 20,000 shares in the last quarter. Vanguard Group Inc. raised its position in Monarch Casino & Resort by 6.9% in the second quarter. Vanguard Group Inc. now owns 463,968 shares of the company’s stock valued at $10,193,000 after buying an additional 30,137 shares in the last quarter. Wellington Management Group LLP raised its position in Monarch Casino & Resort by 1.1% in the first quarter. Wellington Management Group LLP now owns 442,677 shares of the company’s stock valued at $8,615,000 after buying an additional 4,950 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its position in Monarch Casino & Resort by 0.9% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 348,706 shares of the company’s stock valued at $7,661,000 after buying an additional 3,008 shares in the last quarter. 55.47% of the stock is currently owned by institutional investors.

About Monarch Casino & Resort

Related posts

Leave a Comment