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

Zacks Investment Research upgraded shares of Monarch Casino & Resort (NASDAQ:MCRI) from a hold rating to a buy rating in a research note released on Friday morning, Zacks.com reports. Zacks Investment Research currently has $78.00 price objective on the stock.

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. “

NASDAQ:MCRI opened at $68.65 on Friday. The firm has a market capitalization of $1.29 billion, a P/E ratio of 20.80 and a beta of 1.69. Monarch Casino & Resort has a 1-year low of $50.01 and a 1-year high of $76.00. The company’s fifty day moving average price is $70.41 and its 200-day moving average price is $67.52. The company has a debt-to-equity ratio of 0.20, a current ratio of 0.56 and a quick ratio of 0.51.

Monarch Casino & Resort (NASDAQ:MCRI) last announced its earnings results on Sunday, October 24th. The company reported $1.15 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.99 by $0.16. The business had revenue of $111.63 million for the quarter, compared to analyst estimates of $98.13 million. Monarch Casino & Resort had a net margin of 18.64% and a return on equity of 16.24%. Equities analysts anticipate that Monarch Casino & Resort will post 3.42 EPS for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in the company. Janus Henderson Group PLC grew its holdings in Monarch Casino & Resort by 5.2% during the 3rd quarter. Janus Henderson Group PLC now owns 1,073,117 shares of the company’s stock worth $71,888,000 after acquiring an additional 53,121 shares in the last quarter. Vanguard Group Inc. raised its position in Monarch Casino & Resort by 6.4% in the 2nd quarter. Vanguard Group Inc. now owns 862,140 shares of the company’s stock valued at $57,047,000 after purchasing an additional 51,921 shares during the last quarter. Macquarie Group Ltd. raised its position in Monarch Casino & Resort by 1.4% in the 3rd quarter. Macquarie Group Ltd. now owns 592,018 shares of the company’s stock valued at $39,660,000 after purchasing an additional 8,068 shares during the last quarter. State Street Corp raised its position in Monarch Casino & Resort by 5.2% during the 2nd quarter. State Street Corp now owns 437,160 shares of the company’s stock worth $28,927,000 after buying an additional 21,613 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Monarch Casino & Resort by 0.5% during the 3rd quarter. Geode Capital Management LLC now owns 241,099 shares of the company’s stock worth $16,151,000 after buying an additional 1,281 shares during the last quarter. 63.41% of the stock is currently owned by institutional investors and hedge funds.

About Monarch Casino & Resort

Monarch Casino & Resort, Inc 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. The Atlantis features casino space; guest rooms; food outlets; espresso and pastry bars; health spa and salon; retail outlets offering clothing and traditional gift shop merchandise; family entertainment centre; banquet, convention and meeting room space.

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