Zacks: Analysts Expect Monarch Casino & Resort, Inc. (NASDAQ:MCRI) Will Announce Quarterly Sales of $61.35 Million

Equities analysts forecast that Monarch Casino & Resort, Inc. (NASDAQ:MCRI) will report $61.35 million in sales for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for Monarch Casino & Resort’s earnings. The highest sales estimate is $62.00 million and the lowest is $60.70 million. Monarch Casino & Resort reported sales of $59.91 million during the same quarter last year, which would suggest a positive year-over-year growth rate of 2.4%. The business is scheduled to issue its next quarterly earnings report on Tuesday, July 23rd.

On average, analysts expect that Monarch Casino & Resort will report full year sales of $258.85 million for the current year, with estimates ranging from $257.50 million to $260.20 million. For the next year, analysts forecast that the firm will report sales of $326.60 million, with estimates ranging from $318.80 million to $334.40 million. Zacks’ sales calculations are an average based on a survey of research analysts that cover Monarch Casino & Resort.

Monarch Casino & Resort (NASDAQ:MCRI) last released its earnings results on Wednesday, April 24th. The company reported $0.38 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.01. The firm had revenue of $58.74 million for the quarter, compared to analysts’ expectations of $56.40 million. Monarch Casino & Resort had a net margin of 14.16% and a return on equity of 11.61%.

A number of research firms have weighed in on MCRI. BidaskClub upgraded shares of Monarch Casino & Resort from a “sell” rating to a “hold” rating in a research note on Friday, May 17th. Citigroup cut shares of Monarch Casino & Resort from a “buy” rating to a “hold” rating in a research note on Wednesday, March 6th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating and five have assigned a hold rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $50.00.

MCRI traded down $0.05 during midday trading on Tuesday, reaching $43.46. The company had a trading volume of 34,000 shares, compared to its average volume of 43,575. The company has a quick ratio of 0.56, a current ratio of 0.62 and a debt-to-equity ratio of 0.36. The stock has a market cap of $772.48 million, a price-to-earnings ratio of 23.75, a PEG ratio of 1.79 and a beta of 1.09. Monarch Casino & Resort has a 12-month low of $34.45 and a 12-month high of $49.63.

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of Montreal Can boosted its stake in Monarch Casino & Resort by 22.7% in the first quarter. Bank of Montreal Can now owns 1,447 shares of the company’s stock valued at $63,000 after acquiring an additional 268 shares during the last quarter. FMR LLC lifted its stake in shares of Monarch Casino & Resort by 18.5% during the 4th quarter. FMR LLC now owns 2,558 shares of the company’s stock valued at $98,000 after buying an additional 400 shares in the last quarter. BNP Paribas Arbitrage SA lifted its stake in shares of Monarch Casino & Resort by 1,013.7% during the 1st quarter. BNP Paribas Arbitrage SA now owns 2,361 shares of the company’s stock valued at $104,000 after buying an additional 2,149 shares in the last quarter. Municipal Employees Retirement System of Michigan purchased a new stake in shares of Monarch Casino & Resort during the 4th quarter valued at approximately $128,000. Finally, Metropolitan Life Insurance Co. NY lifted its stake in shares of Monarch Casino & Resort by 375.2% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 3,992 shares of the company’s stock valued at $152,000 after buying an additional 3,152 shares in the last quarter. Hedge funds and other institutional investors own 60.96% of the company’s stock.

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 February 20, 2019, 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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