Boyd Gaming Corporation (BYD) Sets New 12-Month High Following Analyst Upgrade

Boyd Gaming Corporation (NYSE:BYD) hit a new 52-week high during trading on Friday after Stifel Nicolaus raised their price target on the stock from $28.00 to $30.00. Stifel Nicolaus currently has a hold rating on the stock. Boyd Gaming Corporation traded as high as $29.13 and last traded at $29.13, with a volume of 2,153,571 shares changing hands. The stock had previously closed at $27.31.

A number of other brokerages also recently commented on BYD. Telsey Advisory Group increased their price objective on shares of Boyd Gaming Corporation from $29.00 to $30.00 and gave the company an “outperform” rating in a research report on Friday, July 28th. Morgan Stanley set a $28.00 price objective on shares of Boyd Gaming Corporation and gave the company a “hold” rating in a research report on Tuesday. Deutsche Bank AG reissued a “buy” rating and issued a $29.00 price objective (down from $30.00) on shares of Boyd Gaming Corporation in a research report on Sunday, July 30th. SunTrust Banks, Inc. reissued a “buy” rating and issued a $27.00 price objective on shares of Boyd Gaming Corporation in a research report on Tuesday. Finally, Zacks Investment Research downgraded shares of Boyd Gaming Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, October 5th. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $27.47.

In related news, VP William R. Boyd sold 7,000 shares of the stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $26.71, for a total value of $186,970.00. Following the transaction, the vice president now directly owns 1,251 shares of the company’s stock, valued at approximately $33,414.21. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Robert L. Boughner sold 40,000 shares of the stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $26.70, for a total transaction of $1,068,000.00. Following the completion of the transaction, the director now directly owns 40,000 shares in the company, valued at $1,068,000. The disclosure for this sale can be found here. Insiders sold a total of 133,531 shares of company stock worth $3,447,521 over the last ninety days. Insiders own 29.16% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Fortaleza Asset Management Inc. boosted its stake in Boyd Gaming Corporation by 80.7% during the 3rd quarter. Fortaleza Asset Management Inc. now owns 5,630 shares of the company’s stock worth $147,000 after purchasing an additional 2,515 shares during the period. Seven Eight Capital LP acquired a new stake in Boyd Gaming Corporation during the 2nd quarter worth $154,000. Oppenheimer Asset Management Inc. acquired a new stake in Boyd Gaming Corporation during the 1st quarter worth $161,000. Victory Capital Management Inc. acquired a new stake in Boyd Gaming Corporation during the 1st quarter worth $175,000. Finally, Zacks Investment Management acquired a new stake in Boyd Gaming Corporation during the 2nd quarter worth $202,000. 74.72% of the stock is currently owned by hedge funds and other institutional investors.

The firm has a market capitalization of $3.28 billion, a PE ratio of 7.69 and a beta of 1.87. The firm has a 50 day moving average price of $26.78 and a 200 day moving average price of $25.44.

Boyd Gaming Corporation (NYSE:BYD) last released its earnings results on Thursday, October 26th. The company reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.01). Boyd Gaming Corporation had a net margin of 5.08% and a return on equity of 14.01%. The business had revenue of $587.70 million for the quarter, compared to the consensus estimate of $592.29 million. During the same quarter in the previous year, the firm earned $0.14 EPS. The firm’s revenue for the quarter was up 10.5% on a year-over-year basis. On average, equities analysts forecast that Boyd Gaming Corporation will post $1.11 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Sunday, October 15th. Shareholders of record on Monday, September 18th were paid a dividend of $0.05 per share. The ex-dividend date of this dividend was Friday, September 15th. This represents a $0.20 annualized dividend and a yield of 0.69%. Boyd Gaming Corporation’s payout ratio is 19.23%.

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Boyd Gaming Corporation Company Profile

Boyd Gaming Corporation is a multi-jurisdictional gaming company. The Company operated 24 wholly owned gaming entertainment properties in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana and Mississippi, as of December 31, 2016. It operates through three segments: Las Vegas Locals, Downtown Las Vegas, and Midwest and South.

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