Boyd Gaming Corporation (NYSE:BYD) Given Consensus Recommendation of “Hold” by Analysts

Shares of Boyd Gaming Corporation (NYSE:BYD) have been assigned a consensus rating of “Hold” from the sixteen analysts that are currently covering the stock, MarketBeat reports. Ten equities research analysts have rated the stock with a hold recommendation, five have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $94.6923.

A number of equities analysts have commented on BYD shares. Benchmark assumed coverage on shares of Boyd Gaming in a research note on Monday, June 22nd. They issued a “buy” rating and a $100.00 price objective for the company. Stifel Nicolaus upped their target price on shares of Boyd Gaming from $91.00 to $92.00 and gave the company a “hold” rating in a research report on Friday, July 24th. Weiss Ratings raised shares of Boyd Gaming from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, June 4th. The Goldman Sachs Group began coverage on Boyd Gaming in a research report on Friday, June 26th. They issued a “neutral” rating and a $91.00 price target for the company. Finally, Morgan Stanley reduced their price objective on Boyd Gaming from $90.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Monday, July 27th.

Boyd Gaming Stock Down 0.1%

Shares of BYD opened at $84.95 on Thursday. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.77 and a quick ratio of 0.74. The stock has a market capitalization of $6.31 billion, a price-to-earnings ratio of 3.74, a price-to-earnings-growth ratio of 2.08 and a beta of 1.07. Boyd Gaming has a 1 year low of $76.33 and a 1 year high of $91.41. The business’s 50 day simple moving average is $86.90 and its 200-day simple moving average is $84.86.

Boyd Gaming (NYSE:BYD) last posted its earnings results on Thursday, July 23rd. The company reported $1.93 earnings per share for the quarter, beating analysts’ consensus estimates of $1.89 by $0.04. The firm had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.04 billion. Boyd Gaming had a net margin of 44.34% and a return on equity of 22.52%. Boyd Gaming’s revenue for the quarter was up .0% compared to the same quarter last year. During the same period last year, the firm posted $1.87 earnings per share. As a group, equities analysts expect that Boyd Gaming will post 7.29 earnings per share for the current fiscal year.

Boyd Gaming Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th were issued a $0.20 dividend. The ex-dividend date was Monday, June 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.9%. Boyd Gaming’s payout ratio is 3.52%.

Boyd Gaming declared that its Board of Directors has approved a share buyback program on Thursday, April 23rd that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to reacquire up to 7.7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Insider Activity at Boyd Gaming

In related news, CFO Josh Hirsberg sold 12,777 shares of the stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $89.76, for a total transaction of $1,146,863.52. Following the sale, the chief financial officer owned 422,969 shares in the company, valued at approximately $37,965,697.44. This represents a 2.93% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Keith Smith sold 100,000 shares of the firm’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $85.90, for a total value of $8,590,000.00. Following the completion of the sale, the chief executive officer owned 996,981 shares of the company’s stock, valued at approximately $85,640,667.90. This represents a 9.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 22.82% of the company’s stock.

Institutional Investors Weigh In On Boyd Gaming

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Advisors Asset Management Inc. grew its holdings in Boyd Gaming by 56.8% during the 1st quarter. Advisors Asset Management Inc. now owns 541 shares of the company’s stock valued at $36,000 after purchasing an additional 196 shares during the last quarter. AQR Capital Management LLC raised its position in Boyd Gaming by 13.9% in the 1st quarter. AQR Capital Management LLC now owns 9,623 shares of the company’s stock worth $628,000 after purchasing an additional 1,172 shares during the period. Caxton Associates LLP bought a new stake in Boyd Gaming in the first quarter worth about $207,000. M&T Bank Corp bought a new stake in Boyd Gaming in the second quarter worth about $229,000. Finally, Amundi boosted its position in shares of Boyd Gaming by 14,719.0% during the second quarter. Amundi now owns 3,112 shares of the company’s stock valued at $253,000 after buying an additional 3,091 shares during the period. Hedge funds and other institutional investors own 76.81% of the company’s stock.

About Boyd Gaming

Boyd Gaming Corporation (NYSE: BYD) is a diversified hospitality and gaming company headquartered in Las Vegas, Nevada. The company develops, owns and operates a portfolio of branded gaming and entertainment properties, including casinos, hotels, restaurants and meeting facilities. Boyd Gaming’s offerings range from slot machines and table games to live entertainment, dining concepts and convention space, designed to appeal to both regional and destination visitors.

Founded in 1975 by its namesake, William S.