Boyd Gaming (NYSE:BYD) Upgraded by StockNews.com to Buy

Boyd Gaming (NYSE:BYD) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a report released on Monday.

A number of other research analysts also recently issued reports on the company. Mizuho dropped their price objective on Boyd Gaming from $80.00 to $78.00 and set a “buy” rating on the stock in a research note on Friday, April 26th. Barclays dropped their price target on Boyd Gaming from $70.00 to $68.00 and set an “equal weight” rating on the stock in a research note on Friday, April 26th. Truist Financial dropped their price target on Boyd Gaming from $80.00 to $75.00 and set a “buy” rating on the stock in a research note on Friday, April 26th. Wells Fargo & Company dropped their price target on Boyd Gaming from $82.00 to $71.00 and set an “overweight” rating on the stock in a research note on Friday, April 26th. Finally, Raymond James began coverage on Boyd Gaming in a research note on Tuesday, May 21st. They set an “outperform” rating and a $67.00 price target on the stock. Seven research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Boyd Gaming presently has an average rating of “Hold” and a consensus target price of $90.92.

Boyd Gaming Trading Up 0.9 %

BYD traded up $0.51 during midday trading on Monday, hitting $59.63. 1,092,258 shares of the company were exchanged, compared to its average volume of 942,558. The firm has a market capitalization of $5.66 billion, a P/E ratio of 10.71 and a beta of 1.58. The company has a quick ratio of 0.77, a current ratio of 0.80 and a debt-to-equity ratio of 1.61. The firm’s 50 day moving average price is $54.45 and its 200-day moving average price is $59.83. Boyd Gaming has a 1-year low of $49.34 and a 1-year high of $72.58.

Boyd Gaming (NYSE:BYD) last announced its quarterly earnings data on Thursday, April 25th. The company reported $1.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.06). The business had revenue of $960.52 million during the quarter, compared to analyst estimates of $947.26 million. Boyd Gaming had a net margin of 14.91% and a return on equity of 34.76%. As a group, equities analysts forecast that Boyd Gaming will post 6.04 EPS for the current fiscal year.

Boyd Gaming declared that its board has initiated a stock repurchase plan on Monday, May 13th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to repurchase up to 9.5% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, Director Christine J. Spadafor sold 1,874 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $53.38, for a total value of $100,034.12. Following the completion of the transaction, the director now directly owns 2,338 shares of the company’s stock, valued at $124,802.44. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 27.94% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Boyd Gaming

Several institutional investors and hedge funds have recently bought and sold shares of the company. Cohen & Steers Inc. grew its holdings in Boyd Gaming by 34.4% during the fourth quarter. Cohen & Steers Inc. now owns 4,747,662 shares of the company’s stock valued at $297,270,000 after purchasing an additional 1,216,121 shares during the period. Boston Partners lifted its position in shares of Boyd Gaming by 10.0% during the first quarter. Boston Partners now owns 3,031,091 shares of the company’s stock worth $203,276,000 after acquiring an additional 274,876 shares in the last quarter. Bamco Inc. NY lifted its position in shares of Boyd Gaming by 4.0% during the first quarter. Bamco Inc. NY now owns 1,899,344 shares of the company’s stock worth $127,864,000 after acquiring an additional 73,491 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Boyd Gaming by 0.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,002,438 shares of the company’s stock worth $67,485,000 after acquiring an additional 3,087 shares in the last quarter. Finally, Frontier Capital Management Co. LLC lifted its position in shares of Boyd Gaming by 1.2% during the fourth quarter. Frontier Capital Management Co. LLC now owns 986,072 shares of the company’s stock worth $61,738,000 after acquiring an additional 11,794 shares in the last quarter. 76.81% of the stock is owned by institutional investors.

Boyd Gaming Company Profile

Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. The company operates through Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online segments.