Zacks Investment Research Lowers Boyd Gaming (BYD) to Hold

Boyd Gaming (NYSE:BYD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Friday, January 5th.

According to Zacks, “Headquartered in Las Vegas, Boyd Gaming Corporation is a leading diversified owner and operator of 22 gaming entertainment properties located in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi and New Jersey. “

Several other research firms also recently issued reports on BYD. Morgan Stanley set a $28.00 price objective on shares of Boyd Gaming and gave the company a “hold” rating in a report on Tuesday, October 24th. Telsey Advisory Group increased their price objective on shares of Boyd Gaming from $30.00 to $31.00 and gave the company an “outperform” rating in a report on Thursday, October 12th. SunTrust Banks reaffirmed a “buy” rating and set a $27.00 price objective on shares of Boyd Gaming in a report on Tuesday, October 24th. ValuEngine downgraded shares of Boyd Gaming from a “buy” rating to a “hold” rating in a report on Friday, December 1st. Finally, Bank of America raised shares of Boyd Gaming from a “neutral” rating to a “buy” rating and set a $42.00 price objective on the stock in a report on Friday, January 5th. Five research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $30.87.

Shares of Boyd Gaming (NYSE BYD) opened at $36.48 on Friday. Boyd Gaming has a twelve month low of $19.20 and a twelve month high of $37.07. The stock has a market cap of $4,103.02, a price-to-earnings ratio of 35.08 and a beta of 1.82. The company has a current ratio of 0.73, a quick ratio of 0.68 and a debt-to-equity ratio of 2.95.

Boyd Gaming (NYSE:BYD) last announced its quarterly earnings results on Thursday, October 26th. The company reported $0.22 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($0.01). The firm had revenue of $587.70 million for the quarter, compared to analysts’ expectations of $592.29 million. Boyd Gaming had a return on equity of 13.82% and a net margin of 5.08%. The business’s quarterly revenue was up 10.5% on a year-over-year basis. During the same period last year, the company posted $0.14 earnings per share. analysts anticipate that Boyd Gaming will post 1.04 EPS for the current fiscal year.

Several large investors have recently bought and sold shares of the company. Fortaleza Asset Management Inc. increased its position in Boyd Gaming by 80.7% during the third 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 last quarter. Seven Eight Capital LP acquired a new stake in Boyd Gaming during the second quarter worth about $154,000. Zacks Investment Management acquired a new stake in Boyd Gaming during the second quarter worth about $202,000. Shelton Capital Management acquired a new stake in Boyd Gaming during the second quarter worth about $203,000. Finally, Regentatlantic Capital LLC acquired a new stake in Boyd Gaming during the third quarter worth about $216,000. 76.22% of the stock is currently owned by hedge funds and other institutional investors.

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About Boyd Gaming

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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Analyst Recommendations for Boyd Gaming (NYSE:BYD)

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