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

Boyd Gaming (NYSE:BYDGet Free Report) was upgraded by stock analysts at StockNews.com from a “hold” rating to a “buy” rating in a note issued to investors on Monday.

A number of other research firms also recently weighed in on BYD. Argus downgraded shares of Boyd Gaming from a “buy” rating to a “hold” rating in a report on Wednesday, May 1st. Morgan Stanley boosted their price target on Boyd Gaming from $71.00 to $72.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 9th. Royal Bank of Canada lowered their price objective on Boyd Gaming from $337.00 to $308.00 and set an “outperform” rating on the stock in a report on Thursday, May 16th. Deutsche Bank Aktiengesellschaft lowered Boyd Gaming from a “buy” rating to a “hold” rating and reduced their target price for the stock from $78.00 to $71.00 in a report on Friday, April 26th. Finally, Wells Fargo & Company lowered their price target on Boyd Gaming from $82.00 to $71.00 and set an “overweight” rating on the stock in a report on Friday, April 26th. Seven analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $91.42.

View Our Latest Stock Analysis on BYD

Boyd Gaming Stock Up 0.5 %

NYSE BYD traded up $0.25 on Monday, reaching $51.76. The stock had a trading volume of 966,400 shares, compared to its average volume of 875,844. Boyd Gaming has a 1 year low of $51.45 and a 1 year high of $73.00. The business has a 50 day moving average price of $60.04 and a 200 day moving average price of $61.48. The company has a current ratio of 0.80, a quick ratio of 0.77 and a debt-to-equity ratio of 1.61. The company has a market capitalization of $4.91 billion, a price-to-earnings ratio of 9.29 and a beta of 1.64.

Boyd Gaming (NYSE:BYDGet Free Report) last announced its quarterly earnings results on Thursday, April 25th. The company reported $1.51 EPS for the quarter, missing the consensus estimate of $1.57 by ($0.06). The firm had revenue of $960.52 million during the quarter, compared to the consensus estimate of $947.26 million. Boyd Gaming had a net margin of 14.91% and a return on equity of 34.76%. On average, analysts forecast that Boyd Gaming will post 6.06 EPS for the current fiscal year.

Boyd Gaming announced that its Board of Directors has authorized a share repurchase plan on Monday, May 13th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to purchase up to 9.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, major shareholder William S. Boyd sold 125,000 shares of the company’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $63.77, for a total transaction of $7,971,250.00. Following the completion of the transaction, the insider now owns 9,358,913 shares of the company’s stock, valued at $596,817,882.01. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, major shareholder William S. Boyd sold 125,000 shares of Boyd Gaming stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $63.77, for a total transaction of $7,971,250.00. Following the sale, the insider now owns 9,358,913 shares of the company’s stock, valued at approximately $596,817,882.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP William R. Boyd sold 50,000 shares of the company’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $64.04, for a total value of $3,202,000.00. Following the completion of the transaction, the vice president now owns 1,617,970 shares of the company’s stock, valued at $103,614,798.80. The disclosure for this sale can be found here. Insiders have sold 463,618 shares of company stock worth $29,564,319 in the last ninety days. Insiders own 27.94% of the company’s stock.

Hedge Funds Weigh In On Boyd Gaming

A number of hedge funds and other institutional investors have recently made changes to their positions in BYD. Parkside Financial Bank & Trust increased its stake in Boyd Gaming by 105.5% in the third quarter. Parkside Financial Bank & Trust now owns 411 shares of the company’s stock valued at $25,000 after acquiring an additional 211 shares during the period. Rakuten Securities Inc. bought a new stake in shares of Boyd Gaming in the 4th quarter valued at approximately $30,000. Allspring Global Investments Holdings LLC grew its stake in shares of Boyd Gaming by 57.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 518 shares of the company’s stock valued at $35,000 after purchasing an additional 189 shares during the period. Principal Securities Inc. acquired a new position in shares of Boyd Gaming in the 4th quarter worth approximately $50,000. Finally, Allworth Financial LP lifted its position in shares of Boyd Gaming by 3,333.3% during the 4th quarter. Allworth Financial LP now owns 1,030 shares of the company’s stock worth $64,000 after buying an additional 1,000 shares during the period. 76.81% of the stock is owned by institutional investors.

About Boyd Gaming

(Get Free Report)

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.

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