Boyd Gaming Corp. (BYD) Upgraded by Zacks Investment Research to “Buy”
Zacks Investment Research upgraded shares of Boyd Gaming Corp. (NYSE:BYD) from a hold rating to a buy rating in a research report released on Tuesday. Zacks Investment Research currently has $22.00 price target on the stock.
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. “
BYD has been the topic of a number of other reports. Telsey Advisory Group lowered their price objective on shares of Boyd Gaming Corp. from $24.00 to $23.00 and set an outperform rating on the stock in a report on Thursday, August 4th. Deutsche Bank AG restated a buy rating on shares of Boyd Gaming Corp. in a report on Sunday, June 26th. Finally, Imperial Capital restated an outperform rating and set a $26.00 target price on shares of Boyd Gaming Corp. in a report on Wednesday, June 8th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock currently has an average rating of Buy and an average target price of $22.25.
Boyd Gaming Corp. (NYSE:BYD) opened at 19.59 on Tuesday. The stock’s 50 day moving average is $19.40 and its 200-day moving average is $19.34. The company has a market capitalization of $2.20 billion, a P/E ratio of 27.32 and a beta of 1.86. Boyd Gaming Corp. has a 12-month low of $14.22 and a 12-month high of $21.43.
Boyd Gaming Corp. (NYSE:BYD) last posted its quarterly earnings data on Wednesday, August 3rd. The company reported $0.16 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.30 by $0.14. Boyd Gaming Corp. had a net margin of 3.74% and a return on equity of 18.90%. The business earned $544.90 million during the quarter, compared to analyst estimates of $561.27 million. During the same quarter last year, the business earned $0.24 earnings per share. Boyd Gaming Corp.’s revenue for the quarter was down 2.7% on a year-over-year basis. On average, equities analysts predict that Boyd Gaming Corp. will post $0.80 earnings per share for the current fiscal year.
In related news, insider Marianne Boyd Johnson sold 10,000 shares of the company’s stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $19.26, for a total transaction of $192,600.00. Following the completion of the sale, the insider now owns 187,229 shares of the company’s stock, valued at $3,606,030.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider William S. Boyd sold 76,531 shares of the company’s stock in a transaction dated Tuesday, August 16th. The stock was sold at an average price of $19.75, for a total transaction of $1,511,487.25. Following the sale, the insider now directly owns 184,386 shares of the company’s stock, valued at approximately $3,641,623.50. The disclosure for this sale can be found here. 29.67% of the stock is currently owned by insiders.
A number of large investors have recently bought and sold shares of BYD. First Republic Investment Management Inc. purchased a new stake in Boyd Gaming Corp. during the first quarter valued at $109,697,000. Bridger Management LLC purchased a new stake in Boyd Gaming Corp. during the first quarter valued at $19,795,000. Lodge Hill Capital LLC purchased a new stake in Boyd Gaming Corp. during the second quarter valued at $17,112,000. Brigade Capital Management LP boosted its stake in Boyd Gaming Corp. by 15,900.0% in the first quarter. Brigade Capital Management LP now owns 800,000 shares of the company’s stock valued at $16,528,000 after buying an additional 795,000 shares in the last quarter. Finally, Numeric Investors LLC boosted its stake in Boyd Gaming Corp. by 577.6% in the second quarter. Numeric Investors LLC now owns 916,747 shares of the company’s stock valued at $16,868,000 after buying an additional 781,447 shares in the last quarter. 73.64% of the stock is owned by institutional investors and hedge funds.
About Boyd Gaming Corp.
Boyd Gaming Corporation is a multi-jurisdictional gaming company. The Company operates through five segments: Las Vegas Locals; Downtown Las Vegas; Midwest and South; Peninsula, and Borgata. The Las Vegas Locals Properties segment consists of Gold Coast Hotel and Casino, The Orleans Hotel and Casino, Sam’s Town Hotel and Gambling Hall, Suncoast Hotel and Casino, and Eldorado Casino and Jokers Wild Casino.
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