ValuEngine Downgrades Boyd Gaming Corporation (BYD) to Hold
Boyd Gaming Corporation (NYSE:BYD) was downgraded by investment analysts at ValuEngine from a “buy” rating to a “hold” rating in a note issued to investors on Monday.
A number of other analysts have also recently weighed in on BYD. Zacks Investment Research raised shares of Boyd Gaming Corporation from a “sell” rating to a “buy” rating and set a $28.00 price target for the company in a research report on Friday, July 14th. Instinet reissued a “buy” rating and issued a $30.00 price objective (up from $27.00) on shares of Boyd Gaming Corporation in a research report on Monday, June 19th. Morgan Stanley lowered Boyd Gaming Corporation from an “overweight” rating to an “equal weight” rating and set a $26.00 price objective on the stock. in a research report on Tuesday, June 20th. They noted that the move was a valuation call. Wells Fargo & Company restated a “market perform” rating and set a $25.00 price objective (up previously from $22.00) on shares of Boyd Gaming Corporation in a research note on Monday, June 19th. Finally, Bank of America Corporation restated a “neutral” rating and set a $27.00 price objective (up previously from $25.00) on shares of Boyd Gaming Corporation in a research note on Monday, June 5th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $26.87.
Boyd Gaming Corporation (NYSE BYD) opened at 25.71 on Monday. The firm has a 50-day moving average of $26.06 and a 200 day moving average of $24.71. The stock has a market cap of $2.90 billion, a PE ratio of 6.79 and a beta of 1.87. Boyd Gaming Corporation has a 12 month low of $16.77 and a 12 month high of $27.00.
Boyd Gaming Corporation (NYSE:BYD) last posted its quarterly earnings results on Thursday, July 27th. The company reported $0.26 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.30 by ($0.04). The business had revenue of $599.87 million during the quarter, compared to analysts’ expectations of $602.39 million. Boyd Gaming Corporation had a net margin of 19.15% and a return on equity of 13.31%. The company’s quarterly revenue was up 10.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.16 EPS. Analysts anticipate that Boyd Gaming Corporation will post $1.12 EPS for the current year.
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In related news, VP William R. Boyd sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $26.71, for a total transaction of $186,970.00. Following the sale, the vice president now directly owns 1,251 shares of the company’s stock, valued at approximately $33,414.21. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Robert L. Boughner sold 40,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $26.70, for a total value of $1,068,000.00. Following the sale, the director now directly owns 40,000 shares in the company, valued at $1,068,000. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 133,531 shares of company stock worth $3,447,521. 29.16% of the stock is currently owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. raised its holdings in shares of Boyd Gaming Corporation by 105,482.6% during the first quarter. BlackRock Inc. now owns 10,413,612 shares of the company’s stock worth $229,205,000 after purchasing an additional 10,403,749 shares during the period. FMR LLC boosted its holdings in shares of Boyd Gaming Corporation by 531.0% in the 2nd quarter. FMR LLC now owns 1,418,700 shares of the company’s stock valued at $35,199,000 after buying an additional 1,193,874 shares during the period. Bank of America Corp DE boosted its holdings in shares of Boyd Gaming Corporation by 373.3% in the 1st quarter. Bank of America Corp DE now owns 1,482,567 shares of the company’s stock valued at $32,631,000 after buying an additional 1,169,330 shares during the period. Point72 Asset Management L.P. boosted its holdings in shares of Boyd Gaming Corporation by 1,386.9% in the 1st quarter. Point72 Asset Management L.P. now owns 1,238,594 shares of the company’s stock valued at $27,261,000 after buying an additional 1,155,294 shares during the period. Finally, Westfield Capital Management Co. LP acquired a new position in shares of Boyd Gaming Corporation in the 2nd quarter valued at about $26,973,000. Hedge funds and other institutional investors own 74.66% of the company’s stock.
About Boyd Gaming Corporation
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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