Boyd Gaming (BYD) Lowered to “Sell” at Zacks Investment Research
Zacks Investment Research cut shares of Boyd Gaming (NYSE:BYD) from a hold rating to a sell rating in a report published on Wednesday.
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. “
A number of other research firms have also commented on BYD. SunTrust Banks lowered their price target on Boyd Gaming to $38.00 and set a buy rating for the company in a research report on Wednesday, February 21st. Morgan Stanley reaffirmed an equal weight rating and set a $34.00 price target (down previously from $35.00) on shares of Boyd Gaming in a research report on Wednesday, February 21st. ValuEngine lowered Boyd Gaming from a buy rating to a hold rating in a research report on Friday, December 1st. Jefferies Group started coverage on Boyd Gaming in a research report on Thursday, January 18th. They set a hold rating for the company. Finally, Bank of America raised Boyd Gaming from a neutral rating to a buy rating and set a $42.00 price target for the company in a research report on Friday, January 5th. One analyst has rated the stock with a sell rating, five have given a hold rating and thirteen have given a buy rating to the company. Boyd Gaming has an average rating of Buy and a consensus target price of $35.50.
Boyd Gaming (NYSE:BYD) last released its quarterly earnings results on Tuesday, February 20th. The company reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.26 by ($0.04). The business had revenue of $590.83 million for the quarter, compared to the consensus estimate of $595.28 million. Boyd Gaming had a net margin of 7.94% and a return on equity of 11.47%. The company’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.38 EPS. equities research analysts forecast that Boyd Gaming will post 1.23 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Sunday, April 15th. Stockholders of record on Friday, March 16th will be given a $0.45 dividend. The ex-dividend date is Thursday, March 15th. This represents a $1.80 annualized dividend and a dividend yield of 5.08%. This is a positive change from Boyd Gaming’s previous quarterly dividend of $0.05. Boyd Gaming’s dividend payout ratio is currently 12.20%.
In related news, VP William R. Boyd sold 7,528 shares of the company’s stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $35.23, for a total value of $265,211.44. Following the sale, the vice president now owns 3,714 shares in the company, valued at approximately $130,844.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Keith Smith sold 70,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 7th. The stock was sold at an average price of $35.88, for a total value of $2,511,600.00. Following the completion of the sale, the chief executive officer now owns 1,202,714 shares in the company, valued at approximately $43,153,378.32. The disclosure for this sale can be found here. Insiders sold a total of 176,605 shares of company stock worth $6,314,851 in the last 90 days. 29.16% of the stock is currently owned by company insiders.
Several institutional investors have recently bought and sold shares of BYD. Point72 Asset Management L.P. grew its stake in shares of Boyd Gaming by 34.9% in the 3rd quarter. Point72 Asset Management L.P. now owns 4,566,570 shares of the company’s stock worth $118,959,000 after buying an additional 1,181,986 shares during the last quarter. Millennium Management LLC grew its stake in shares of Boyd Gaming by 108.7% in the 4th quarter. Millennium Management LLC now owns 1,441,205 shares of the company’s stock worth $50,514,000 after buying an additional 750,610 shares during the last quarter. TIAA CREF Investment Management LLC grew its stake in shares of Boyd Gaming by 218.0% in the 4th quarter. TIAA CREF Investment Management LLC now owns 706,370 shares of the company’s stock worth $24,758,000 after buying an additional 484,247 shares during the last quarter. Catalyst Capital Advisors LLC purchased a new stake in shares of Boyd Gaming in the 3rd quarter worth approximately $11,723,000. Finally, Two Sigma Advisers LP grew its stake in shares of Boyd Gaming by 1,249.8% in the 4th quarter. Two Sigma Advisers LP now owns 417,532 shares of the company’s stock worth $14,634,000 after buying an additional 386,600 shares during the last quarter. Institutional investors own 73.99% of the company’s stock.
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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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