Zacks Investment Research Reiterates “Hold” Rating for Boyd Gaming (BYD)
Boyd Gaming (NYSE:BYD)‘s stock had its “hold” rating reaffirmed by Zacks Investment Research in a note issued to investors on Monday. They presently have a $28.00 target price on the stock. Zacks Investment Research‘s price target points to a potential upside of 18.54% from the stock’s previous close.
According to Zacks, “Shares of Boyd Gaming have gained impressively in the past two years. The upside can primarily be attributed to robust strategic initiatives and sales growth. In third-quarter 2018, the company reported EBITDA growth for the 14th quarter out of the last 15 quarters. Further, the company’s both top and bottom lines have increased over the past few quarters. Meanwhile, Boyd Gaming continues to expand its portfolio by strengthening current operations and growing through capital investment as well as other strategic measures. The company’s recent acquisition of Valley Forge Casino Resort and the Pinnacle Assets will drive growth in the coming quarters. The company anticipates Valley Forge and the Pinnacle Assets to contribute nearly $45 million to $47 million in EBITDAR in 2018. However, higher debt burden remains a concern. Also, competitive operating environment is a potential headwind.”
A number of other brokerages also recently issued reports on BYD. JPMorgan Chase & Co. increased their price objective on Boyd Gaming from $40.00 to $42.00 and gave the stock an “overweight” rating in a research report on Friday, July 27th. Jefferies Financial Group set a $42.00 price objective on Boyd Gaming and gave the stock a “hold” rating in a research report on Friday, July 27th. ValuEngine downgraded Boyd Gaming from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 8th. Bank of America reiterated a “buy” rating and issued a $37.00 price objective on shares of Boyd Gaming in a research report on Tuesday, October 16th. Finally, Desjardins began coverage on Boyd Gaming in a research report on Friday, October 19th. They issued a “buy” rating on the stock. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the company’s stock. Boyd Gaming presently has a consensus rating of “Buy” and an average price target of $38.67.
Boyd Gaming (NYSE:BYD) last issued its quarterly earnings data on Thursday, October 25th. The company reported $0.23 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.23. Boyd Gaming had a return on equity of 12.53% and a net margin of 7.19%. The company had revenue of $612.20 million for the quarter, compared to the consensus estimate of $607.60 million. On average, analysts predict that Boyd Gaming will post 1.34 EPS for the current year.
In other Boyd Gaming news, VP William R. Boyd sold 7,000 shares of the firm’s stock in a transaction dated Friday, August 24th. The stock was sold at an average price of $37.00, for a total transaction of $259,000.00. Following the sale, the vice president now owns 21,903 shares in the company, valued at $810,411. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Marianne Boyd Johnson sold 30,600 shares of the firm’s stock in a transaction dated Wednesday, August 29th. The shares were sold at an average price of $35.86, for a total value of $1,097,316.00. Following the sale, the insider now owns 231,173 shares in the company, valued at approximately $8,289,863.78. The disclosure for this sale can be found here. Insiders have sold 67,000 shares of company stock worth $2,428,514 in the last 90 days. Company insiders own 28.88% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC raised its position in Boyd Gaming by 351.4% during the third quarter. Tower Research Capital LLC TRC now owns 8,477 shares of the company’s stock valued at $287,000 after purchasing an additional 6,599 shares in the last quarter. GSA Capital Partners LLP purchased a new stake in Boyd Gaming during the third quarter valued at about $1,268,000. United Services Automobile Association raised its position in Boyd Gaming by 101.3% during the third quarter. United Services Automobile Association now owns 35,389 shares of the company’s stock valued at $1,198,000 after purchasing an additional 17,812 shares in the last quarter. Waterfront Capital Partners LLC raised its position in Boyd Gaming by 26.2% during the third quarter. Waterfront Capital Partners LLC now owns 944,829 shares of the company’s stock valued at $31,982,000 after purchasing an additional 196,229 shares in the last quarter. Finally, Shell Asset Management Co. purchased a new stake in Boyd Gaming during the third quarter valued at about $757,000. Institutional investors and hedge funds own 71.66% of the company’s stock.
Boyd Gaming Company Profile
Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company. It operates through three segments: Las Vegas Locals, Downtown Las Vegas, and Midwest and South. As of October 15, 2018, the company operated 29 gaming entertainment properties offering a total of 1.76 million square feet of casino space, approximately 38,000 gaming machines, 900 table games, 11,000 hotel rooms, and 320 food and beverage outlets located in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania.
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