Boyd Gaming Sees Unusually High Options Volume (BYD)
Boyd Gaming Co. (NYSE:BYD) saw unusually large options trading activity on Tuesday. Traders acquired 2,308 put options on the stock. This is an increase of approximately 672% compared to the typical volume of 299 put options.
Shares of Boyd Gaming stock opened at $27.61 on Thursday. The company has a debt-to-equity ratio of 3.45, a current ratio of 0.85 and a quick ratio of 0.81. The company has a market capitalization of $3.11 billion, a P/E ratio of 20.76, a P/E/G ratio of 0.74 and a beta of 2.13. Boyd Gaming has a fifty-two week low of $18.98 and a fifty-two week high of $39.35.
Boyd Gaming (NYSE:BYD) last issued its quarterly earnings results on Thursday, February 21st. The company reported $0.32 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.32. The business had revenue of $791.60 million during the quarter, compared to analyst estimates of $774.43 million. Boyd Gaming had a net margin of 4.38% and a return on equity of 13.41%. Boyd Gaming’s revenue for the quarter was up 33.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.22 earnings per share. Equities analysts predict that Boyd Gaming will post 1.8 earnings per share for the current fiscal year.
Boyd Gaming announced that its Board of Directors has authorized a share repurchase plan on Wednesday, December 12th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to buy up to 3.7% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.
In other news, VP William R. Boyd sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $28.60, for a total transaction of $114,400.00. Following the completion of the sale, the vice president now owns 34,015 shares of the company’s stock, valued at $972,829. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Keith Smith sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $29.41, for a total transaction of $2,941,000.00. Following the sale, the chief executive officer now directly owns 1,339,355 shares of the company’s stock, valued at approximately $39,390,430.55. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 166,579 shares of company stock valued at $4,893,971. Company insiders own 29.35% of the company’s stock.
Several institutional investors have recently modified their holdings of BYD. First Trust Advisors LP increased its holdings in shares of Boyd Gaming by 9.9% in the third quarter. First Trust Advisors LP now owns 128,139 shares of the company’s stock valued at $4,338,000 after purchasing an additional 11,553 shares in the last quarter. US Bancorp DE increased its holdings in shares of Boyd Gaming by 6.1% in the third quarter. US Bancorp DE now owns 36,072 shares of the company’s stock valued at $1,221,000 after purchasing an additional 2,060 shares in the last quarter. Janney Montgomery Scott LLC acquired a new stake in shares of Boyd Gaming in the third quarter valued at approximately $789,000. Prudential Financial Inc. increased its holdings in shares of Boyd Gaming by 76.1% in the third quarter. Prudential Financial Inc. now owns 246,387 shares of the company’s stock valued at $8,340,000 after purchasing an additional 106,460 shares in the last quarter. Finally, Commonwealth Bank of Australia acquired a new stake in shares of Boyd Gaming in the third quarter valued at approximately $250,000. 71.23% of the stock is owned by institutional investors and hedge funds.
Several research firms have recently weighed in on BYD. Zacks Investment Research lowered shares of Boyd Gaming from a “buy” rating to a “hold” rating in a report on Thursday, January 3rd. ValuEngine lowered shares of Boyd Gaming from a “hold” rating to a “sell” rating in a report on Thursday, December 20th. TheStreet lowered shares of Boyd Gaming from a “b” rating to a “c+” rating in a report on Monday, November 26th. Morgan Stanley raised shares of Boyd Gaming from an “equal weight” rating to an “overweight” rating and dropped their price objective for the stock from $35.00 to $31.00 in a report on Thursday, December 20th. Finally, Stifel Nicolaus raised shares of Boyd Gaming from a “hold” rating to a “buy” rating and dropped their price objective for the stock from $37.00 to $33.00 in a report on Friday, January 11th. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Boyd Gaming presently has an average rating of “Buy” and a consensus target price of $34.75.
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About Boyd Gaming
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 & South. As of December 31, 2018, the company operated 29 gaming entertainment properties located in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania.
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