Boyd Gaming (NYSE:BYD) Upgraded to Strong-Buy at Benchmark

Boyd Gaming (NYSE:BYD) was upgraded by equities research analysts at Benchmark to a “strong-buy” rating in a research note issued to investors on Monday,Zacks.com reports.

Other research analysts have also issued research reports about the company. Susquehanna reduced their price target on Boyd Gaming from $89.00 to $87.00 and set a “neutral” rating on the stock in a report on Tuesday, April 7th. Barclays dropped their price objective on shares of Boyd Gaming from $87.00 to $86.00 and set an “equal weight” rating for the company in a report on Friday, April 24th. Mizuho cut their price objective on shares of Boyd Gaming from $99.00 to $96.00 and set an “outperform” rating for the company in a research report on Friday, April 24th. Wells Fargo & Company reduced their target price on shares of Boyd Gaming from $84.00 to $83.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 16th. Finally, Morgan Stanley reaffirmed a “mixed” rating on shares of Boyd Gaming in a research note on Wednesday, April 8th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, Boyd Gaming currently has a consensus rating of “Moderate Buy” and a consensus target price of $92.69.

Boyd Gaming Price Performance

NYSE:BYD opened at $86.43 on Monday. Boyd Gaming has a one year low of $76.33 and a one year high of $89.96. The stock has a market cap of $6.42 billion, a PE ratio of 3.79, a P/E/G ratio of 2.02 and a beta of 1.08. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.58 and a current ratio of 0.60. The stock has a 50 day moving average price of $84.66 and a 200 day moving average price of $84.35.

Boyd Gaming (NYSE:BYD) last released its quarterly earnings data on Thursday, April 23rd. The company reported $1.60 earnings per share for the quarter, missing analysts’ consensus estimates of $1.76 by ($0.16). The company had revenue of $997.36 million for the quarter, compared to analyst estimates of $1.04 billion. Boyd Gaming had a return on equity of 25.63% and a net margin of 44.84%.The business’s quarterly revenue was up .6% on a year-over-year basis. During the same period last year, the firm posted $1.62 EPS. Equities research analysts expect that Boyd Gaming will post 7.32 EPS for the current fiscal year.

Boyd Gaming declared that its board has approved a share repurchase program on Thursday, April 23rd that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 7.7% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In related news, CEO Keith Smith sold 100,000 shares of the business’s stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $85.90, for a total value of $8,590,000.00. Following the sale, the chief executive officer owned 996,981 shares in the company, valued at approximately $85,640,667.90. The trade was a 9.12% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Marianne Boyd Johnson sold 62,914 shares of the stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $84.03, for a total value of $5,286,663.42. Following the transaction, the chairman directly owned 1,609,808 shares in the company, valued at approximately $135,272,166.24. The trade was a 3.76% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 200,000 shares of company stock worth $17,038,987 over the last 90 days. 22.82% of the stock is owned by insiders.

Hedge Funds Weigh In On Boyd Gaming

Several institutional investors have recently bought and sold shares of BYD. Invesco Ltd. boosted its stake in shares of Boyd Gaming by 118.2% in the fourth quarter. Invesco Ltd. now owns 1,427,828 shares of the company’s stock valued at $121,708,000 after purchasing an additional 773,394 shares during the period. Norges Bank purchased a new stake in Boyd Gaming during the 4th quarter worth approximately $58,763,000. Clark Capital Management Group Inc. purchased a new stake in Boyd Gaming during the 3rd quarter worth approximately $50,295,000. UBS Group AG lifted its holdings in Boyd Gaming by 196.9% during the 4th quarter. UBS Group AG now owns 611,207 shares of the company’s stock worth $52,099,000 after buying an additional 405,340 shares in the last quarter. Finally, Arbejdsmarkedets Tillaegspension acquired a new stake in Boyd Gaming during the 4th quarter worth approximately $24,675,000. 76.81% of the stock is owned by institutional investors and hedge funds.

About Boyd Gaming

Boyd Gaming Corporation (NYSE: BYD) is a diversified hospitality and gaming company headquartered in Las Vegas, Nevada. The company develops, owns and operates a portfolio of branded gaming and entertainment properties, including casinos, hotels, restaurants and meeting facilities. Boyd Gaming’s offerings range from slot machines and table games to live entertainment, dining concepts and convention space, designed to appeal to both regional and destination visitors.

Founded in 1975 by its namesake, William S.