Boyd Gaming Corp. (BYD) Downgraded to Hold at Zacks Investment Research
Boyd Gaming Corp. (NYSE:BYD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Tuesday.
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. “
Other research analysts have also issued research reports about the company. Deutsche Bank AG reissued a “buy” rating on shares of Boyd Gaming Corp. in a report on Sunday, June 26th. Gabelli reissued a “buy” rating and set a $28.00 price objective on shares of Boyd Gaming Corp. in a report on Monday. Finally, Telsey Advisory Group cut their price objective on Boyd Gaming Corp. from $24.00 to $23.00 and set an “outperform” rating for the company in a report on Thursday, August 4th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Boyd Gaming Corp. presently has an average rating of “Buy” and a consensus price target of $22.92.
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Shares of Boyd Gaming Corp. (NYSE:BYD) traded up 0.21% on Tuesday, reaching $19.04. 820,799 shares of the company were exchanged. Boyd Gaming Corp. has a 12-month low of $14.22 and a 12-month high of $21.43. The firm has a market capitalization of $2.14 billion, a PE ratio of 26.56 and a beta of 1.86. The stock’s 50-day moving average is $19.28 and its 200 day moving average is $19.31.
Boyd Gaming Corp. (NYSE:BYD) last posted its earnings results on Wednesday, August 3rd. The company reported $0.16 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.30 by $0.14. The company had revenue of $544.90 million for the quarter, compared to analysts’ expectations of $561.27 million. Boyd Gaming Corp. had a net margin of 3.74% and a return on equity of 18.90%. The firm’s quarterly revenue was down 2.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.24 EPS. On average, analysts forecast that Boyd Gaming Corp. will post $0.80 EPS for the current year.
In related news, insider Marianne Boyd Johnson sold 10,000 shares of the company’s stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $19.26, for a total value of $192,600.00. Following the sale, the insider now directly owns 187,229 shares of the company’s stock, valued at $3,606,030.54. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Robert L. Boughner sold 50,000 shares of the company’s stock in a transaction on Thursday, September 8th. The stock was sold at an average price of $19.81, for a total value of $990,500.00. Following the completion of the sale, the insider now directly owns 144,560 shares in the company, valued at $2,863,733.60. The disclosure for this sale can be found here. Corporate insiders own 29.67% of the company’s stock.
Several large investors have recently added to or reduced their stakes in BYD. First Republic Investment Management Inc. acquired a new stake in Boyd Gaming Corp. during the first quarter valued at approximately $109,697,000. AXA boosted its stake in Boyd Gaming Corp. by 1,220.5% in the first quarter. AXA now owns 51,500 shares of the company’s stock valued at $1,064,000 after buying an additional 47,600 shares during the period. A.R.T. Advisors LLC boosted its stake in Boyd Gaming Corp. by 93.0% in the first quarter. A.R.T. Advisors LLC now owns 186,594 shares of the company’s stock valued at $3,855,000 after buying an additional 89,900 shares during the period. Brigade Capital Management LP boosted its stake in Boyd Gaming Corp. by 15,900.0% in the first quarter. Brigade Capital Management LP now owns 800,000 shares of the company’s stock valued at $16,528,000 after buying an additional 795,000 shares during the period. Finally, Capital Fund Management S.A. acquired a new stake in Boyd Gaming Corp. during the second quarter valued at approximately $2,612,000. 73.63% of the stock is currently owned by hedge funds and other institutional investors.
Boyd Gaming Corp. Company Profile
Boyd Gaming Corporation is a multi-jurisdictional gaming company. The Company operates through five segments: Las Vegas Locals; Downtown Las Vegas; Midwest and South; Peninsula, and Borgata. The Las Vegas Locals Properties segment consists of Gold Coast Hotel and Casino, The Orleans Hotel and Casino, Sam’s Town Hotel and Gambling Hall, Suncoast Hotel and Casino, and Eldorado Casino and Jokers Wild Casino.
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