Boyd Gaming Corporation (BYD) Earns “Buy” Rating from Instinet
Boyd Gaming Corporation (NYSE:BYD)‘s stock had its “buy” rating reiterated by equities research analysts at Instinet in a research note issued on Monday. They presently have a $30.00 price target on the stock, up from their previous price target of $27.00. Instinet’s price objective would indicate a potential upside of 16.82% from the company’s current price.
A number of other research firms have also recently commented on BYD. Bank of America Corporation reiterated a “neutral” rating and set a $27.00 price objective (up previously from $25.00) on shares of Boyd Gaming Corporation in a research report on Monday, June 5th. Imperial Capital boosted their price target on Boyd Gaming Corporation from $26.00 to $29.00 and gave the company an “outperform” rating in a report on Thursday, May 4th. Aegis reissued a “buy” rating and set a $27.00 price target (up previously from $26.00) on shares of Boyd Gaming Corporation in a report on Wednesday, May 3rd. Zacks Investment Research lowered Boyd Gaming Corporation from a “buy” rating to a “hold” rating in a report on Thursday, May 4th. Finally, Deutsche Bank AG reissued a “buy” rating and set a $26.00 price target (up previously from $25.00) on shares of Boyd Gaming Corporation in a report on Wednesday, May 3rd. Three research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $25.86.
Boyd Gaming Corporation (NYSE:BYD) traded up 1.95% during trading on Monday, hitting $25.68. The company’s stock had a trading volume of 990,672 shares. The firm has a 50 day moving average of $24.84 and a 200 day moving average of $21.69. The firm has a market cap of $2.91 billion, a P/E ratio of 7.05 and a beta of 1.83. Boyd Gaming Corporation has a 12 month low of $16.77 and a 12 month high of $26.20.
Boyd Gaming Corporation (NYSE:BYD) last posted its quarterly earnings data on Tuesday, May 2nd. The company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.30 by $0.02. The company had revenue of $605.34 million during the quarter, compared to analysts’ expectations of $601.11 million. Boyd Gaming Corporation had a return on equity of 13.63% and a net margin of 18.79%. Equities research analysts predict that Boyd Gaming Corporation will post $1.14 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Saturday, July 15th. Investors of record on Thursday, June 15th will be paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 0.78%. The ex-dividend date is Tuesday, June 13th. Boyd Gaming Corporation’s payout ratio is presently 5.48%.
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In related news, VP Brian A. Larson sold 90,478 shares of the stock in a transaction that occurred on Thursday, May 4th. The stock was sold at an average price of $24.14, for a total transaction of $2,184,138.92. Following the completion of the transaction, the vice president now directly owns 195,087 shares of the company’s stock, valued at $4,709,400.18. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Keith Smith sold 21,780 shares of the stock in a transaction that occurred on Friday, June 2nd. The shares were sold at an average price of $25.68, for a total value of $559,310.40. Following the transaction, the chief executive officer now directly owns 1,031,554 shares of the company’s stock, valued at $26,490,306.72. The disclosure for this sale can be found here. Over the last three months, insiders have sold 202,763 shares of company stock valued at $5,032,829. 29.16% of the stock is owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in the stock. Comerica Bank raised its position in shares of Boyd Gaming Corporation by 6.8% in the fourth quarter. Comerica Bank now owns 74,611 shares of the company’s stock worth $1,463,000 after buying an additional 4,756 shares during the last quarter. State Street Corp raised its position in shares of Boyd Gaming Corporation by 5.2% in the fourth quarter. State Street Corp now owns 1,838,970 shares of the company’s stock worth $37,086,000 after buying an additional 90,813 shares during the last quarter. Van ECK Associates Corp raised its position in shares of Boyd Gaming Corporation by 0.5% in the fourth quarter. Van ECK Associates Corp now owns 10,714 shares of the company’s stock worth $216,000 after buying an additional 57 shares during the last quarter. Federated Investors Inc. PA raised its position in shares of Boyd Gaming Corporation by 366.0% in the fourth quarter. Federated Investors Inc. PA now owns 25,278 shares of the company’s stock worth $510,000 after buying an additional 19,854 shares during the last quarter. Finally, Pacad Investment Ltd. raised its position in shares of Boyd Gaming Corporation by 23.8% in the fourth quarter. Pacad Investment Ltd. now owns 23,401 shares of the company’s stock worth $472,000 after buying an additional 4,500 shares during the last quarter. 70.91% of the stock is owned by institutional investors.
Boyd Gaming Corporation Company Profile
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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