Boyd Gaming Corporation (BYD) Cut to “Sell” at Zacks Investment Research
Boyd Gaming Corporation (NYSE:BYD) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday.
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. “
BYD has been the topic of a number of other research reports. Barclays PLC upped their target price on shares of Boyd Gaming Corporation from $24.00 to $25.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 1st. Telsey Advisory Group upped their target price on shares of Boyd Gaming Corporation from $29.00 to $30.00 and gave the company an “outperform” rating in a research note on Friday, July 28th. BidaskClub lowered shares of Boyd Gaming Corporation from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, August 2nd. Deutsche Bank AG restated a “buy” rating and issued a $29.00 target price (down previously from $30.00) on shares of Boyd Gaming Corporation in a research note on Sunday, July 30th. Finally, ValuEngine upgraded shares of Boyd Gaming Corporation from a “hold” rating to a “buy” rating in a research note on Wednesday, September 6th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and eleven have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $27.47.
Boyd Gaming Corporation (NYSE:BYD) last issued its earnings results on Thursday, October 26th. The company reported $0.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.01). The company had revenue of $587.70 million during the quarter, compared to analyst estimates of $592.29 million. Boyd Gaming Corporation had a net margin of 5.08% and a return on equity of 14.01%. The business’s revenue for the quarter was up 10.5% compared to the same quarter last year. During the same quarter last year, the company posted $0.14 EPS.
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In other Boyd Gaming Corporation news, Director Robert L. Boughner sold 40,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $26.70, for a total value of $1,068,000.00. Following the sale, the director now owns 40,000 shares in the company, valued at $1,068,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP William R. Boyd sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $26.55, for a total transaction of $265,500.00. Following the completion of the sale, the vice president now owns 8,251 shares in the company, valued at approximately $219,064.05. The disclosure for this sale can be found here. Insiders sold 57,000 shares of company stock worth $1,520,470 in the last 90 days. 29.16% of the stock is owned by company insiders.
Large investors have recently made changes to their positions in the business. Fortaleza Asset Management Inc. increased its stake in shares of Boyd Gaming Corporation by 80.7% in the third quarter. Fortaleza Asset Management Inc. now owns 5,630 shares of the company’s stock valued at $147,000 after purchasing an additional 2,515 shares during the period. Seven Eight Capital LP acquired a new stake in shares of Boyd Gaming Corporation in the second quarter valued at approximately $154,000. Oppenheimer Asset Management Inc. acquired a new stake in shares of Boyd Gaming Corporation in the first quarter valued at approximately $161,000. Zacks Investment Management acquired a new stake in shares of Boyd Gaming Corporation in the second quarter valued at approximately $202,000. Finally, Shelton Capital Management acquired a new stake in shares of Boyd Gaming Corporation in the second quarter valued at approximately $203,000. Institutional investors own 74.92% of the company’s stock.
About Boyd Gaming Corporation
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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