Boyd Gaming (BYD) Cut to Hold at Zacks Investment Research

Boyd Gaming (NYSE:BYD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Friday.

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. “

A number of other equities analysts have also weighed in on BYD. Bank of America upgraded shares of Boyd Gaming from a “neutral” rating to a “buy” rating and set a $42.00 price objective on the stock in a research report on Friday. ValuEngine lowered shares of Boyd Gaming from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. Stifel Nicolaus reiterated a “hold” rating on shares of Boyd Gaming in a research report on Thursday, December 21st. Nomura lifted their price objective on shares of Boyd Gaming to $42.00 and gave the company a “buy” rating in a research report on Tuesday, December 19th. Finally, Morgan Stanley set a $28.00 price objective on shares of Boyd Gaming and gave the company a “hold” rating in a research report on Tuesday, October 24th. Six analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $30.80.

Shares of Boyd Gaming (NYSE BYD) traded up $0.19 during trading on Friday, hitting $35.11. 1,220,500 shares of the stock were exchanged, compared to its average volume of 1,299,833. The firm has a market cap of $4,150.00, a PE ratio of 42.30 and a beta of 1.82. Boyd Gaming has a fifty-two week low of $19.19 and a fifty-two week high of $35.96. The company has a quick ratio of 0.68, a current ratio of 0.73 and a debt-to-equity ratio of 2.95.

Boyd Gaming (NYSE:BYD) last announced its earnings results on Thursday, October 26th. The company reported $0.22 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.01). The business had revenue of $587.70 million during the quarter, compared to analyst estimates of $592.29 million. Boyd Gaming had a net margin of 5.08% and a return on equity of 13.82%. The business’s revenue was up 10.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.14 earnings per share. equities analysts expect that Boyd Gaming will post 1.04 EPS for the current year.

Large investors have recently added to or reduced their stakes in the company. Fortaleza Asset Management Inc. raised its stake in shares of Boyd Gaming by 80.7% during the 3rd quarter. Fortaleza Asset Management Inc. now owns 5,630 shares of the company’s stock worth $147,000 after buying an additional 2,515 shares during the last quarter. Seven Eight Capital LP acquired a new position in shares of Boyd Gaming during the 2nd quarter worth $154,000. Zacks Investment Management acquired a new position in shares of Boyd Gaming during the 2nd quarter worth $202,000. Shelton Capital Management acquired a new position in shares of Boyd Gaming during the 2nd quarter worth $203,000. Finally, Regentatlantic Capital LLC acquired a new position in shares of Boyd Gaming during the 3rd quarter worth $216,000. 76.22% of the stock is owned by institutional investors and hedge funds.

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About Boyd Gaming

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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