Boyd Gaming Co. (BYD) Receives Average Rating of “Buy” from Analysts
Boyd Gaming Co. (NYSE:BYD) has received an average recommendation of “Buy” from the seventeen analysts that are presently covering the firm, Marketbeat reports. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $30.23.
A number of brokerages have issued reports on BYD. Stifel Nicolaus restated a “hold” rating on shares of Boyd Gaming in a research note on Thursday, December 21st. Zacks Investment Research downgraded Boyd Gaming from a “hold” rating to a “sell” rating in a research note on Wednesday, November 1st. Deutsche Bank increased their price target on Boyd Gaming to $37.00 and gave the stock a “buy” rating in a research note on Wednesday, December 6th. Nomura increased their price target on Boyd Gaming to $42.00 and gave the stock a “buy” rating in a research note on Tuesday, December 19th. Finally, Bank of America upgraded Boyd Gaming from a “neutral” rating to a “buy” rating and set a $42.00 price target for the company in a research note on Friday.
A number of large investors have recently made changes to their positions in BYD. Fortaleza Asset Management Inc. raised its stake in shares of Boyd Gaming by 80.7% in the third quarter. Fortaleza Asset Management Inc. now owns 5,630 shares of the company’s stock worth $147,000 after purchasing an additional 2,515 shares during the last quarter. Seven Eight Capital LP purchased a new position in shares of Boyd Gaming in the second quarter worth $154,000. Zacks Investment Management purchased a new position in shares of Boyd Gaming in the second quarter worth $202,000. Shelton Capital Management purchased a new position in shares of Boyd Gaming in the second quarter worth $203,000. Finally, Regentatlantic Capital LLC purchased a new position in shares of Boyd Gaming in the third quarter worth $216,000. Institutional investors and hedge funds own 76.22% of the company’s stock.
Boyd Gaming (NYSE:BYD) last announced its quarterly earnings results on Thursday, October 26th. The company reported $0.22 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.01). Boyd Gaming had a return on equity of 13.82% and a net margin of 5.08%. The company had revenue of $587.70 million for the quarter, compared to the consensus estimate of $592.29 million. During the same quarter last year, the company posted $0.14 EPS. The company’s quarterly revenue was up 10.5% compared to the same quarter last year. research analysts anticipate that Boyd Gaming will post 1.04 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, January 15th. Stockholders of record on Thursday, December 28th will be paid a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.54%. The ex-dividend date is Wednesday, December 27th. Boyd Gaming’s payout ratio is presently 24.10%.
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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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