Zacks Investment Research Downgrades Boyd Gaming (BYD) to Hold

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

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 analysts also recently commented on the company. Deutsche Bank raised their price objective on Boyd Gaming to $37.00 and gave the stock a “buy” rating in a research report on Wednesday, December 6th. Nomura raised their price objective on Boyd Gaming to $42.00 and gave the stock a “buy” rating in a research report on Tuesday, December 19th. SunTrust Banks reiterated a “buy” rating and issued a $27.00 price objective on shares of Boyd Gaming in a research report on Tuesday, October 24th. ValuEngine downgraded Boyd Gaming from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Finally, Telsey Advisory Group raised their price objective on Boyd Gaming from $30.00 to $31.00 and gave the stock an “outperform” rating in a research report on Thursday, October 12th. Seven analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $32.93.

Shares of Boyd Gaming (NYSE:BYD) traded down $1.55 during mid-day trading on Thursday, hitting $36.24. The company’s stock had a trading volume of 2,626,531 shares, compared to its average volume of 1,209,546. The company has a debt-to-equity ratio of 2.95, a current ratio of 0.73 and a quick ratio of 0.68. Boyd Gaming has a 52 week low of $19.39 and a 52 week high of $40.44. The company has a market cap of $4,090.00, a P/E ratio of 43.66 and a beta of 1.87.

Several institutional investors have recently bought and sold shares of BYD. Amalgamated Bank lifted its position in shares of Boyd Gaming by 5.0% during the 2nd quarter. Amalgamated Bank now owns 11,456 shares of the company’s stock worth $284,000 after buying an additional 546 shares during the period. Northern Trust Corp lifted its position in shares of Boyd Gaming by 3.1% during the 2nd quarter. Northern Trust Corp now owns 1,069,564 shares of the company’s stock worth $26,536,000 after buying an additional 31,785 shares during the period. FMR LLC lifted its position in shares of Boyd Gaming by 531.0% during the 2nd quarter. FMR LLC now owns 1,418,700 shares of the company’s stock worth $35,199,000 after buying an additional 1,193,874 shares during the period. Parametric Portfolio Associates LLC lifted its position in shares of Boyd Gaming by 18.1% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 467,219 shares of the company’s stock worth $11,592,000 after buying an additional 71,499 shares during the period. Finally, Employees Retirement System of Texas bought a new position in shares of Boyd Gaming during the 2nd quarter worth approximately $1,389,000. Institutional investors and hedge funds own 75.91% of the company’s stock.

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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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