Boyd Gaming (NYSE:BYD) Stock Rating Upgraded by Benchmark

Boyd Gaming (NYSE:BYD) was upgraded by equities research analysts at Benchmark to a “strong-buy” rating in a research report issued on Monday,Zacks.com reports.

A number of other equities research analysts also recently weighed in on BYD. Susquehanna dropped their price objective on Boyd Gaming from $89.00 to $87.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 7th. Wells Fargo & Company reduced their target price on shares of Boyd Gaming from $84.00 to $83.00 and set an “equal weight” rating for the company in a report on Thursday, April 16th. JPMorgan Chase & Co. increased their price target on shares of Boyd Gaming from $89.00 to $90.00 and gave the company a “neutral” rating in a research report on Friday, April 24th. Stifel Nicolaus lowered their price target on shares of Boyd Gaming from $95.00 to $91.00 and set a “hold” rating on the stock in a report on Friday, April 24th. Finally, Weiss Ratings raised shares of Boyd Gaming from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, June 4th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $92.69.

Boyd Gaming Stock Performance

Shares of NYSE:BYD opened at $86.43 on Monday. The firm has a 50 day moving average of $84.66 and a 200 day moving average of $84.35. The company has a quick ratio of 0.58, a current ratio of 0.60 and a debt-to-equity ratio of 0.90. The company has a market capitalization of $6.42 billion, a price-to-earnings ratio of 3.79, a price-to-earnings-growth ratio of 2.02 and a beta of 1.08. Boyd Gaming has a 52 week low of $76.33 and a 52 week high of $89.96.

Boyd Gaming (NYSE:BYD) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $1.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.76 by ($0.16). The company had revenue of $997.36 million during the quarter, compared to analysts’ expectations of $1.04 billion. Boyd Gaming had a net margin of 44.84% and a return on equity of 25.63%. The company’s revenue was up .6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.62 earnings per share. On average, sell-side analysts predict that Boyd Gaming will post 7.32 earnings per share for the current fiscal year.

Boyd Gaming announced that its Board of Directors has approved a stock repurchase plan on Thursday, April 23rd that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to purchase up to 7.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Boyd Gaming

In other news, Chairman Marianne Boyd Johnson sold 62,914 shares of the stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $84.03, for a total value of $5,286,663.42. Following the sale, the chairman owned 1,609,808 shares in the company, valued at $135,272,166.24. This represents a 3.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Keith Smith sold 100,000 shares of the stock in a transaction on Wednesday, June 3rd. The stock was sold at an average price of $85.90, for a total transaction of $8,590,000.00. Following the completion of the sale, the chief executive officer owned 996,981 shares in the company, valued at $85,640,667.90. The trade was a 9.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 200,000 shares of company stock worth $17,038,987 over the last ninety days. Insiders own 22.82% of the company’s stock.

Institutional Investors Weigh In On Boyd Gaming

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. raised its position in shares of Boyd Gaming by 23.0% in the first quarter. Blue Trust Inc. now owns 653 shares of the company’s stock valued at $54,000 after buying an additional 122 shares during the last quarter. Assetmark Inc. boosted its position in Boyd Gaming by 9.1% during the first quarter. Assetmark Inc. now owns 1,553 shares of the company’s stock worth $128,000 after acquiring an additional 129 shares during the last quarter. Optas LLC boosted its position in Boyd Gaming by 4.1% during the first quarter. Optas LLC now owns 3,486 shares of the company’s stock worth $286,000 after acquiring an additional 138 shares during the last quarter. Altshuler Shaham Ltd boosted its position in Boyd Gaming by 54.3% during the first quarter. Altshuler Shaham Ltd now owns 452 shares of the company’s stock worth $37,000 after acquiring an additional 159 shares during the last quarter. Finally, TD Private Client Wealth LLC grew its stake in Boyd Gaming by 24.5% during the 4th quarter. TD Private Client Wealth LLC now owns 854 shares of the company’s stock valued at $73,000 after acquiring an additional 168 shares in the last quarter. 76.81% of the stock is owned by institutional investors and hedge funds.

About Boyd Gaming

Boyd Gaming Corporation (NYSE: BYD) is a diversified hospitality and gaming company headquartered in Las Vegas, Nevada. The company develops, owns and operates a portfolio of branded gaming and entertainment properties, including casinos, hotels, restaurants and meeting facilities. Boyd Gaming’s offerings range from slot machines and table games to live entertainment, dining concepts and convention space, designed to appeal to both regional and destination visitors.

Founded in 1975 by its namesake, William S.