Boyd Gaming (BYD) Trading Up 7.5% Following Analyst Upgrade
Boyd Gaming Co. (NYSE:BYD)’s share price was up 7.5% during trading on Tuesday after Nomura raised their price target on the stock to $42.00. Nomura currently has a buy rating on the stock. Boyd Gaming traded as high as $35.12 and last traded at $34.77. Approximately 2,469,500 shares were traded during mid-day trading, an increase of 93% from the average daily volume of 1,277,802 shares. The stock had previously closed at $32.33.
Several other equities analysts have also commented on the stock. Zacks Investment Research lowered shares of Boyd Gaming from a “hold” rating to a “sell” rating in a research note on Wednesday, November 1st. ValuEngine upgraded shares of Boyd Gaming from a “hold” rating to a “buy” rating in a research note on Wednesday, September 6th. SunTrust Banks reissued a “buy” rating and issued a $27.00 price objective on shares of Boyd Gaming in a report on Tuesday, October 24th. Telsey Advisory Group increased their price objective on Boyd Gaming from $30.00 to $31.00 and gave the company an “outperform” rating in a report on Thursday, October 12th. Finally, Morgan Stanley set a $28.00 price objective on Boyd Gaming and gave the company a “hold” rating in a report on Tuesday, October 24th. Seven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Boyd Gaming presently has a consensus rating of “Buy” and a consensus price target of $29.13.
Several hedge funds have recently bought and sold shares of the company. GSA Capital Partners LLP acquired a new stake in shares of Boyd Gaming in the third quarter valued at approximately $2,255,000. California Public Employees Retirement System lifted its holdings in shares of Boyd Gaming by 3.7% during the third quarter. California Public Employees Retirement System now owns 66,690 shares of the company’s stock worth $1,737,000 after purchasing an additional 2,390 shares during the period. Bamco Inc. NY lifted its holdings in shares of Boyd Gaming by 10.4% during the third quarter. Bamco Inc. NY now owns 1,528,617 shares of the company’s stock worth $39,820,000 after purchasing an additional 143,680 shares during the period. Cubist Systematic Strategies LLC lifted its holdings in shares of Boyd Gaming by 15,392.7% during the third quarter. Cubist Systematic Strategies LLC now owns 57,168 shares of the company’s stock worth $1,489,000 after purchasing an additional 56,799 shares during the period. Finally, Point72 Asset Management L.P. lifted its holdings in shares of Boyd Gaming by 34.9% during the third quarter. Point72 Asset Management L.P. now owns 4,566,570 shares of the company’s stock worth $118,959,000 after purchasing an additional 1,181,986 shares during the period. 76.22% of the stock is owned by institutional investors and hedge funds.
Boyd Gaming (NYSE:BYD) last issued its quarterly earnings results on Thursday, October 26th. The company reported $0.22 earnings per share 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 analyst estimates of $592.29 million. During the same period in the prior year, the business earned $0.14 earnings per share. Boyd Gaming’s revenue for the quarter was up 10.5% compared to the same quarter last year. equities analysts anticipate that Boyd Gaming Co. will post 1.05 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, January 15th. Investors of record on Thursday, December 28th will be issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a dividend yield of 0.57%. The ex-dividend date is Wednesday, December 27th. Boyd Gaming’s dividend payout ratio is presently 19.23%.
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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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