Zacks Investment Research upgraded shares of Boyd Gaming Corp. (NYSE:BYD) from a hold rating to a buy rating in a report released on Tuesday morning. Zacks Investment Research currently has $22.00 target price on the stock.
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. “
Several other research analysts have also recently weighed in on the stock. Telsey Advisory Group decreased their price objective on shares of Boyd Gaming Corp. from $24.00 to $23.00 and set an outperform rating for the company in a report on Thursday, August 4th. Deutsche Bank AG reissued a buy rating on shares of Boyd Gaming Corp. in a report on Sunday, June 26th. Finally, Imperial Capital reissued an outperform rating and set a $26.00 price objective on shares of Boyd Gaming Corp. in a report on Wednesday, June 8th. Five analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $22.25.
Shares of Boyd Gaming Corp. (NYSE:BYD) opened at 19.44 on Tuesday. The stock has a market cap of $2.18 billion, a PE ratio of 27.11 and a beta of 1.86. The stock’s 50 day moving average is $19.41 and its 200 day moving average is $19.36. Boyd Gaming Corp. has a 52-week low of $14.22 and a 52-week high of $21.43.
Boyd Gaming Corp. (NYSE:BYD) last released its quarterly earnings data on Wednesday, August 3rd. The company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.30 by $0.14. Boyd Gaming Corp. had a net margin of 3.74% and a return on equity of 18.90%. The company had revenue of $544.90 million for the quarter, compared to analysts’ expectations of $561.27 million. During the same period in the previous year, the firm earned $0.24 earnings per share. The firm’s revenue for the quarter was down 2.7% on a year-over-year basis. Equities research analysts forecast that Boyd Gaming Corp. will post $0.80 earnings per share for the current year.
In related news, insider Robert L. Boughner sold 50,000 shares of the company’s stock in a transaction on Thursday, September 8th. The shares were sold at an average price of $19.81, for a total transaction of $990,500.00. Following the completion of the transaction, the insider now owns 144,560 shares in the company, valued at $2,863,733.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Marianne Boyd Johnson sold 89,360 shares of the company’s stock in a transaction on Monday, August 15th. The stock was sold at an average price of $19.83, for a total transaction of $1,772,008.80. Following the transaction, the executive vice president now owns 276,589 shares of the company’s stock, valued at approximately $5,484,759.87. The disclosure for this sale can be found here. 29.67% of the stock is currently owned by company insiders.
Several institutional investors have recently modified their holdings of the company. First Republic Investment Management Inc. bought a new position in shares of Boyd Gaming Corp. during the first quarter worth $109,697,000. Bridger Management LLC bought a new position in shares of Boyd Gaming Corp. during the first quarter worth $19,795,000. Lodge Hill Capital LLC bought a new position in shares of Boyd Gaming Corp. during the second quarter worth $17,112,000. Brigade Capital Management LP raised its position in shares of Boyd Gaming Corp. by 15,900.0% in the first quarter. Brigade Capital Management LP now owns 800,000 shares of the company’s stock worth $16,528,000 after buying an additional 795,000 shares in the last quarter. Finally, Numeric Investors LLC raised its position in shares of Boyd Gaming Corp. by 577.6% in the second quarter. Numeric Investors LLC now owns 916,747 shares of the company’s stock worth $16,868,000 after buying an additional 781,447 shares in the last quarter. Hedge funds and other institutional investors own 73.64% of the company’s stock.
About Boyd Gaming Corp.
Boyd Gaming Corporation is a multi-jurisdictional gaming company. The Company operates through five segments: Las Vegas Locals; Downtown Las Vegas; Midwest and South; Peninsula, and Borgata. The Las Vegas Locals Properties segment consists of Gold Coast Hotel and Casino, The Orleans Hotel and Casino, Sam’s Town Hotel and Gambling Hall, Suncoast Hotel and Casino, and Eldorado Casino and Jokers Wild Casino.
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