Boyd Gaming (NYSE:BYD) Downgraded by JPMorgan Chase & Co. to “Neutral”

JPMorgan Chase & Co. downgraded shares of Boyd Gaming (NYSE:BYD) from an overweight rating to a neutral rating in a research report report published on Friday morning, Marketbeat.com reports. The brokerage currently has $67.00 price target on the stock, down from their previous price target of $80.00.

Other research analysts also recently issued research reports about the company. Stifel Nicolaus reissued a hold rating and issued a $69.00 price target on shares of Boyd Gaming in a report on Friday, January 5th. Susquehanna reissued a neutral rating and issued a $75.00 price target (down previously from $84.00) on shares of Boyd Gaming in a report on Monday, February 12th. Mizuho initiated coverage on Boyd Gaming in a report on Tuesday, March 26th. They issued a buy rating and a $80.00 price target for the company. Wells Fargo & Company increased their price target on Boyd Gaming from $81.00 to $82.00 and gave the company an overweight rating in a report on Friday, February 9th. Finally, StockNews.com raised Boyd Gaming from a hold rating to a buy rating in a report on Wednesday, January 24th. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Hold and a consensus price target of $72.20.

Boyd Gaming Price Performance

Shares of NYSE BYD opened at $53.18 on Friday. Boyd Gaming has a 1-year low of $52.42 and a 1-year high of $73.00. The business has a 50-day moving average of $63.98 and a 200-day moving average of $62.01. The company has a debt-to-equity ratio of 1.65, a current ratio of 0.89 and a quick ratio of 0.85. The company has a market capitalization of $5.09 billion, a price-to-earnings ratio of 9.55, a PEG ratio of 2.94 and a beta of 1.60.

Boyd Gaming (NYSE:BYD) last issued its earnings results on Thursday, February 8th. The company reported $1.66 earnings per share for the quarter, topping the consensus estimate of $1.43 by $0.23. Boyd Gaming had a return on equity of 34.77% and a net margin of 14.91%. The company had revenue of $954.41 million during the quarter, compared to the consensus estimate of $928.04 million. During the same quarter in the prior year, the business earned $1.72 earnings per share. The company’s revenue was up 3.4% compared to the same quarter last year. On average, equities analysts anticipate that Boyd Gaming will post 6.19 EPS for the current fiscal year.

Boyd Gaming Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 15th were issued a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.28%. The ex-dividend date of this dividend was Thursday, March 14th. This is an increase from Boyd Gaming’s previous quarterly dividend of $0.16. Boyd Gaming’s dividend payout ratio (DPR) is currently 12.21%.

Insiders Place Their Bets

In other news, Chairman Marianne Boyd Johnson sold 77,661 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $64.87, for a total transaction of $5,037,869.07. Following the sale, the chairman now directly owns 1,511,433 shares in the company, valued at approximately $98,046,658.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, COO Ted Bogich sold 41,631 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $64.79, for a total transaction of $2,697,272.49. Following the sale, the chief operating officer now directly owns 66,803 shares in the company, valued at approximately $4,328,166.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Marianne Boyd Johnson sold 77,661 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $64.87, for a total value of $5,037,869.07. Following the sale, the chairman now owns 1,511,433 shares in the company, valued at $98,046,658.71. The disclosure for this sale can be found here. Insiders have sold a total of 582,910 shares of company stock valued at $37,299,461 in the last quarter. Insiders own 27.94% of the company’s stock.

Institutional Trading of Boyd Gaming

Large investors have recently added to or reduced their stakes in the business. Parkside Financial Bank & Trust increased its position in Boyd Gaming by 105.5% in the 3rd quarter. Parkside Financial Bank & Trust now owns 411 shares of the company’s stock valued at $25,000 after acquiring an additional 211 shares during the period. Rakuten Securities Inc. bought a new position in Boyd Gaming during the 4th quarter valued at $30,000. Allspring Global Investments Holdings LLC boosted its stake in Boyd Gaming by 57.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 518 shares of the company’s stock valued at $35,000 after purchasing an additional 189 shares in the last quarter. Principal Securities Inc. bought a new stake in shares of Boyd Gaming in the 4th quarter worth $50,000. Finally, Allworth Financial LP grew its holdings in shares of Boyd Gaming by 3,333.3% in the 4th quarter. Allworth Financial LP now owns 1,030 shares of the company’s stock worth $64,000 after acquiring an additional 1,000 shares during the last quarter. 76.81% of the stock is currently owned by institutional investors and hedge funds.

About Boyd Gaming

Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. The company operates through Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online segments.