Boyd Gaming (NYSE:BYD) Rating Increased to Strong-Buy at Benchmark

Benchmark upgraded shares of Boyd Gaming (NYSE:BYD) to a strong-buy rating in a research note released on Monday,Zacks.com reports.

Other equities research analysts have also issued reports about the company. Weiss Ratings upgraded Boyd Gaming from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, June 4th. Citigroup lifted their price objective on Boyd Gaming from $86.00 to $90.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. Barclays decreased their target price on Boyd Gaming from $87.00 to $86.00 and set an “equal weight” rating for the company in a report on Friday, April 24th. Wells Fargo & Company cut their price target on shares of Boyd Gaming from $84.00 to $83.00 and set an “equal weight” rating on the stock in a report on Thursday, April 16th. Finally, Stifel Nicolaus reduced their price target on shares of Boyd Gaming from $95.00 to $91.00 and set a “hold” rating on the stock in a research report on Friday, April 24th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $92.69.

Boyd Gaming Stock Up 0.1%

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

Boyd Gaming (NYSE:BYD) last released its quarterly earnings data on Thursday, April 23rd. The company reported $1.60 EPS for the quarter, missing analysts’ consensus estimates of $1.76 by ($0.16). Boyd Gaming had a return on equity of 25.63% and a net margin of 44.84%.The firm had revenue of $997.36 million for the quarter, compared to analyst estimates of $1.04 billion. During the same quarter in the previous year, the company earned $1.62 earnings per share. The company’s quarterly revenue was up .6% on a year-over-year basis. On average, analysts anticipate that Boyd Gaming will post 7.32 EPS for the current year.

Boyd Gaming Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Monday, June 15th will be given a $0.20 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.80 annualized dividend and a yield of 0.9%. Boyd Gaming’s dividend payout ratio (DPR) is 3.51%.

Boyd Gaming declared that its Board of Directors has approved a share buyback program on Thursday, April 23rd that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 7.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other news, CEO Keith Smith sold 100,000 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $85.90, for a total value of $8,590,000.00. Following the completion of the sale, the chief executive officer owned 996,981 shares of the company’s stock, valued at $85,640,667.90. This represents a 9.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Marianne Boyd Johnson sold 62,914 shares of the stock in a transaction dated 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 completion of the sale, the chairman owned 1,609,808 shares of the company’s stock, valued at approximately $135,272,166.24. This trade represents a 3.76% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 200,000 shares of company stock valued at $17,038,987 in the last ninety days. Company insiders own 22.82% of the company’s stock.

Hedge Funds Weigh In On Boyd Gaming

A number of institutional investors and hedge funds have recently bought and sold shares of BYD. Altshuler Shaham Ltd purchased a new stake in shares of Boyd Gaming during the fourth quarter valued at approximately $25,000. Los Angeles Capital Management LLC purchased a new position in shares of Boyd Gaming in the fourth quarter valued at $25,000. First Horizon Corp purchased a new position in shares of Boyd Gaming in the fourth quarter valued at $41,000. Bessemer Group Inc. boosted its stake in shares of Boyd Gaming by 62.8% in the first quarter. Bessemer Group Inc. now owns 526 shares of the company’s stock valued at $43,000 after purchasing an additional 203 shares during the period. Finally, Advisors Asset Management Inc. grew its holdings in Boyd Gaming by 56.8% during the 1st quarter. Advisors Asset Management Inc. now owns 541 shares of the company’s stock valued at $36,000 after purchasing an additional 196 shares in the last quarter. Hedge funds and other institutional investors own 76.81% of the company’s stock.

Boyd Gaming Company Profile

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.