Boyd Gaming (NYSE:BYD) Shares Gap Down After Earnings Miss

Boyd Gaming Co. (NYSE:BYD)’s share price gapped down prior to trading on Friday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $62.89, but opened at $54.14. Boyd Gaming shares last traded at $54.53, with a volume of 1,524,061 shares trading hands.

The company reported $1.51 EPS for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.06). The business had revenue of $960.52 million for the quarter, compared to the consensus estimate of $947.26 million. Boyd Gaming had a net margin of 16.58% and a return on equity of 36.97%.

Boyd Gaming Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 15th were given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.27%. 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 payout ratio is 11.15%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on BYD. Stifel Nicolaus reissued a “hold” rating and set a $69.00 price target on shares of Boyd Gaming in a research report on Friday, January 5th. Barclays lifted their price objective on shares of Boyd Gaming from $66.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Friday, January 26th. Susquehanna reissued a “neutral” rating and set a $75.00 price objective (down previously from $84.00) on shares of Boyd Gaming in a research report on Monday, February 12th. Deutsche Bank Aktiengesellschaft lowered Boyd Gaming from a “buy” rating to a “hold” rating and lowered their price objective for the company from $78.00 to $71.00 in a report on Friday. Finally, Truist Financial lifted their price target on shares of Boyd Gaming from $76.00 to $80.00 and gave the company a “buy” rating in a research report on Friday, February 9th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $74.10.

Insider Buying and Selling

In other news, VP William R. Boyd sold 50,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $64.04, for a total value of $3,202,000.00. Following the completion of the sale, the vice president now directly owns 1,617,970 shares in the company, valued at approximately $103,614,798.80. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Boyd Gaming news, major shareholder William S. Boyd sold 63,464 shares of the company’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $63.12, for a total transaction of $4,005,847.68. Following the sale, the insider now directly owns 8,795,449 shares in the company, valued at $555,168,740.88. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP William R. Boyd sold 50,000 shares of Boyd Gaming stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $64.04, for a total transaction of $3,202,000.00. Following the sale, the vice president now owns 1,617,970 shares of the company’s stock, valued at approximately $103,614,798.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 582,910 shares of company stock valued at $37,299,461. Company insiders own 27.94% of the company’s stock.

Institutional Trading of Boyd Gaming

A number of hedge funds and other institutional investors have recently made changes to their positions in BYD. Parkside Financial Bank & Trust raised its position in shares of Boyd Gaming by 105.5% in the third quarter. Parkside Financial Bank & Trust now owns 411 shares of the company’s stock valued at $25,000 after buying an additional 211 shares during the last quarter. Rakuten Securities Inc. acquired a new stake in shares of Boyd Gaming in the fourth quarter valued at $30,000. Allspring Global Investments Holdings LLC grew its position in shares of Boyd Gaming by 57.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 518 shares of the company’s stock worth $35,000 after buying an additional 189 shares in the last quarter. Principal Securities Inc. acquired a new stake in shares of Boyd Gaming in the 4th quarter valued at $50,000. Finally, Allworth Financial LP lifted its stake in Boyd Gaming by 3,333.3% during the fourth quarter. Allworth Financial LP now owns 1,030 shares of the company’s stock worth $64,000 after purchasing an additional 1,000 shares during the last quarter. Institutional investors and hedge funds own 76.81% of the company’s stock.

Boyd Gaming Stock Performance

The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.85 and a current ratio of 0.89. The stock has a market cap of $5.12 billion, a PE ratio of 8.88, a P/E/G ratio of 2.98 and a beta of 1.60. The firm’s 50-day moving average is $64.19 and its 200 day moving average is $62.06.

Boyd Gaming Company Profile

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.