Boyd Gaming (NYSE:BYD) Downgraded to Hold at StockNews.com

StockNews.com lowered shares of Boyd Gaming (NYSE:BYD) from a buy rating to a hold rating in a research report sent to investors on Wednesday.

BYD has been the subject of a number of other reports. Susquehanna reissued a neutral rating and issued a $75.00 price target (down from $84.00) on shares of Boyd Gaming in a research report on Monday, February 12th. Argus downgraded Boyd Gaming from a buy rating to a hold rating in a research note on Wednesday, May 1st. Mizuho reduced their price objective on Boyd Gaming from $80.00 to $78.00 and set a buy rating for the company in a research note on Friday, April 26th. Morgan Stanley lifted their target price on Boyd Gaming from $71.00 to $72.00 and gave the company an equal weight rating in a research note on Tuesday, April 9th. Finally, Deutsche Bank Aktiengesellschaft cut Boyd Gaming from a buy rating to a hold rating and cut their price target for the stock from $78.00 to $71.00 in a research note on Friday, April 26th. Eight analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $72.20.

Boyd Gaming Price Performance

Shares of NYSE BYD opened at $55.37 on Wednesday. The stock’s 50-day simple moving average is $61.51 and its 200-day simple moving average is $61.61. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.77 and a current ratio of 0.80. The firm has a market capitalization of $5.25 billion, a PE ratio of 9.94 and a beta of 1.64. Boyd Gaming has a fifty-two week low of $52.42 and a fifty-two week high of $73.00.

Boyd Gaming Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Saturday, June 15th will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.23%. The ex-dividend date is Friday, June 14th. Boyd Gaming’s payout ratio is currently 12.21%.

Boyd Gaming announced that its board has approved a share repurchase program on Monday, May 13th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 9.5% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Boyd Gaming

In related news, Director A. Randall Thoman sold 2,500 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $63.75, for a total transaction of $159,375.00. Following the transaction, the director now owns 4,017 shares in the company, valued at $256,083.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director A. Randall Thoman sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $63.75, for a total transaction of $159,375.00. Following the completion of the transaction, the director now owns 4,017 shares in the company, valued at approximately $256,083.75. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder William S. Boyd sold 125,000 shares of the company’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $63.77, for a total value of $7,971,250.00. Following the completion of the transaction, the insider now directly owns 9,358,913 shares in the company, valued at approximately $596,817,882.01. The disclosure for this sale can be found here. In the last three months, insiders sold 463,618 shares of company stock valued at $29,564,319. Company insiders own 28.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Bwcp LP boosted its position in shares of Boyd Gaming by 15.7% in the first quarter. Bwcp LP now owns 454,782 shares of the company’s stock valued at $30,616,000 after acquiring an additional 61,747 shares during the period. Bamco Inc. NY raised its stake in Boyd Gaming by 4.0% during the 1st quarter. Bamco Inc. NY now owns 1,899,344 shares of the company’s stock valued at $127,864,000 after purchasing an additional 73,491 shares during the last quarter. Aristides Capital LLC bought a new stake in Boyd Gaming in the 1st quarter valued at $256,000. Price T Rowe Associates Inc. MD boosted its holdings in Boyd Gaming by 0.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,002,438 shares of the company’s stock valued at $67,485,000 after purchasing an additional 3,087 shares during the period. Finally, Lazard Asset Management LLC grew its position in Boyd Gaming by 4.9% in the 1st quarter. Lazard Asset Management LLC now owns 5,361 shares of the company’s stock worth $360,000 after purchasing an additional 249 shares during the last quarter. Institutional investors and hedge funds own 76.81% of the company’s stock.

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.