Boyd Gaming (NYSE:BYD) Shares Gap Up Following Earnings Beat

Shares of Boyd Gaming Co. (NYSE:BYD) gapped up prior to trading on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $66.04, but opened at $68.53. Boyd Gaming shares last traded at $69.99, with a volume of 292,754 shares changing hands.

The company reported $1.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.52 by $0.10. The firm had revenue of $991.57 million for the quarter, compared to analysts’ expectations of $976.38 million. Boyd Gaming had a return on equity of 35.97% and a net margin of 14.70%.

Boyd Gaming Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 17th were issued a dividend of $0.18 per share. This is a positive change from Boyd Gaming’s previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a yield of 1.04%. The ex-dividend date was Monday, March 17th. Boyd Gaming’s dividend payout ratio is currently 11.58%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on BYD. JPMorgan Chase & Co. increased their target price on shares of Boyd Gaming from $74.00 to $80.00 and gave the stock a “neutral” rating in a report on Friday, January 24th. Macquarie reiterated a “neutral” rating and issued a $74.00 price target on shares of Boyd Gaming in a report on Friday. Wells Fargo & Company lifted their target price on shares of Boyd Gaming from $82.00 to $88.00 and gave the company an “overweight” rating in a research note on Friday, February 7th. Stifel Nicolaus cut their price objective on Boyd Gaming from $82.00 to $71.00 and set a “hold” rating on the stock in a research report on Friday. Finally, Susquehanna increased their target price on Boyd Gaming from $75.00 to $76.00 and gave the stock a “positive” rating in a research report on Friday. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $93.47.

Insider Buying and Selling at Boyd Gaming

In related news, Chairman Marianne Boyd Johnson sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $77.68, for a total value of $3,884,000.00. Following the transaction, the chairman now owns 1,346,628 shares of the company’s stock, valued at approximately $104,606,063.04. This trade represents a 3.58 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Christine J. Spadafor sold 1,125 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $75.28, for a total transaction of $84,690.00. Following the sale, the director now directly owns 4,852 shares of the company’s stock, valued at approximately $365,258.56. This represents a 18.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,125 shares of company stock worth $5,158,490. Insiders own 27.94% of the company’s stock.

Institutional Investors Weigh In On Boyd Gaming

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Boston Partners increased its stake in Boyd Gaming by 36.9% in the 4th quarter. Boston Partners now owns 3,955,544 shares of the company’s stock worth $287,185,000 after buying an additional 1,065,887 shares in the last quarter. Norges Bank purchased a new stake in shares of Boyd Gaming during the fourth quarter worth about $55,553,000. Raymond James Financial Inc. bought a new stake in Boyd Gaming during the 4th quarter valued at approximately $43,273,000. Arrowstreet Capital Limited Partnership lifted its holdings in Boyd Gaming by 51.7% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,296,863 shares of the company’s stock worth $94,074,000 after purchasing an additional 441,963 shares in the last quarter. Finally, Franklin Resources Inc. boosted its stake in Boyd Gaming by 37.2% in the 4th quarter. Franklin Resources Inc. now owns 964,051 shares of the company’s stock worth $69,932,000 after purchasing an additional 261,443 shares during the period. 76.81% of the stock is owned by hedge funds and other institutional investors.

Boyd Gaming Stock Performance

The firm has a market capitalization of $5.70 billion, a PE ratio of 11.10, a price-to-earnings-growth ratio of 4.46 and a beta of 1.31. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.79 and a current ratio of 0.82. The business’s fifty day simple moving average is $68.38 and its 200-day simple moving average is $71.09.

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.