Research analysts at KeyCorp assumed coverage on shares of Boyd Gaming (NYSE:BYD) in a research note issued to investors on Wednesday, The Fly reports. The brokerage set an “overweight” rating on the stock.
A number of other analysts also recently weighed in on BYD. National Bank Financial downgraded shares of Boyd Gaming from an “outperform” rating to a “sector perform” rating in a report on Tuesday, October 20th. BidaskClub upgraded shares of Boyd Gaming from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Morgan Stanley raised their target price on Boyd Gaming from $40.00 to $45.00 and gave the company an “overweight” rating in a report on Tuesday, October 27th. TheStreet raised Boyd Gaming from a “d+” rating to a “c-” rating in a report on Tuesday, October 13th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on Boyd Gaming from $40.00 to $49.00 and gave the stock a “buy” rating in a research report on Wednesday, December 9th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, three have given a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $38.41.
Shares of NYSE:BYD traded down $1.36 during trading on Wednesday, reaching $48.08. 752,820 shares of the company traded hands, compared to its average volume of 1,307,690. The firm has a market capitalization of $5.36 billion, a PE ratio of -82.90, a PEG ratio of 2.16 and a beta of 2.24. Boyd Gaming has a 52 week low of $6.44 and a 52 week high of $49.87. The company has a quick ratio of 1.19, a current ratio of 1.23 and a debt-to-equity ratio of 3.79. The company’s 50 day moving average is $42.44 and its two-hundred day moving average is $31.56.
Boyd Gaming (NYSE:BYD) last posted its quarterly earnings results on Saturday, October 31st. The company reported $0.38 EPS for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.18. The business had revenue of $652.20 million during the quarter, compared to the consensus estimate of $599.68 million. Boyd Gaming had a negative return on equity of 1.09% and a negative net margin of 2.71%. Boyd Gaming’s revenue for the quarter was down 20.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.39 earnings per share. As a group, research analysts anticipate that Boyd Gaming will post -0.2 EPS for the current year.
In related news, Director Robert L. Boughner sold 16,447 shares of the firm’s stock in a transaction that occurred on Wednesday, October 28th. The shares were sold at an average price of $31.43, for a total value of $516,929.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP William R. Boyd sold 53,110 shares of the firm’s stock in a transaction that occurred on Wednesday, October 28th. The shares were sold at an average price of $31.52, for a total transaction of $1,674,027.20. Following the completion of the transaction, the vice president now owns 27,792 shares of the company’s stock, valued at approximately $876,003.84. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 239,226 shares of company stock worth $8,750,731. Company insiders own 29.08% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. FMR LLC raised its holdings in Boyd Gaming by 8.3% in the 2nd quarter. FMR LLC now owns 9,628,151 shares of the company’s stock valued at $201,229,000 after buying an additional 738,279 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Boyd Gaming by 9.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 3,062,233 shares of the company’s stock valued at $92,080,000 after buying an additional 255,734 shares during the last quarter. Zeke Capital Advisors LLC bought a new position in Boyd Gaming in the 3rd quarter valued at approximately $51,540,000. Nuveen Asset Management LLC raised its holdings in Boyd Gaming by 59.5% in the 2nd quarter. Nuveen Asset Management LLC now owns 543,205 shares of the company’s stock valued at $11,353,000 after buying an additional 202,573 shares during the last quarter. Finally, Federated Hermes Inc. raised its holdings in Boyd Gaming by 16.0% during the 3rd quarter. Federated Hermes Inc. now owns 531,667 shares of the company’s stock worth $16,316,000 after purchasing an additional 73,198 shares during the last quarter. Institutional investors and hedge funds own 69.14% of the company’s stock.
Boyd Gaming Company Profile
Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company. It operates through three segments: Las Vegas Locals, Downtown Las Vegas, and Midwest & South. As of October 26, 2020, the company operated 29 gaming entertainment properties located in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania.
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