Boyd Gaming (NYSE:BYD) Earns Market Perform Rating from JMP Securities

Boyd Gaming (NYSE:BYD)‘s stock had its “market perform” rating reiterated by research analysts at JMP Securities in a research report issued on Thursday,Benzinga reports.

A number of other brokerages also recently commented on BYD. Stifel Nicolaus boosted their price objective on shares of Boyd Gaming from $67.00 to $74.00 and gave the stock a “hold” rating in a research note on Friday, October 25th. Truist Financial lifted their price objective on shares of Boyd Gaming from $77.00 to $85.00 and gave the stock a “buy” rating in a research report on Tuesday. Jefferies Financial Group raised shares of Boyd Gaming from a “hold” rating to a “buy” rating and increased their target price for the company from $73.00 to $92.00 in a research report on Friday, January 3rd. StockNews.com raised Boyd Gaming from a “buy” rating to a “strong-buy” rating in a research report on Monday, October 28th. Finally, JPMorgan Chase & Co. raised their price objective on Boyd Gaming from $69.00 to $74.00 and gave the stock a “neutral” rating in a research report on Friday, December 13th. Seven equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Boyd Gaming currently has an average rating of “Moderate Buy” and an average price target of $92.20.

Boyd Gaming Stock Performance

Boyd Gaming stock opened at $73.46 on Thursday. Boyd Gaming has a fifty-two week low of $49.34 and a fifty-two week high of $76.73. 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 company has a 50 day moving average price of $72.94 and a 200-day moving average price of $65.20. The company has a market capitalization of $6.49 billion, a PE ratio of 14.02, a P/E/G ratio of 3.95 and a beta of 1.54.

Boyd Gaming announced that its board has approved a stock repurchase plan on Thursday, December 5th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In related news, Director Christine J. Spadafor sold 660 shares of the firm’s stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $75.68, for a total transaction of $49,948.80. Following the sale, the director now owns 5,977 shares in the company, valued at approximately $452,339.36. This trade represents a 9.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Keith Smith sold 40,000 shares of the business’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $73.49, for a total transaction of $2,939,600.00. Following the transaction, the chief executive officer now owns 1,161,202 shares in the company, valued at $85,336,734.98. The trade was a 3.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 147,364 shares of company stock valued at $10,590,893. Company insiders own 28.40% of the company’s stock.

Institutional Investors Weigh In On Boyd Gaming

Several institutional investors and hedge funds have recently modified their holdings of BYD. GAMMA Investing LLC increased its stake in Boyd Gaming by 47.4% during the fourth quarter. GAMMA Investing LLC now owns 460 shares of the company’s stock worth $33,000 after purchasing an additional 148 shares during the period. Altshuler Shaham Ltd acquired a new stake in Boyd Gaming during the 2nd quarter worth approximately $29,000. Covestor Ltd boosted its position in Boyd Gaming by 54.9% in the 3rd quarter. Covestor Ltd now owns 587 shares of the company’s stock valued at $38,000 after buying an additional 208 shares during the period. Quarry LP grew its stake in shares of Boyd Gaming by 150.1% in the third quarter. Quarry LP now owns 873 shares of the company’s stock worth $56,000 after acquiring an additional 524 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its position in shares of Boyd Gaming by 921.8% during the third quarter. Farther Finance Advisors LLC now owns 889 shares of the company’s stock worth $57,000 after acquiring an additional 802 shares during the period. Hedge funds and other institutional investors own 76.81% of the company’s stock.

About Boyd Gaming

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.