Boyd Gaming (NYSE:BYD) Hits New 12-Month High on Earnings Beat

Boyd Gaming Co. (NYSE:BYD)’s share price reached a new 52-week high on Thursday following a better than expected earnings announcement. The stock traded as high as $78.63 and last traded at $78.43, with a volume of 1874458 shares trading hands. The stock had previously closed at $76.49.

The company reported $1.96 earnings per share for the quarter, beating analysts’ consensus estimates of $1.75 by $0.21. Boyd Gaming had a net margin of 14.70% and a return on equity of 35.97%.

Boyd Gaming Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Monday, December 16th were paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 0.88%. The ex-dividend date of this dividend was Monday, December 16th. Boyd Gaming’s payout ratio is currently 10.93%.

Boyd Gaming announced that its board has authorized a stock repurchase program on Thursday, December 5th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to purchase up to 7.6% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on BYD shares. Truist Financial lifted their target price on shares of Boyd Gaming from $85.00 to $88.00 and gave the stock a “buy” rating in a research note on Tuesday. Morgan Stanley upped their target price on Boyd Gaming from $74.00 to $78.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. StockNews.com raised Boyd Gaming from a “buy” rating to a “strong-buy” rating in a research report on Monday, October 28th. Wells Fargo & Company increased their price objective on Boyd Gaming from $82.00 to $88.00 and gave the company an “overweight” rating in a report on Friday. Finally, Susquehanna lifted their target price on Boyd Gaming from $69.00 to $77.00 and gave the stock a “neutral” rating in a report on Tuesday. Seven research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $95.00.

Insider Buying and Selling

In related news, Director Christine J. Spadafor sold 660 shares of the stock in a transaction on Thursday, December 12th. The stock was 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 of the company’s stock, valued at $452,339.36. This trade represents a 9.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Keith Smith sold 30,000 shares of the business’s stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $71.77, for a total transaction of $2,153,100.00. Following the completion of the transaction, the chief executive officer now directly owns 1,131,202 shares of the company’s stock, valued at $81,186,367.54. The trade was a 2.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 100,660 shares of company stock worth $7,307,149 in the last quarter. Company insiders own 27.94% of the company’s stock.

Institutional Investors Weigh In On Boyd Gaming

Institutional investors have recently bought and sold shares of the stock. AQR Capital Management LLC boosted its position in shares of Boyd Gaming by 36.9% in the second quarter. AQR Capital Management LLC now owns 6,495 shares of the company’s stock worth $357,000 after buying an additional 1,749 shares during the period. Creative Planning boosted its holdings in Boyd Gaming by 61.3% in the 2nd quarter. Creative Planning now owns 7,959 shares of the company’s stock worth $439,000 after acquiring an additional 3,025 shares during the period. CX Institutional grew its position in Boyd Gaming by 10.7% in the third quarter. CX Institutional now owns 16,175 shares of the company’s stock valued at $1,046,000 after acquiring an additional 1,568 shares in the last quarter. AlphaMark Advisors LLC lifted its position in shares of Boyd Gaming by 5.8% during the third quarter. AlphaMark Advisors LLC now owns 8,529 shares of the company’s stock worth $551,000 after purchasing an additional 466 shares in the last quarter. Finally, First Citizens Bank & Trust Co. purchased a new position in shares of Boyd Gaming in the third quarter valued at $201,000. 76.81% of the stock is currently owned by hedge funds and other institutional investors.

Boyd Gaming Stock Performance

The company has a market capitalization of $6.81 billion, a PE ratio of 12.39, a PEG ratio of 4.38 and a beta of 1.54. The company has a 50 day moving average price of $74.10 and a 200 day moving average price of $67.49. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.79 and a current ratio of 0.82.

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.