Boyd Gaming (NYSE:BYD) Hits New 52-Week High on Earnings Beat

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

The company reported $1.96 EPS for the quarter, topping the consensus estimate of $1.75 by $0.21. Boyd Gaming had a return on equity of 35.97% and a net margin of 14.70%.

Boyd Gaming Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Monday, December 16th were given 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 10.93%.

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

Wall Street Analysts Forecast Growth

Several research firms have issued reports on BYD. Wells Fargo & Company increased their price objective on Boyd Gaming from $82.00 to $88.00 and gave the stock an “overweight” rating in a research report on Friday. Barclays increased their price objective on Boyd Gaming from $74.00 to $78.00 and gave the stock an “equal weight” rating in a research report on Friday. Susquehanna increased their price objective on Boyd Gaming from $69.00 to $77.00 and gave the stock a “neutral” rating in a research report on Tuesday. Morgan Stanley increased their price objective on Boyd Gaming from $74.00 to $78.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 22nd. Finally, JPMorgan Chase & Co. raised their price target on Boyd Gaming from $74.00 to $80.00 and gave the company a “neutral” rating in a research report on Friday, January 24th. Seven research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Boyd Gaming has an average rating of “Moderate Buy” and an average price target of $95.00.

Insider Buying and Selling

In other Boyd Gaming news, Director Christine J. Spadafor sold 660 shares of the firm’s stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $75.68, for a total value of $49,948.80. Following the sale, the director now directly owns 5,977 shares of the company’s stock, valued at approximately $452,339.36. This trade represents a 9.94 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Keith Smith sold 40,000 shares of the firm’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $73.49, for a total value of $2,939,600.00. Following the completion of the sale, the chief executive officer now directly owns 1,161,202 shares in the company, valued at approximately $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 quarter, insiders sold 100,660 shares of company stock worth $7,307,149. 27.94% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Boyd Gaming

Hedge funds and other institutional investors have recently modified their holdings of the company. UMB Bank n.a. lifted its stake in shares of Boyd Gaming by 80.3% in the 4th quarter. UMB Bank n.a. now owns 393 shares of the company’s stock valued at $29,000 after purchasing an additional 175 shares in the last quarter. GAMMA Investing LLC lifted its stake in shares of Boyd Gaming by 47.4% in the 4th quarter. GAMMA Investing LLC now owns 460 shares of the company’s stock valued at $33,000 after purchasing an additional 148 shares in the last quarter. Covestor Ltd lifted its stake in shares of 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 purchasing an additional 208 shares in the last quarter. Quarry LP lifted its stake in shares of Boyd Gaming by 150.1% in the 3rd quarter. Quarry LP now owns 873 shares of the company’s stock valued at $56,000 after purchasing an additional 524 shares in the last quarter. Finally, Farther Finance Advisors LLC lifted its stake in shares of Boyd Gaming by 921.8% in the 3rd quarter. Farther Finance Advisors LLC now owns 889 shares of the company’s stock valued at $57,000 after purchasing an additional 802 shares in the last quarter. 76.81% of the stock is owned by institutional investors and hedge funds.

Boyd Gaming Stock Down 1.9 %

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

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.