Desjardins began coverage on shares of Boyd Gaming (NYSE:BYD) in a research report sent to investors on Friday morning, MarketBeat reports. The firm issued a buy rating on the stock.

BYD has been the topic of several other reports. Zacks Investment Research downgraded Boyd Gaming from a buy rating to a hold rating in a research note on Monday, July 30th. Bank of America restated a buy rating and issued a $37.00 price target on shares of Boyd Gaming in a research note on Tuesday. JPMorgan Chase & Co. lifted their price target on Boyd Gaming from $40.00 to $42.00 and gave the company an overweight rating in a research note on Friday, July 27th. Morgan Stanley lifted their price target on Boyd Gaming from $35.00 to $37.00 and gave the company an equal weight rating in a research note on Tuesday, June 26th. Finally, Jefferies Financial Group upgraded Boyd Gaming from a hold rating to a buy rating and set a $42.00 price target on the stock in a research note on Tuesday, August 14th. Three equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of $39.92.

Shares of BYD stock traded down $0.66 during midday trading on Friday, hitting $31.08. The company had a trading volume of 1,149,974 shares, compared to its average volume of 1,143,711. Boyd Gaming has a 52-week low of $26.96 and a 52-week high of $40.44. The company has a market capitalization of $3.56 billion, a P/E ratio of 30.17, a price-to-earnings-growth ratio of 1.47 and a beta of 1.57. The company has a current ratio of 2.03, a quick ratio of 1.99 and a debt-to-equity ratio of 3.05.

Boyd Gaming (NYSE:BYD) last announced its earnings results on Thursday, July 26th. The company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.02. Boyd Gaming had a return on equity of 12.73% and a net margin of 7.72%. The company had revenue of $616.80 million for the quarter, compared to the consensus estimate of $608.94 million. During the same period last year, the business posted $0.26 EPS. The company’s revenue was up 2.1% on a year-over-year basis. As a group, equities analysts predict that Boyd Gaming will post 1.44 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Monday, October 15th. Investors of record on Friday, September 28th were paid a $0.06 dividend. The ex-dividend date was Thursday, September 27th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.77%. Boyd Gaming’s dividend payout ratio (DPR) is presently 23.30%.

In other Boyd Gaming news, VP William R. Boyd sold 7,000 shares of the business’s stock in a transaction on Friday, August 24th. The stock was sold at an average price of $37.00, for a total transaction of $259,000.00. Following the sale, the vice president now directly owns 21,903 shares in the company, valued at $810,411. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Marianne Boyd Johnson sold 30,600 shares of the business’s stock in a transaction on Wednesday, August 29th. The stock was sold at an average price of $35.86, for a total value of $1,097,316.00. Following the sale, the insider now owns 231,173 shares in the company, valued at $8,289,863.78. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 67,000 shares of company stock worth $2,428,514. Company insiders own 28.88% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of BYD. First Hawaiian Bank purchased a new stake in Boyd Gaming during the third quarter worth $100,000. Summit Trail Advisors LLC boosted its position in Boyd Gaming by 2,976.2% during the first quarter. Summit Trail Advisors LLC now owns 105,790 shares of the company’s stock worth $106,000 after purchasing an additional 102,351 shares in the last quarter. Point72 Hong Kong Ltd purchased a new stake in Boyd Gaming during the second quarter worth $130,000. Contravisory Investment Management Inc. purchased a new stake in Boyd Gaming during the second quarter worth $151,000. Finally, NumerixS Investment Technologies Inc purchased a new stake in Boyd Gaming during the second quarter worth $169,000. Institutional investors own 72.36% of the company’s stock.

About Boyd Gaming

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 and South. As of December 31, 2017, the company owned and operated 24 gaming entertainment properties offering a total of 1,358,856 square feet of casino space, 30,267 slot machines, 632 table games, and 9,372 hotel rooms located in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, and Mississippi.

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Analyst Recommendations for Boyd Gaming (NYSE:BYD)

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