Boyd Gaming (NYSE:BYD) Hits New 52-Week High – Here’s What Happened

Boyd Gaming Corporation (NYSE:BYD) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $91.34 and last traded at $91.24, with a volume of 558014 shares trading hands. The stock had previously closed at $89.29.

Analysts Set New Price Targets

Several brokerages recently weighed in on BYD. Benchmark started coverage on Boyd Gaming in a research note on Monday, June 22nd. They issued a “buy” rating and a $100.00 price target on the stock. Barclays increased their price target on shares of Boyd Gaming from $86.00 to $87.00 and gave the stock an “equal weight” rating in a research note on Friday, July 24th. The Goldman Sachs Group began coverage on shares of Boyd Gaming in a report on Friday, June 26th. They issued a “neutral” rating and a $91.00 price objective on the stock. Morgan Stanley decreased their target price on shares of Boyd Gaming from $90.00 to $89.00 and set an “equal weight” rating for the company in a research note on Monday. Finally, Texas Capital raised Boyd Gaming to a “strong-buy” rating in a report on Wednesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, Boyd Gaming currently has an average rating of “Hold” and a consensus price target of $94.69.

Boyd Gaming Stock Performance

The business’s fifty day moving average price is $86.52 and its 200-day moving average price is $84.90. The stock has a market cap of $6.47 billion, a PE ratio of 3.83, a P/E/G ratio of 2.23 and a beta of 1.07. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.58 and a current ratio of 0.60.

Boyd Gaming (NYSE:BYD) last released its quarterly earnings data on Thursday, July 23rd. The company reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.04. Boyd Gaming had a net margin of 44.34% and a return on equity of 22.29%. The firm had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same period in the previous year, the company earned $1.87 earnings per share. The firm’s quarterly revenue was up .0% on a year-over-year basis. As a group, equities research analysts forecast that Boyd Gaming Corporation will post 7.29 EPS for the current fiscal year.

Boyd Gaming Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th were paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date was Monday, June 15th. Boyd Gaming’s dividend payout ratio (DPR) is 3.52%.

Boyd Gaming announced that its Board of Directors has approved a stock buyback program on Thursday, April 23rd that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to reacquire up to 7.7% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Boyd Gaming

In other Boyd Gaming news, CEO Keith Smith sold 100,000 shares of the stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $85.90, for a total value of $8,590,000.00. Following the transaction, the chief executive officer owned 996,981 shares of the company’s stock, valued at approximately $85,640,667.90. This represents a 9.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Josh Hirsberg sold 12,777 shares of the business’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $89.76, for a total value of $1,146,863.52. Following the sale, the chief financial officer owned 422,969 shares of the company’s stock, valued at approximately $37,965,697.44. This represents a 2.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 212,777 shares of company stock valued at $18,185,850. 22.82% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Arrowstreet Capital Limited Partnership raised its holdings in Boyd Gaming by 18.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,755,659 shares of the company’s stock worth $149,652,000 after purchasing an additional 277,529 shares during the period. Invesco Ltd. raised its stake in shares of Boyd Gaming by 118.2% in the fourth quarter. Invesco Ltd. now owns 1,427,828 shares of the company’s stock worth $121,708,000 after buying an additional 773,394 shares during the period. Franklin Resources Inc. lifted its position in shares of Boyd Gaming by 11.1% during the 4th quarter. Franklin Resources Inc. now owns 1,357,412 shares of the company’s stock valued at $115,706,000 after buying an additional 136,129 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Boyd Gaming by 26.7% during the 4th quarter. Geode Capital Management LLC now owns 1,355,209 shares of the company’s stock valued at $115,537,000 after acquiring an additional 285,719 shares during the period. Finally, Nuveen LLC grew its stake in shares of Boyd Gaming by 10.6% during the 4th quarter. Nuveen LLC now owns 1,080,331 shares of the company’s stock valued at $92,087,000 after acquiring an additional 103,684 shares during the period. Hedge funds and other institutional investors own 76.81% of the company’s stock.

Boyd Gaming Company Profile

Boyd Gaming Corporation (NYSE: BYD) is a diversified hospitality and gaming company headquartered in Las Vegas, Nevada. The company develops, owns and operates a portfolio of branded gaming and entertainment properties, including casinos, hotels, restaurants and meeting facilities. Boyd Gaming’s offerings range from slot machines and table games to live entertainment, dining concepts and convention space, designed to appeal to both regional and destination visitors.

Founded in 1975 by its namesake, William S.