Boyd Gaming (NYSE:BYD) Hits New 1-Year Low – Here’s Why

Boyd Gaming Corporation (NYSE:BYD) shares reached a new 52-week low during trading on Thursday . The company traded as low as $74.54 and last traded at $74.6030, with a volume of 315210 shares changing hands. The stock had previously closed at $75.60.

Analyst Ratings Changes

Several brokerages have commented on BYD. Weiss Ratings lowered shares of Boyd Gaming from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, August 11th. The Goldman Sachs Group started coverage on Boyd Gaming in a report on Friday, June 26th. They set a “neutral” rating and a $91.00 price objective on the stock. Barclays upped their target price on Boyd Gaming from $86.00 to $87.00 and gave the company an “equal weight” rating in a research report on Friday, July 24th. Texas Capital raised Boyd Gaming to a “strong-buy” rating in a research report on Wednesday, June 3rd. Finally, Mizuho set a $104.00 price objective on Boyd Gaming in a research note on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $94.69.

Boyd Gaming Stock Down 1.2%

The company has a market capitalization of $5.43 billion, a PE ratio of 3.29, a P/E/G ratio of 1.36 and a beta of 1.06. The company has a current ratio of 0.77, a quick ratio of 0.74 and a debt-to-equity ratio of 1.05. The firm has a 50 day simple moving average of $82.76 and a two-hundred day simple moving average of $83.82.

Boyd Gaming (NYSE:BYD) last released its quarterly earnings results on Thursday, July 23rd. The company reported $1.93 EPS for the quarter, topping the consensus estimate of $1.89 by $0.04. The business had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Boyd Gaming had a return on equity of 22.52% and a net margin of 44.34%.The company’s quarterly revenue was up .0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.87 earnings per share. Research analysts expect that Boyd Gaming Corporation will post 7.29 EPS for the current year.

Boyd Gaming Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Tuesday, September 15th will be issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Tuesday, September 15th. Boyd Gaming’s dividend payout ratio is currently 3.52%.

Insider Activity

In other news, CFO Josh Hirsberg sold 12,777 shares of the stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $89.76, for a total transaction of $1,146,863.52. Following the completion of the transaction, the chief financial officer directly owned 422,969 shares of the company’s stock, valued at approximately $37,965,697.44. This represents a 2.93% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 22.82% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. acquired a new position in Boyd Gaming during the second quarter worth $486,737,000. Bank of America Corp DE purchased a new position in Boyd Gaming during the 2nd quarter valued at about $70,043,000. Norges Bank purchased a new position in Boyd Gaming during the 4th quarter valued at about $58,763,000. Bamco Inc. NY acquired a new position in Boyd Gaming during the second quarter worth about $41,184,000. Finally, Bank of New York Mellon Corp acquired a new position in Boyd Gaming during the second quarter worth about $40,281,000. Institutional investors and hedge funds own 76.81% of the company’s stock.

About Boyd Gaming

Boyd Gaming Corporation is a gaming and hospitality company that owns and operates casinos, hotels, restaurants, entertainment venues and related amenities. Its properties offer casino games such as slots, table games and poker, along with lodging, dining, convention and entertainment services.

Founded in 1975 by gaming executive Sam Boyd, the company is headquartered in Las Vegas, Nevada. Boyd Gaming operates regional gaming properties across several U.S. states, including Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Ohio and Pennsylvania.