Boyd Gaming (NYSE:BYD) Shares Gap Down After Earnings Miss

Boyd Gaming Co. (NYSE:BYD) gapped down before the market opened on Friday following a weaker than expected earnings announcement. The stock had previously closed at $62.89, but opened at $54.14. Boyd Gaming shares last traded at $54.53, with a volume of 1,524,061 shares trading hands.

The company reported $1.51 earnings per share for the quarter, missing analysts’ consensus estimates of $1.57 by ($0.06). The company had revenue of $960.52 million during the quarter, compared to analysts’ expectations of $947.26 million. Boyd Gaming had a net margin of 16.58% and a return on equity of 36.97%.

Boyd Gaming Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 15th were given a $0.17 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.68 annualized dividend and a dividend yield of 1.27%. This is a positive change from Boyd Gaming’s previous quarterly dividend of $0.16. Boyd Gaming’s payout ratio is 11.15%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on BYD. Morgan Stanley boosted their price target on shares of Boyd Gaming from $71.00 to $72.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 9th. Stifel Nicolaus reaffirmed a “hold” rating and set a $69.00 target price on shares of Boyd Gaming in a report on Friday, January 5th. Wells Fargo & Company upped their target price on shares of Boyd Gaming from $81.00 to $82.00 and gave the stock an “overweight” rating in a report on Friday, February 9th. Susquehanna reissued a “neutral” rating and issued a $75.00 price target (down previously from $84.00) on shares of Boyd Gaming in a research note on Monday, February 12th. Finally, Deutsche Bank Aktiengesellschaft cut shares of Boyd Gaming from a “buy” rating to a “hold” rating and cut their price objective for the company from $78.00 to $71.00 in a research note on Friday. Six analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Boyd Gaming has a consensus rating of “Hold” and an average price target of $74.10.

Insider Activity at Boyd Gaming

In other news, Director A. Randall Thoman sold 2,500 shares of the business’s stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $63.75, for a total transaction of $159,375.00. Following the completion of the transaction, the director now directly owns 4,017 shares of the company’s stock, valued at $256,083.75. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Boyd Gaming news, COO Ted Bogich sold 41,631 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $64.79, for a total transaction of $2,697,272.49. Following the completion of the sale, the chief operating officer now owns 66,803 shares in the company, valued at approximately $4,328,166.37. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director A. Randall Thoman sold 2,500 shares of Boyd Gaming stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $63.75, for a total value of $159,375.00. Following the sale, the director now directly owns 4,017 shares in the company, valued at approximately $256,083.75. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 582,910 shares of company stock worth $37,299,461. Company insiders own 27.94% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Allspring Global Investments Holdings LLC lifted its position in shares of Boyd Gaming by 57.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 518 shares of the company’s stock worth $35,000 after purchasing an additional 189 shares during the last quarter. Parkside Financial Bank & Trust raised its stake in Boyd Gaming by 105.5% during the 3rd quarter. Parkside Financial Bank & Trust now owns 411 shares of the company’s stock worth $25,000 after buying an additional 211 shares during the period. Great Lakes Advisors LLC raised its stake in Boyd Gaming by 3.7% during the 3rd quarter. Great Lakes Advisors LLC now owns 5,971 shares of the company’s stock worth $363,000 after buying an additional 213 shares during the period. Raymond James Financial Services Advisors Inc. increased its holdings in Boyd Gaming by 0.8% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 31,457 shares of the company’s stock worth $2,118,000 after purchasing an additional 264 shares in the last quarter. Finally, Lmcg Investments LLC grew its holdings in shares of Boyd Gaming by 2.2% in the 3rd quarter. Lmcg Investments LLC now owns 12,257 shares of the company’s stock valued at $746,000 after acquiring an additional 269 shares in the last quarter. Hedge funds and other institutional investors own 76.81% of the company’s stock.

Boyd Gaming Price Performance

The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.85 and a current ratio of 0.89. The company has a market cap of $5.12 billion, a P/E ratio of 8.88, a PEG ratio of 2.98 and a beta of 1.60. The company has a fifty day moving average price of $64.19 and a two-hundred day moving average price of $62.06.

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.