Boyd Gaming (NYSE:BYD) Announces Quarterly Earnings Results

Boyd Gaming (NYSE:BYD) issued its quarterly earnings results on Thursday. The company reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.89 by $0.04, FiscalAI reports. The company had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.04 billion. Boyd Gaming had a net margin of 44.84% and a return on equity of 25.63%.

Boyd Gaming Stock Down 0.0%

NYSE:BYD traded down $0.03 during trading hours on Thursday, hitting $86.63. 1,311,504 shares of the company’s stock traded hands, compared to its average volume of 963,966. The stock’s fifty day moving average price is $85.52 and its two-hundred day moving average price is $84.84. The firm has a market cap of $6.44 billion, a P/E ratio of 3.80, a P/E/G ratio of 2.06 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 has a twelve month low of $76.33 and a twelve month high of $91.00.

Boyd Gaming Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th were issued a dividend of $0.20 per share. The ex-dividend date was Monday, June 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.9%. Boyd Gaming’s payout ratio is currently 3.51%.

Insider Activity

In other Boyd Gaming news, CEO Keith Smith sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were 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 in the company, valued at approximately $85,640,667.90. This represents a 9.12% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Marianne Boyd Johnson sold 62,914 shares of the stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $84.03, for a total transaction of $5,286,663.42. Following the completion of the sale, the chairman owned 1,609,808 shares of the company’s stock, valued at approximately $135,272,166.24. The trade was a 3.76% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 200,000 shares of company stock worth $17,038,987. Company insiders own 22.82% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Los Angeles Capital Management LLC acquired a new stake in shares of Boyd Gaming in the fourth quarter worth about $25,000. Altshuler Shaham Ltd bought a new stake in Boyd Gaming during the fourth quarter worth approximately $25,000. Advisors Asset Management Inc. grew its holdings in Boyd Gaming by 56.8% during the first quarter. Advisors Asset Management Inc. now owns 541 shares of the company’s stock valued at $36,000 after purchasing an additional 196 shares during the last quarter. Employees Retirement System of Texas bought a new position in shares of Boyd Gaming in the third quarter valued at approximately $53,000. Finally, Geneos Wealth Management Inc. raised its position in shares of Boyd Gaming by 139.9% in the second quarter. Geneos Wealth Management Inc. now owns 619 shares of the company’s stock valued at $48,000 after purchasing an additional 361 shares during the period. Institutional investors and hedge funds own 76.81% of the company’s stock.

Boyd Gaming declared that its Board of Directors has authorized a share repurchase plan on Thursday, April 23rd that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to buy up to 7.7% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

BYD has been the subject of a number of research reports. Wells Fargo & Company increased their price target on Boyd Gaming from $81.00 to $88.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 14th. Mizuho upped their price target on shares of Boyd Gaming from $96.00 to $101.00 and gave the company an “outperform” rating in a report on Friday, July 17th. The Goldman Sachs Group assumed coverage on shares of Boyd Gaming in a research note on Friday, June 26th. They issued a “neutral” rating and a $91.00 price objective on the stock. Weiss Ratings upgraded shares of Boyd Gaming from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, June 4th. Finally, Texas Capital upgraded shares of Boyd Gaming to a “strong-buy” rating in a research report on Wednesday, June 3rd. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and ten have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Boyd Gaming presently has an average rating of “Hold” and a consensus target price of $94.38.

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.