Boyd Gaming (NYSE:BYD) Reaches New 52-Week Low – What’s Next?

Boyd Gaming Corporation (NYSE:BYD)’s stock price reached a new 52-week low during trading on Wednesday . The company traded as low as $75.81 and last traded at $76.0890, with a volume of 12605 shares traded. The stock had previously closed at $76.52.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Wolfe Research initiated coverage on shares of Boyd Gaming in a research note on Wednesday, September 2nd. They issued a “peer perform” rating on the stock. Morgan Stanley cut 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 report on Monday, July 27th. Wells Fargo & Company upped their target price on shares of Boyd Gaming from $81.00 to $88.00 and gave the company an “equal weight” rating in a report on Tuesday, July 14th. Stifel Nicolaus increased their price target on shares of Boyd Gaming from $91.00 to $92.00 and gave the stock a “hold” rating in a research report on Friday, July 24th. Finally, Mizuho set a $104.00 price target on shares of Boyd Gaming in a research note on Friday, July 24th. One research 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 presently has an average rating of “Hold” and an average target price of $94.69.

Boyd Gaming Stock Down 1.2%

The company’s fifty day moving average is $84.16 and its 200-day moving average is $84.21. The company has a market capitalization of $5.49 billion, a PE ratio of 3.33, a price-to-earnings-growth ratio of 1.39 and a beta of 1.06. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.74 and a current ratio of 0.77.

Boyd Gaming (NYSE:BYD) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $1.93 EPS for the quarter, topping analysts’ consensus estimates of $1.89 by $0.04. The company had revenue of $1.03 billion for 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 firm’s revenue was up .0% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.87 EPS. As a group, analysts predict that Boyd Gaming Corporation will post 7.29 EPS for the current fiscal year.

Boyd Gaming Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.20 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.80 dividend on an annualized basis and a yield of 1.1%. Boyd Gaming’s dividend payout ratio is 3.52%.

Insider Transactions at Boyd Gaming

In other Boyd Gaming news, CFO Josh Hirsberg sold 12,777 shares of the business’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $89.76, for a total transaction of $1,146,863.52. Following the transaction, the chief financial officer owned 422,969 shares in the company, valued at $37,965,697.44. The trade was a 2.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 22.82% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. BlackRock Inc. purchased a new stake in Boyd Gaming in the second quarter worth $486,737,000. California State Teachers Retirement System boosted its stake in shares of Boyd Gaming by 8,477.2% during the second quarter. California State Teachers Retirement System now owns 5,553,925 shares of the company’s stock valued at $490,578,000 after purchasing an additional 5,489,173 shares during the period. Bank of America Corp DE bought a new position in shares of Boyd Gaming in the second quarter worth about $70,043,000. Invesco Ltd. increased its stake in Boyd Gaming by 118.2% in the 4th 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. Finally, Norges Bank purchased a new position in Boyd Gaming in the 4th quarter worth about $58,763,000. Hedge funds and other institutional investors own 76.81% of the company’s stock.

About Boyd Gaming

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.