Boyd Gaming (NYSE:BYD) Given “Market Perform” Rating at JMP Securities

JMP Securities reiterated their market perform rating on shares of Boyd Gaming (NYSE:BYD) in a report released on Thursday morning,Benzinga reports.

Several other research analysts have also issued reports on the company. JPMorgan Chase & Co. boosted their target price on Boyd Gaming from $69.00 to $74.00 and gave the company a “neutral” rating in a research report on Friday, December 13th. Mizuho restated an “outperform” rating and set a $79.00 price objective (up previously from $78.00) on shares of Boyd Gaming in a report on Friday, October 25th. Barclays increased their target price on Boyd Gaming from $70.00 to $71.00 and gave the stock an “equal weight” rating in a research note on Friday, October 25th. Jefferies Financial Group raised shares of Boyd Gaming from a “hold” rating to a “buy” rating and boosted their target price for the company from $73.00 to $92.00 in a research note on Friday, January 3rd. Finally, Wells Fargo & Company raised their price target on shares of Boyd Gaming from $75.00 to $79.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Seven research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Boyd Gaming has an average rating of “Moderate Buy” and a consensus price target of $92.20.

Boyd Gaming Price Performance

Boyd Gaming stock opened at $73.99 on Thursday. Boyd Gaming has a 12-month low of $49.34 and a 12-month high of $76.73. The company has a current ratio of 0.82, a quick ratio of 0.79 and a debt-to-equity ratio of 1.85. The firm has a 50-day moving average price of $72.97 and a 200-day moving average price of $65.26. The firm has a market capitalization of $6.54 billion, a PE ratio of 14.12, a price-to-earnings-growth ratio of 3.95 and a beta of 1.54.

Boyd Gaming announced that its Board of Directors has initiated a stock repurchase plan on Thursday, December 5th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 7.6% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

Boyd Gaming Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Monday, December 16th were paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 0.92%. The ex-dividend date was Monday, December 16th. Boyd Gaming’s dividend payout ratio (DPR) is 12.98%.

Insider Activity

In other news, Director William R. Boyd sold 25,155 shares of the firm’s stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $69.35, for a total value of $1,744,499.25. Following the sale, the director now directly owns 1,487,970 shares in the company, valued at approximately $103,190,719.50. This trade represents a 1.66 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Keith Smith sold 40,000 shares of the business’s stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $73.49, for a total transaction of $2,939,600.00. Following the transaction, the chief executive officer now owns 1,161,202 shares of the company’s stock, valued at approximately $85,336,734.98. This trade represents a 3.33 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 147,364 shares of company stock worth $10,590,893. 28.40% of the stock is currently owned by company insiders.

Institutional Trading of Boyd Gaming

Several hedge funds and other institutional investors have recently made changes to their positions in BYD. Victory Capital Management Inc. increased its position in Boyd Gaming by 6,158.8% during the 3rd quarter. Victory Capital Management Inc. now owns 908,905 shares of the company’s stock valued at $58,761,000 after buying an additional 894,383 shares in the last quarter. Long Pond Capital LP purchased a new stake in shares of Boyd Gaming during the second quarter worth about $20,440,000. Ariel Investments LLC increased its holdings in shares of Boyd Gaming by 12.5% during the second quarter. Ariel Investments LLC now owns 3,031,691 shares of the company’s stock valued at $167,046,000 after acquiring an additional 335,984 shares in the last quarter. International Assets Investment Management LLC raised its position in shares of Boyd Gaming by 4,816.4% in the 3rd quarter. International Assets Investment Management LLC now owns 184,560 shares of the company’s stock valued at $119,320,000 after purchasing an additional 180,806 shares during the last quarter. Finally, Goldentree Asset Management LP acquired a new stake in Boyd Gaming in the 3rd quarter worth approximately $11,490,000. Hedge funds and other institutional investors own 76.81% of the company’s stock.

About Boyd Gaming

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.