Boyd Gaming Co. (NYSE:BYD - Get Free Report) hit a new 52-week high during trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $78.63 and last traded at $78.43, with a volume of 1874458 shares changing hands. The stock had previously closed at $76.49.
The company reported $1.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.75 by $0.21. Boyd Gaming had a return on equity of 35.97% and a net margin of 14.70%.
Boyd Gaming Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Monday, December 16th were issued a dividend of $0.17 per share. The ex-dividend date of this dividend was Monday, December 16th. This represents a $0.68 annualized dividend and a yield of 0.88%. Boyd Gaming's dividend payout ratio is currently 10.93%.
Boyd Gaming announced that its Board of Directors has approved a stock repurchase plan on Thursday, December 5th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to reacquire up to 7.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board believes its stock is undervalued.
Analyst Upgrades and Downgrades
A number of equities research analysts recently commented on the company. Truist Financial upped their price objective on Boyd Gaming from $85.00 to $88.00 and gave the company a "buy" rating in a report on Tuesday, February 4th. Argus upgraded shares of Boyd Gaming from a "hold" rating to a "buy" rating and set a $90.00 price target on the stock in a research report on Tuesday, December 17th. Mizuho lifted their price objective on shares of Boyd Gaming from $79.00 to $86.00 and gave the stock an "outperform" rating in a research note on Friday. Stifel Nicolaus increased their target price on shares of Boyd Gaming from $74.00 to $82.00 and gave the stock a "hold" rating in a report on Friday. Finally, Morgan Stanley lifted their price target on shares of Boyd Gaming from $74.00 to $78.00 and gave the stock an "overweight" rating in a research report on Tuesday, October 22nd. Seven equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $95.00.
View Our Latest Research Report on Boyd Gaming
Insider Activity at Boyd Gaming
In related news, Director Christine J. Spadafor sold 660 shares of Boyd Gaming stock in a transaction dated Thursday, December 12th. The stock was sold at an average price of $75.68, for a total value of $49,948.80. Following the sale, the director now owns 5,977 shares of the company's stock, valued at approximately $452,339.36. The trade was a 9.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Keith Smith sold 40,000 shares of the company's stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $73.49, for a total value of $2,939,600.00. Following the sale, the chief executive officer now owns 1,161,202 shares in the company, valued at $85,336,734.98. The trade was a 3.33 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 100,660 shares of company stock valued at $7,307,149. 27.94% of the stock is owned by insiders.
Institutional Inflows and Outflows
Several institutional investors have recently made changes to their positions in the stock. State Street Corp grew its stake in shares of Boyd Gaming by 0.8% in the third quarter. State Street Corp now owns 2,108,672 shares of the company's stock valued at $136,680,000 after buying an additional 17,591 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Boyd Gaming by 3.0% in the 3rd quarter. Geode Capital Management LLC now owns 1,153,768 shares of the company's stock valued at $74,611,000 after acquiring an additional 33,379 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Boyd Gaming by 0.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 974,973 shares of the company's stock valued at $70,725,000 after acquiring an additional 3,052 shares during the period. Victory Capital Management Inc. increased its stake in shares of Boyd Gaming by 1.9% during the 4th quarter. Victory Capital Management Inc. now owns 925,884 shares of the company's stock worth $67,164,000 after purchasing an additional 16,979 shares during the last quarter. Finally, Pinnacle Associates Ltd. raised its holdings in shares of Boyd Gaming by 2.4% in the 3rd quarter. Pinnacle Associates Ltd. now owns 679,178 shares of the company's stock valued at $42,523,000 after purchasing an additional 16,159 shares during the period. Institutional investors and hedge funds own 76.81% of the company's stock.
Boyd Gaming Price Performance
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 market capitalization of $6.86 billion, a price-to-earnings ratio of 12.48, a P/E/G ratio of 4.38 and a beta of 1.54. The company's 50 day moving average is $74.15 and its 200-day moving average is $67.75.
About Boyd Gaming
(
Get Free Report)
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.
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