Boyd Gaming (NYSE:BYD) Shares Gap Up After Earnings Beat

Boyd Gaming Co. (NYSE:BYD - Get Free Report)'s share price gapped up prior to trading on Friday following a better than expected earnings announcement. The stock had previously closed at $66.04, but opened at $68.53. Boyd Gaming shares last traded at $69.99, with a volume of 292,754 shares changing hands.

The company reported $1.62 EPS for the quarter, beating the consensus estimate of $1.52 by $0.10. The company had revenue of $991.57 million for the quarter, compared to analyst estimates of $976.38 million. Boyd Gaming had a net margin of 14.70% and a return on equity of 35.97%. The firm's revenue was up 3.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.51 earnings per share.

Boyd Gaming Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 17th were issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.04%. This is a positive change from Boyd Gaming's previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Monday, March 17th. Boyd Gaming's dividend payout ratio (DPR) is 11.75%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. JMP Securities reaffirmed a "market perform" rating on shares of Boyd Gaming in a research note on Friday, February 7th. Morgan Stanley dropped their price target on shares of Boyd Gaming from $75.00 to $72.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 16th. Macquarie reaffirmed a "neutral" rating and issued a $74.00 price objective on shares of Boyd Gaming in a report on Friday. Stifel Nicolaus lowered their target price on shares of Boyd Gaming from $82.00 to $71.00 and set a "hold" rating on the stock in a research note on Friday. Finally, Truist Financial cut their price target on Boyd Gaming from $92.00 to $85.00 and set a "buy" rating for the company in a research note on Tuesday, April 1st. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat, Boyd Gaming has a consensus rating of "Moderate Buy" and a consensus target price of $95.07.

Insider Activity

In other news, Director Christine J. Spadafor sold 1,125 shares of the firm's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $75.28, for a total value of $84,690.00. Following the transaction, the director now directly owns 4,852 shares of the company's stock, valued at approximately $365,258.56. This trade represents a 18.82 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director William R. Boyd sold 15,000 shares of the business's stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $79.32, for a total transaction of $1,189,800.00. Following the transaction, the director now owns 1,472,970 shares in the company, valued at $116,835,980.40. The trade was a 1.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,125 shares of company stock worth $5,158,490 over the last quarter. 27.94% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Envestnet Asset Management Inc. boosted its stake in Boyd Gaming by 13.5% during the first quarter. Envestnet Asset Management Inc. now owns 62,264 shares of the company's stock worth $4,099,000 after buying an additional 7,408 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Boyd Gaming by 1.1% during the 1st quarter. Bank of New York Mellon Corp now owns 692,496 shares of the company's stock valued at $45,587,000 after acquiring an additional 7,400 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of Boyd Gaming by 0.4% in the first quarter. Principal Financial Group Inc. now owns 152,383 shares of the company's stock valued at $10,031,000 after purchasing an additional 538 shares during the period. Teacher Retirement System of Texas increased its position in Boyd Gaming by 85.0% during the first quarter. Teacher Retirement System of Texas now owns 10,453 shares of the company's stock worth $688,000 after purchasing an additional 4,804 shares during the last quarter. Finally, Aaron Wealth Advisors LLC increased its holdings in shares of Boyd Gaming by 7.5% during the 1st quarter. Aaron Wealth Advisors LLC now owns 3,934 shares of the company's stock worth $259,000 after buying an additional 276 shares during the last quarter. 76.81% of the stock is currently owned by institutional investors and hedge funds.

Boyd Gaming Stock Down 0.1 %

The business has a fifty day moving average of $68.17 and a 200 day moving average of $71.25. The company has a debt-to-equity ratio of 1.85, a current ratio of 0.82 and a quick ratio of 0.79. The stock has a market capitalization of $5.71 billion, a price-to-earnings ratio of 11.13, a PEG ratio of 4.46 and a beta of 1.31.

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.