Boyd Gaming (NYSE:BYD) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Boyd Gaming (NYSE:BYD - Get Free Report) had its price target boosted by JPMorgan Chase & Co. from $69.00 to $74.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price target points to a potential downside of 1.27% from the company's previous close.

Several other research analysts have also weighed in on BYD. StockNews.com upgraded shares of Boyd Gaming from a "buy" rating to a "strong-buy" rating in a report on Monday, October 28th. Stifel Nicolaus boosted their price target on Boyd Gaming from $67.00 to $74.00 and gave the company a "hold" rating in a research report on Friday, October 25th. Morgan Stanley increased their target price 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. Bank of America lifted their price target on shares of Boyd Gaming from $68.00 to $72.00 and gave the company a "buy" rating in a research report on Tuesday, September 17th. Finally, Barclays increased their price objective on shares of Boyd Gaming from $70.00 to $71.00 and gave the stock an "equal weight" rating in a research report on Friday, October 25th. Seven analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Boyd Gaming presently has an average rating of "Moderate Buy" and a consensus price target of $91.77.

Boyd Gaming Trading Up 0.7 %

BYD stock traded up $0.51 during midday trading on Friday, hitting $74.95. The stock had a trading volume of 507,953 shares, compared to its average volume of 903,482. The company's 50-day moving average price is $70.09 and its 200 day moving average price is $61.96. 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 firm has a market cap of $6.62 billion, a PE ratio of 14.20, a price-to-earnings-growth ratio of 9.93 and a beta of 1.54. Boyd Gaming has a 12-month low of $49.34 and a 12-month high of $76.73.

Boyd Gaming declared that its board has approved a share buyback plan on Thursday, December 5th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 7.6% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other Boyd Gaming news, CFO Josh Hirsberg sold 21,549 shares of the stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $71.43, for a total transaction of $1,539,245.07. Following the sale, the chief financial officer now directly owns 438,615 shares of the company's stock, valued at approximately $31,330,269.45. This represents a 4.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Keith Smith sold 40,000 shares of Boyd Gaming stock in a transaction dated Wednesday, November 13th. The shares were sold at an average price of $73.49, for a total transaction of $2,939,600.00. Following the completion of the transaction, the chief executive officer now directly owns 1,161,202 shares of the company's stock, valued at $85,336,734.98. This trade represents a 3.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 146,704 shares of company stock valued at $10,540,944 in the last ninety days. Corporate insiders own 27.94% of the company's stock.

Hedge Funds Weigh In On Boyd Gaming

A number of large investors have recently bought and sold shares of BYD. Allspring Global Investments Holdings LLC raised its position in shares of Boyd Gaming by 11,891.7% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 62,117 shares of the company's stock worth $4,016,000 after purchasing an additional 61,599 shares during the period. Sei Investments Co. increased its position in Boyd Gaming by 24.7% in the second quarter. Sei Investments Co. now owns 497,331 shares of the company's stock worth $27,403,000 after buying an additional 98,508 shares during the period. SG Americas Securities LLC bought a new stake in Boyd Gaming in the second quarter valued at $730,000. Ariel Investments LLC boosted 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 during the period. Finally, Weiss Asset Management LP acquired a new position in shares of Boyd Gaming during the third quarter valued at $7,101,000. 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.