Boyd Gaming (NYSE:BYD) Upgraded to "Buy" at Jefferies Financial Group

Boyd Gaming (NYSE:BYD - Get Free Report) was upgraded by analysts at Jefferies Financial Group from a "hold" rating to a "buy" rating in a research note issued to investors on Friday, MarketBeat.com reports. The brokerage currently has a $92.00 price objective on the stock, up from their previous price objective of $73.00. Jefferies Financial Group's target price indicates a potential upside of 26.17% from the stock's current price.

A number of other equities research analysts have also issued reports on BYD. Mizuho reaffirmed an "outperform" rating and set a $79.00 target price (up from $78.00) on shares of Boyd Gaming in a research report on Friday, October 25th. Stifel Nicolaus boosted their price objective on Boyd Gaming from $67.00 to $74.00 and gave the stock a "hold" rating in a report on Friday, October 25th. Barclays raised their target price on shares of Boyd Gaming from $70.00 to $71.00 and gave the stock an "equal weight" rating in a report on Friday, October 25th. Morgan Stanley boosted their price target on shares of Boyd Gaming from $74.00 to $78.00 and gave the company an "overweight" rating in a report on Tuesday, October 22nd. Finally, Argus raised shares of Boyd Gaming from a "hold" rating to a "buy" rating and set a $90.00 price objective for the company in a research note on Tuesday, December 17th. Six investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $91.67.

Boyd Gaming Price Performance

NYSE:BYD traded up $1.09 during trading hours on Friday, reaching $72.92. 756,840 shares of the company's stock were exchanged, compared to its average volume of 769,220. The company has a market capitalization of $6.45 billion, a P/E ratio of 13.92, 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. The business's 50-day simple moving average is $72.51 and its two-hundred day simple moving average is $63.98. The company has a quick ratio of 0.79, a current ratio of 0.82 and a debt-to-equity ratio of 1.85.

Boyd Gaming announced that its Board of Directors has approved a stock buyback plan on Thursday, December 5th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to buy up to 7.6% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its stock is undervalued.

Insider Buying and Selling

In related news, Director William R. Boyd sold 25,155 shares of the company's stock in a transaction on 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 completion of the sale, the director now directly owns 1,487,970 shares in the company, valued at approximately $103,190,719.50. This represents a 1.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Christine J. Spadafor sold 660 shares of the stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $75.68, for a total transaction of $49,948.80. Following the transaction, the director now directly owns 5,977 shares in the company, valued at $452,339.36. The trade was a 9.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 147,364 shares of company stock worth $10,590,893. Insiders own 27.94% of the company's stock.

Institutional Investors Weigh In On Boyd Gaming

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC raised its position in shares of Boyd Gaming by 25.3% in the third quarter. Sanctuary Advisors LLC now owns 47,369 shares of the company's stock valued at $3,062,000 after purchasing an additional 9,565 shares during the period. Sei Investments Co. raised its holdings in Boyd Gaming by 24.7% in the 2nd quarter. Sei Investments Co. now owns 497,331 shares of the company's stock worth $27,403,000 after acquiring an additional 98,508 shares during the period. Allspring Global Investments Holdings LLC lifted its position in 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 acquiring an additional 61,599 shares during the last quarter. Ariel Investments LLC boosted its holdings in 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 stake in shares of Boyd Gaming in the third quarter valued at about $7,101,000. 76.81% of the stock is currently owned by institutional investors and hedge funds.

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.