Boyd Gaming (NYSE:BYD) Reaches New 1-Year Low at $49.51

Boyd Gaming Co. (NYSE:BYD - Get Free Report)'s share price hit a new 52-week low on Wednesday . The company traded as low as $49.51 and last traded at $49.85, with a volume of 43490 shares changing hands. The stock had previously closed at $50.36.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Truist Financial decreased their price target on shares of Boyd Gaming from $80.00 to $75.00 and set a "buy" rating on the stock in a research report on Friday, April 26th. Deutsche Bank Aktiengesellschaft cut Boyd Gaming from a "buy" rating to a "hold" rating and cut their price target for the company from $78.00 to $71.00 in a report on Friday, April 26th. Barclays decreased their price objective on Boyd Gaming from $70.00 to $68.00 and set an "equal weight" rating on the stock in a report on Friday, April 26th. Raymond James began coverage on Boyd Gaming in a research note on Tuesday, May 21st. They issued an "outperform" rating and a $67.00 target price for the company. Finally, Royal Bank of Canada decreased their price target on shares of Boyd Gaming from $337.00 to $308.00 and set an "outperform" rating on the stock in a research note on Thursday, May 16th. Seven analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $91.42.

Boyd Gaming Price Performance

The stock has a market capitalization of $4.80 billion, a P/E ratio of 9.08 and a beta of 1.64. The company's 50 day simple moving average is $59.53 and its two-hundred day simple moving average is $61.36. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.80 and a quick ratio of 0.77.

Boyd Gaming (NYSE:BYD - Get Free Report) last released its quarterly earnings results on Thursday, April 25th. The company reported $1.51 EPS for the quarter, missing analysts' consensus estimates of $1.57 by ($0.06). The business had revenue of $960.52 million for the quarter, compared to the consensus estimate of $947.26 million. Boyd Gaming had a return on equity of 34.76% and a net margin of 14.91%. As a group, equities analysts expect that Boyd Gaming Co. will post 6.06 EPS for the current fiscal year.

Boyd Gaming Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Saturday, June 15th will be issued a $0.17 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.34%. Boyd Gaming's dividend payout ratio is 12.21%.

Boyd Gaming declared that its Board of Directors has authorized a share buyback program on Monday, May 13th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 9.5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director Christine J. Spadafor sold 1,874 shares of the company's stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $53.38, for a total transaction of $100,034.12. Following the transaction, the director now owns 2,338 shares of the company's stock, valued at $124,802.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Boyd Gaming news, major shareholder William S. Boyd sold 125,000 shares of the company's stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $63.77, for a total transaction of $7,971,250.00. Following the completion of the sale, the insider now owns 9,358,913 shares in the company, valued at approximately $596,817,882.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Christine J. Spadafor sold 1,874 shares of the firm's stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $53.38, for a total value of $100,034.12. Following the completion of the transaction, the director now owns 2,338 shares in the company, valued at $124,802.44. The disclosure for this sale can be found here. Over the last three months, insiders sold 340,492 shares of company stock valued at $21,668,353. Insiders own 28.40% of the company's stock.

Hedge Funds Weigh In On Boyd Gaming

Hedge funds have recently added to or reduced their stakes in the stock. Cascade Investment Advisors Inc. bought a new stake in shares of Boyd Gaming in the 1st quarter valued at about $1,220,000. Deutsche Bank AG boosted its position in shares of Boyd Gaming by 23.3% during the third quarter. Deutsche Bank AG now owns 230,397 shares of the company's stock worth $14,015,000 after purchasing an additional 43,578 shares in the last quarter. International Assets Investment Management LLC acquired a new position in shares of Boyd Gaming in the 4th quarter valued at $117,720,000. Choreo LLC acquired a new position in Boyd Gaming in the fourth quarter valued at about $1,037,000. Finally, Sei Investments Co. increased its holdings in shares of Boyd Gaming by 8.6% in the third quarter. Sei Investments Co. now owns 243,365 shares of the company's stock worth $14,804,000 after acquiring an additional 19,256 shares in the last quarter. Institutional investors and hedge funds 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.