Boyd Gaming Corporation (BYD) Downgraded by Zacks Investment Research

Zacks Investment Research lowered shares of Boyd Gaming Corporation (NYSE:BYD) from a hold rating to a sell rating in a research note released on Wednesday morning.

According to Zacks, “Headquartered in Las Vegas, Boyd Gaming Corporation is a leading diversified owner and operator of 22 gaming entertainment properties located in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi and New Jersey. “

BYD has been the topic of several other reports. Barclays PLC lifted their target price on shares of Boyd Gaming Corporation from $24.00 to $25.00 and gave the stock an equal weight rating in a research report on Tuesday, August 1st. Telsey Advisory Group lifted their target price on shares of Boyd Gaming Corporation from $29.00 to $30.00 and gave the stock an outperform rating in a research report on Friday, July 28th. Deutsche Bank AG reiterated a buy rating and set a $29.00 target price (down from $30.00) on shares of Boyd Gaming Corporation in a research report on Sunday, July 30th. BidaskClub downgraded shares of Boyd Gaming Corporation from a strong-buy rating to a buy rating in a research report on Wednesday, August 2nd. Finally, Morgan Stanley set a $28.00 target price on shares of Boyd Gaming Corporation and gave the stock a hold rating in a research report on Tuesday, October 24th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eleven have assigned a buy rating to the company. Boyd Gaming Corporation has a consensus rating of Buy and a consensus price target of $27.47.

Boyd Gaming Corporation (BYD) opened at $29.20 on Wednesday. The company has a debt-to-equity ratio of 3.04, a current ratio of 0.80 and a quick ratio of 0.74. Boyd Gaming Corporation has a 1 year low of $16.86 and a 1 year high of $29.89. The stock has a market cap of $3.29 billion, a P/E ratio of 24.52 and a beta of 1.82.

Boyd Gaming Corporation (NYSE:BYD) last posted its earnings results on Thursday, October 26th. The company reported $0.22 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.01). Boyd Gaming Corporation had a return on equity of 14.01% and a net margin of 5.08%. The business had revenue of $587.70 million for the quarter, compared to analyst estimates of $592.29 million. During the same quarter in the prior year, the business earned $0.14 earnings per share. The firm’s quarterly revenue was up 10.5% on a year-over-year basis. equities research analysts forecast that Boyd Gaming Corporation will post 1.05 earnings per share for the current fiscal year.

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The business also recently disclosed a quarterly dividend, which was paid on Sunday, October 15th. Stockholders of record on Monday, September 18th were paid a $0.05 dividend. The ex-dividend date was Friday, September 15th. This represents a $0.20 annualized dividend and a dividend yield of 0.68%. Boyd Gaming Corporation’s dividend payout ratio is currently 24.10%.

In other news, Director Robert L. Boughner sold 40,000 shares of Boyd Gaming Corporation stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $26.70, for a total value of $1,068,000.00. Following the completion of the sale, the director now owns 40,000 shares in the company, valued at approximately $1,068,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP William R. Boyd sold 7,000 shares of Boyd Gaming Corporation stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $26.71, for a total transaction of $186,970.00. Following the completion of the sale, the vice president now owns 1,251 shares of the company’s stock, valued at approximately $33,414.21. The disclosure for this sale can be found here. Insiders sold a total of 57,000 shares of company stock valued at $1,520,470 in the last quarter. 29.16% of the stock is currently owned by company insiders.

Large investors have recently added to or reduced their stakes in the company. Marshall Wace North America L.P. increased its stake in shares of Boyd Gaming Corporation by 441.4% in the 2nd quarter. Marshall Wace North America L.P. now owns 230,849 shares of the company’s stock valued at $5,771,000 after acquiring an additional 188,208 shares in the last quarter. DSAM Partners London Ltd bought a new stake in shares of Boyd Gaming Corporation in the 2nd quarter valued at $2,059,000. Schwab Charles Investment Management Inc. increased its stake in shares of Boyd Gaming Corporation by 15.3% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 441,350 shares of the company’s stock valued at $9,715,000 after acquiring an additional 58,537 shares in the last quarter. Cipher Capital LP increased its stake in shares of Boyd Gaming Corporation by 16.1% in the 2nd quarter. Cipher Capital LP now owns 127,405 shares of the company’s stock valued at $3,161,000 after acquiring an additional 17,635 shares in the last quarter. Finally, Zweig DiMenna Associates LLC bought a new stake in shares of Boyd Gaming Corporation in the 2nd quarter valued at $4,385,000. Institutional investors own 74.92% of the company’s stock.

About Boyd Gaming Corporation

Boyd Gaming Corporation is a multi-jurisdictional gaming company. The Company operated 24 wholly owned gaming entertainment properties in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana and Mississippi, as of December 31, 2016. It operates through three segments: Las Vegas Locals, Downtown Las Vegas, and Midwest and South.

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