Key Points
- Boyd Gaming CEO Keith Smith sold 100,000 shares on June 3 at an average price of $85.90, totaling about $8.59 million. After the sale, he still directly owned 996,981 shares, and the transaction reduced his stake by 9.12%.
- The company recently reported mixed quarterly results, with earnings of $1.60 per share missing estimates of $1.76 and revenue of $997.36 million falling short of expectations. Revenue was still up 0.6% year over year, and analysts expect $7.32 EPS for the current year.
- Boyd Gaming also announced a $500 million share repurchase program and a quarterly dividend of $0.20 per share, payable July 15. The stock currently carries a consensus Hold rating with a price target of $92.08.
Boyd Gaming Corporation (NYSE:BYD - Get Free Report) CEO Keith Smith sold 100,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $85.90, for a total transaction of $8,590,000.00. Following the sale, the chief executive officer directly owned 996,981 shares of the company's stock, valued at approximately $85,640,667.90. This trade represents a 9.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Boyd Gaming Stock Performance
Shares of BYD stock opened at $88.24 on Friday. The company has a market cap of $6.56 billion, a price-to-earnings ratio of 3.87, a price-to-earnings-growth ratio of 2.03 and a beta of 1.08. Boyd Gaming Corporation has a 52 week low of $72.71 and a 52 week high of $89.96. The company has a quick ratio of 0.58, a current ratio of 0.60 and a debt-to-equity ratio of 0.90. The firm has a 50 day moving average of $83.98 and a 200-day moving average of $83.86.
Boyd Gaming (NYSE:BYD - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $1.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.76 by ($0.16). Boyd Gaming had a net margin of 44.84% and a return on equity of 25.63%. The business had revenue of $997.36 million during the quarter, compared to analyst estimates of $1.04 billion. During the same period in the previous year, the business posted $1.62 EPS. The business's revenue for the quarter was up .6% compared to the same quarter last year. On average, equities analysts forecast that Boyd Gaming Corporation will post 7.32 earnings per share for the current year.
Boyd Gaming declared that its Board of Directors has authorized a stock repurchase plan on Thursday, April 23rd that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 7.7% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its shares are undervalued.
Boyd Gaming Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Monday, June 15th will be paid a dividend of $0.20 per share. The ex-dividend date is Monday, June 15th. This represents a $0.80 annualized dividend and a yield of 0.9%. Boyd Gaming's dividend payout ratio (DPR) is 3.51%.
Institutional Investors Weigh In On Boyd Gaming
Hedge funds have recently made changes to their positions in the business. Altshuler Shaham Ltd bought a new stake in shares of Boyd Gaming during the 4th quarter worth $25,000. Los Angeles Capital Management LLC bought a new stake in Boyd Gaming in the 4th quarter valued at about $25,000. Advisors Asset Management Inc. raised its stake in Boyd Gaming by 56.8% in the 1st quarter. Advisors Asset Management Inc. now owns 541 shares of the company's stock valued at $36,000 after acquiring an additional 196 shares during the period. First Horizon Corp bought a new stake in Boyd Gaming in the 4th quarter valued at about $41,000. Finally, Bessemer Group Inc. raised its stake in Boyd Gaming by 62.8% in the 1st quarter. Bessemer Group Inc. now owns 526 shares of the company's stock valued at $43,000 after acquiring an additional 203 shares during the period. 76.81% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
Several brokerages have weighed in on BYD. Barclays dropped their price objective on Boyd Gaming from $87.00 to $86.00 and set an "equal weight" rating on the stock in a research note on Friday, April 24th. Morgan Stanley restated a "mixed" rating on shares of Boyd Gaming in a research note on Wednesday, April 8th. Citigroup lifted their target price on Boyd Gaming from $86.00 to $90.00 and gave the stock a "neutral" rating in a research note on Thursday, April 16th. JPMorgan Chase & Co. lifted their target price on Boyd Gaming from $89.00 to $90.00 and gave the stock a "neutral" rating in a research note on Friday, April 24th. Finally, Mizuho lowered their target price on Boyd Gaming from $99.00 to $96.00 and set an "outperform" rating on the stock in a research note on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $92.08.
View Our Latest Stock Analysis on BYD
Boyd Gaming Company Profile
(
Get Free Report)
Boyd Gaming Corporation (NYSE: BYD) is a diversified hospitality and gaming company headquartered in Las Vegas, Nevada. The company develops, owns and operates a portfolio of branded gaming and entertainment properties, including casinos, hotels, restaurants and meeting facilities. Boyd Gaming's offerings range from slot machines and table games to live entertainment, dining concepts and convention space, designed to appeal to both regional and destination visitors.
Founded in 1975 by its namesake, William S.
Recommended Stories
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
