Boyd Gaming (NYSE:BYD) Announces Earnings Results

Key Points

• Boyd Gaming beat EPS expectations, reporting $1.93 per share versus the $1.89 consensus estimate. Revenue came in at $1.03 billion, slightly below the $1.04 billion analysts expected.
• The company announced a quarterly dividend of $0.20 per share, or $0.80 annualized, for a yield of about 0.9%. Boyd Gaming also has a very low payout ratio of 3.51%.
• Boyd Gaming’s board authorized a $500 million share repurchase program, allowing the company to buy back up to 7.7% of its shares. The article also notes recent insider selling by both the chairman and CEO.

Boyd Gaming (NYSE:BYD - Get Free Report) announced its quarterly earnings data on Thursday. The company reported $1.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.04, FiscalAI reports. Boyd Gaming had a net margin of 44.84% and a return on equity of 25.63%. The company had revenue of $1.03 billion for the quarter, compared to analysts' expectations of $1.04 billion.

Boyd Gaming Stock Down 0.0%

BYD traded down $0.03 during trading on Thursday, reaching $86.63. 1,311,439 shares of the stock traded hands, compared to its average volume of 963,966. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.60 and a quick ratio of 0.58. Boyd Gaming has a fifty-two week low of $76.33 and a fifty-two week high of $91.00. The stock's 50-day simple moving average is $85.52 and its two-hundred day simple moving average is $84.84. The stock has a market cap of $6.44 billion, a price-to-earnings ratio of 3.80, a price-to-earnings-growth ratio of 2.06 and a beta of 1.07.

Boyd Gaming Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th were paid a $0.20 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.9%. Boyd Gaming's dividend payout ratio is 3.51%.

Boyd Gaming announced that its board has initiated a share repurchase plan on Thursday, April 23rd that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to reacquire up to 7.7% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's management believes its shares are undervalued.

Insider Transactions at Boyd Gaming

In related news, Chairman Marianne Boyd Johnson sold 62,914 shares of the firm's stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $84.03, for a total transaction of $5,286,663.42. Following the transaction, the chairman owned 1,609,808 shares of the company's stock, valued at approximately $135,272,166.24. This trade represents a 3.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Keith Smith sold 100,000 shares of Boyd Gaming stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $85.90, for a total transaction of $8,590,000.00. Following the completion of the sale, the chief executive officer owned 996,981 shares of the company's stock, valued at $85,640,667.90. This trade represents a 9.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 200,000 shares of company stock valued at $17,038,987 over the last ninety days. Company insiders own 22.82% of the company's stock.

Institutional Investors Weigh In On Boyd Gaming

Institutional investors and hedge funds have recently modified their holdings of the business. Atlas Capital Advisors Inc. bought a new stake in Boyd Gaming during the fourth quarter worth approximately $199,000. FORA Capital LLC bought a new stake in Boyd Gaming during the fourth quarter valued at about $114,000. Aristides Capital LLC acquired a new stake in shares of Boyd Gaming in the fourth quarter valued at about $204,000. Parallel Advisors LLC increased its stake in shares of Boyd Gaming by 76.0% in the fourth quarter. Parallel Advisors LLC now owns 1,276 shares of the company's stock worth $109,000 after purchasing an additional 551 shares during the period. Finally, Advisory Services Network LLC acquired a new position in shares of Boyd Gaming during the 3rd quarter worth about $94,000. Institutional investors and hedge funds own 76.81% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on BYD. Morgan Stanley set a $90.00 target price on shares of Boyd Gaming in a report on Wednesday. JPMorgan Chase & Co. lifted their target price on Boyd Gaming from $90.00 to $93.00 and gave the stock a "neutral" rating in a report on Wednesday, July 15th. Citigroup upped their target price on Boyd Gaming from $86.00 to $90.00 and gave the company a "neutral" rating in a report on Thursday, April 16th. Texas Capital raised Boyd Gaming to a "strong-buy" rating in a research note on Wednesday, June 3rd. Finally, Stifel Nicolaus reduced their price objective on shares of Boyd Gaming from $95.00 to $91.00 and set a "hold" rating for the company in a research note on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $94.38.

About Boyd Gaming

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.