Boyd Gaming (NYSE:BYD) Hits New 1-Year High - Should You Buy?

Key Points

• Boyd Gaming's shares reached a new 52-week high of $88.49 during trading, reflecting positive market sentiment despite a recent closing at $87.64.
• Research analysts have mixed opinions on the stock, with six buy ratings, seven hold ratings, and one sell rating, while the consensus price target stands at $87.83.
• The company reported a 6.9% increase in revenue year-over-year, achieving earnings per share of $1.87, surpassing analysts' expectations and indicating strong financial health.

Shares of Boyd Gaming Corporation (NYSE:BYD - Get Free Report) reached a new 52-week high during trading on Thursday . The company traded as high as $88.49 and last traded at $87.64, with a volume of 49443 shares. The stock had previously closed at $87.03.

Analyst Ratings Changes

Several research analysts have issued reports on BYD shares. JPMorgan Chase & Co. started coverage on Boyd Gaming in a research report on Monday, June 23rd. They set a "neutral" rating and a $79.00 target price for the company. Macquarie boosted their price objective on Boyd Gaming from $74.00 to $88.00 and gave the company a "neutral" rating in a report on Monday, July 28th. Morgan Stanley reiterated a "sell" rating on shares of Boyd Gaming in a research note on Friday, July 11th. Zacks Research lowered shares of Boyd Gaming from a "strong-buy" rating to a "hold" rating in a research note on Thursday, September 25th. Finally, Stifel Nicolaus upped their price target on shares of Boyd Gaming from $87.00 to $90.00 and gave the stock a "hold" rating in a report on Friday, July 25th. Six analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $87.83.

Boyd Gaming Price Performance

The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 2.53. The firm's 50-day moving average price is $84.68 and its two-hundred day moving average price is $76.88. The stock has a market cap of $7.00 billion, a PE ratio of 13.44, a PEG ratio of 2.44 and a beta of 1.30.

Boyd Gaming (NYSE:BYD - Get Free Report) last issued its quarterly earnings data on Thursday, July 24th. The company reported $1.87 EPS for the quarter, topping analysts' consensus estimates of $1.67 by $0.20. The company had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $976.81 million. Boyd Gaming had a net margin of 14.02% and a return on equity of 40.65%. Boyd Gaming's revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.58 earnings per share. On average, equities analysts expect that Boyd Gaming Corporation will post 6.52 earnings per share for the current fiscal year.

Boyd Gaming Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Monday, September 15th will be issued a $0.18 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.72 dividend on an annualized basis and a yield of 0.8%. Boyd Gaming's payout ratio is currently 11.08%.

Insiders Place Their Bets

In other news, Chairman Marianne Boyd Johnson sold 100,000 shares of Boyd Gaming stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $86.62, for a total value of $8,662,000.00. Following the transaction, the chairman owned 1,704,379 shares of the company's stock, valued at $147,633,308.98. The trade was a 5.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director William R. Boyd sold 9,774 shares of the stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $81.61, for a total transaction of $797,656.14. Following the sale, the director directly owned 15,188 shares of the company's stock, valued at $1,239,492.68. The trade was a 39.16% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 385,438 shares of company stock worth $32,638,085. Insiders own 27.94% of the company's stock.

Hedge Funds Weigh In On Boyd Gaming

Hedge funds and other institutional investors have recently modified their holdings of the stock. Arrowstreet Capital Limited Partnership increased its stake in Boyd Gaming by 3.1% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,324,668 shares of the company's stock valued at $103,629,000 after purchasing an additional 39,905 shares in the last quarter. American Century Companies Inc. increased its position in shares of Boyd Gaming by 11.7% in the 2nd quarter. American Century Companies Inc. now owns 1,213,024 shares of the company's stock valued at $94,895,000 after acquiring an additional 127,167 shares during the period. First Trust Advisors LP raised its stake in Boyd Gaming by 679.7% in the 2nd quarter. First Trust Advisors LP now owns 1,122,869 shares of the company's stock worth $87,842,000 after acquiring an additional 978,853 shares during the last quarter. Victory Capital Management Inc. lifted its position in Boyd Gaming by 13.3% during the 1st quarter. Victory Capital Management Inc. now owns 1,048,706 shares of the company's stock worth $69,036,000 after acquiring an additional 122,822 shares during the period. Finally, Franklin Resources Inc. grew its stake in Boyd Gaming by 3.0% during the 2nd quarter. Franklin Resources Inc. now owns 1,047,415 shares of the company's stock valued at $81,939,000 after purchasing an additional 30,471 shares during the last quarter. 76.81% of the stock is owned by hedge funds and other institutional investors.

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.

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