Boyd Gaming (NYSE:BYD) Hits New 1-Year Low - Here's What Happened

Boyd Gaming Co. (NYSE:BYD - Get Free Report) hit a new 52-week low on Wednesday . The stock traded as low as $67.67 and last traded at $69.24, with a volume of 916030 shares changing hands. The stock had previously closed at $69.23.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on BYD shares. Morgan Stanley reduced their target price on Boyd Gaming from $75.00 to $72.00 and set an "equal weight" rating on the stock in a report on Wednesday, April 16th. Wells Fargo & Company raised their target price on shares of Boyd Gaming from $82.00 to $88.00 and gave the company an "overweight" rating in a report on Friday, February 7th. StockNews.com downgraded shares of Boyd Gaming from a "strong-buy" rating to a "buy" rating in a report on Thursday, February 27th. Macquarie reissued a "neutral" rating and issued a $74.00 price objective on shares of Boyd Gaming in a research note on Friday, April 25th. Finally, Mizuho reduced their target price on Boyd Gaming from $86.00 to $83.00 and set an "outperform" rating on the stock in a report on Wednesday, April 23rd. Six research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $95.07.

Boyd Gaming Stock Up 2.6 %

The stock has a 50-day moving average price of $67.58 and a 200-day moving average price of $71.35. The company has a debt-to-equity ratio of 1.85, a current ratio of 0.82 and a quick ratio of 0.79. The company has a market capitalization of $5.85 billion, a P/E ratio of 11.41, a P/E/G ratio of 4.46 and a beta of 1.31.

Boyd Gaming (NYSE:BYD - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The company reported $1.62 EPS for the quarter, beating analysts' consensus estimates of $1.52 by $0.10. Boyd Gaming had a net margin of 14.70% and a return on equity of 35.97%. The company had revenue of $991.57 million for the quarter, compared to analyst estimates of $976.38 million. During the same period in the prior year, the firm posted $1.51 EPS. The company's quarterly revenue was up 3.2% on a year-over-year basis. On average, research analysts predict that Boyd Gaming Co. will post 6.52 EPS for the current fiscal year.

Boyd Gaming Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 17th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.01%. The ex-dividend date was Monday, March 17th. This is an increase from Boyd Gaming's previous quarterly dividend of $0.17. Boyd Gaming's payout ratio is presently 11.75%.

Insiders Place Their Bets

In other Boyd Gaming news, Director William R. Boyd sold 15,000 shares of the firm's stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $79.32, for a total value of $1,189,800.00. Following the completion of the sale, the director now owns 1,472,970 shares of the company's stock, valued at approximately $116,835,980.40. This trade represents a 1.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Marianne Boyd Johnson sold 50,000 shares of the company's stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $77.68, for a total value of $3,884,000.00. Following the transaction, the chairman now directly owns 1,346,628 shares in the company, valued at $104,606,063.04. The trade was a 3.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,125 shares of company stock worth $5,158,490. 27.94% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in BYD. UMB Bank n.a. raised its holdings in shares of Boyd Gaming by 80.3% in the 4th quarter. UMB Bank n.a. now owns 393 shares of the company's stock worth $29,000 after acquiring an additional 175 shares during the last quarter. GAMMA Investing LLC increased its holdings in Boyd Gaming by 47.4% during the 4th quarter. GAMMA Investing LLC now owns 460 shares of the company's stock worth $33,000 after purchasing an additional 148 shares in the last quarter. CoreCap Advisors LLC raised its stake in shares of Boyd Gaming by 91.0% in the fourth quarter. CoreCap Advisors LLC now owns 573 shares of the company's stock worth $42,000 after purchasing an additional 273 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Boyd Gaming in the third quarter valued at approximately $64,000. Finally, Golden State Wealth Management LLC purchased a new position in shares of Boyd Gaming during the fourth quarter valued at approximately $67,000. 76.81% of the stock is currently owned by institutional investors and hedge funds.

Boyd Gaming Company Profile

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.