Boyd Gaming (NYSE:BYD) Reaches New 12-Month Low - Here's Why

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

Analysts Set New Price Targets

A number of brokerages have commented on BYD. Morgan Stanley decreased their price target on shares of Boyd Gaming from $75.00 to $72.00 and set an "equal weight" rating for the company in a research note on Wednesday, April 16th. Truist Financial decreased their target price on shares of Boyd Gaming from $92.00 to $85.00 and set a "buy" rating for the company in a research report on Tuesday, April 1st. Susquehanna raised their price target on shares of Boyd Gaming from $75.00 to $76.00 and gave the company a "positive" rating in a research report on Friday, April 25th. Barclays decreased their price objective on Boyd Gaming from $78.00 to $73.00 and set an "equal weight" rating for the company in a report on Tuesday, April 22nd. Finally, JMP Securities restated a "market perform" rating on shares of Boyd Gaming in a report on Friday, February 7th. Six investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Boyd Gaming currently has an average rating of "Moderate Buy" and an average price target of $95.07.

Boyd Gaming Stock Down 0.8 %

The stock's fifty day moving average is $67.47 and its two-hundred day moving average is $71.42. The company has a current ratio of 0.82, a quick ratio of 0.79 and a debt-to-equity ratio of 1.85. The firm has a market cap of $5.74 billion, a P/E ratio of 11.18, a price-to-earnings-growth ratio of 4.46 and a beta of 1.31.

Boyd Gaming (NYSE:BYD - Get Free Report) last posted its earnings results on Thursday, April 24th. The company reported $1.62 EPS for the quarter, topping the consensus estimate of $1.52 by $0.10. Boyd Gaming had a return on equity of 35.97% and a net margin of 14.70%. The business had revenue of $991.57 million during the quarter, compared to analysts' expectations of $976.38 million. During the same period in the previous year, the business earned $1.51 earnings per share. The firm's revenue was up 3.2% on a year-over-year basis. As a group, research analysts anticipate that Boyd Gaming Co. will post 6.52 earnings per share for the current year.

Boyd Gaming Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 17th were issued a dividend of $0.18 per share. This is an increase from Boyd Gaming's previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.04%. The ex-dividend date was Monday, March 17th. Boyd Gaming's payout ratio is currently 11.75%.

Insiders Place Their Bets

In other Boyd Gaming news, Director Christine J. Spadafor sold 1,125 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $75.28, for a total value of $84,690.00. Following the completion of the sale, the director now owns 4,852 shares in the company, valued at approximately $365,258.56. The trade was a 18.82 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Marianne Boyd Johnson sold 50,000 shares of the business's stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $77.68, for a total transaction of $3,884,000.00. Following the completion of the transaction, the chairman now owns 1,346,628 shares in the company, valued at $104,606,063.04. The trade was a 3.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,125 shares of company stock valued at $5,158,490 over the last 90 days. Insiders own 27.94% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Barclays PLC boosted its position in shares of Boyd Gaming by 23.9% during the third quarter. Barclays PLC now owns 167,542 shares of the company's stock valued at $10,831,000 after purchasing an additional 32,332 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Boyd Gaming during the 3rd quarter valued at $64,000. GAMMA Investing LLC grew its position in shares of Boyd Gaming by 47.4% in the 4th quarter. GAMMA Investing LLC now owns 460 shares of the company's stock worth $33,000 after buying an additional 148 shares during the period. Miracle Mile Advisors LLC bought a new position in shares of Boyd Gaming in the 4th quarter worth about $306,000. Finally, Burney Co. lifted its position in Boyd Gaming by 7.7% during the 4th quarter. Burney Co. now owns 29,598 shares of the company's stock valued at $2,147,000 after acquiring an additional 2,125 shares during the period. 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.