Boyd Gaming (NYSE:BYD) Posts Earnings Results, Beats Expectations By $0.15 EPS

Key Points

• Boyd Gaming reported quarterly earnings of $1.72 per share, exceeding analyst expectations by $0.19, and achieved a return on equity of 40.65%.
• The company's stock increased by 2.4%, reaching $84.96, following positive earnings results, and maintained a market capitalization of $6.81 billion.
• Boyd Gaming declared a quarterly dividend of $0.18, representing an annualized yield of 0.8%, with a dividend payout ratio of 11.08%.

Boyd Gaming (NYSE:BYD - Get Free Report) posted its quarterly earnings results on Thursday. The company reported $1.72 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.57 by $0.15, Zacks reports. The business had revenue of $1 billion during the quarter, compared to analyst estimates of $873.09 million. Boyd Gaming had a return on equity of 40.65% and a net margin of 14.02%.The business's revenue was up 4.5% compared to the same quarter last year. During the same period in the prior year, the business earned $1.52 earnings per share.

Boyd Gaming Price Performance

Shares of BYD stock traded down $6.06 during midday trading on Friday, reaching $78.92. 2,082,868 shares of the company traded hands, compared to its average volume of 1,012,586. The firm's 50 day simple moving average is $84.59 and its two-hundred day simple moving average is $78.75. Boyd Gaming has a 1-year low of $58.94 and a 1-year high of $88.49. The company has a debt-to-equity ratio of 2.53, a current ratio of 0.86 and a quick ratio of 0.82. The firm has a market cap of $6.33 billion, a PE ratio of 12.14, a price-to-earnings-growth ratio of 2.22 and a beta of 1.30.

Boyd Gaming Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Monday, September 15th were given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date was Monday, September 15th. Boyd Gaming's dividend payout ratio (DPR) is presently 11.08%.

Insider Buying and Selling at Boyd Gaming

In other news, insider Stephen S. Thompson sold 15,906 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $83.25, for a total transaction of $1,324,174.50. Following the completion of the transaction, the insider directly owned 38,609 shares of the company's stock, valued at $3,214,199.25. This trade represents a 29.18% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Keith Smith sold 50,000 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $83.09, for a total transaction of $4,154,500.00. Following the transaction, the chief executive officer directly owned 1,096,689 shares of the company's stock, valued at approximately $91,123,889.01. This trade represents a 4.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 385,438 shares of company stock worth $32,638,085. 27.94% of the stock is currently owned by insiders.

Institutional Trading of Boyd Gaming

Institutional investors have recently made changes to their positions in the stock. Corient Private Wealth LLC grew its stake in shares of Boyd Gaming by 91.6% during the 2nd quarter. Corient Private Wealth LLC now owns 10,194 shares of the company's stock valued at $798,000 after buying an additional 4,873 shares during the period. Boothbay Fund Management LLC grew its stake in shares of Boyd Gaming by 70.2% during the 2nd quarter. Boothbay Fund Management LLC now owns 9,336 shares of the company's stock valued at $730,000 after buying an additional 3,852 shares during the period. AQR Capital Management LLC boosted its position in Boyd Gaming by 13.9% during the 1st quarter. AQR Capital Management LLC now owns 9,623 shares of the company's stock worth $628,000 after purchasing an additional 1,172 shares during the period. Evergreen Capital Management LLC boosted its position in Boyd Gaming by 19.4% during the 2nd quarter. Evergreen Capital Management LLC now owns 3,895 shares of the company's stock worth $305,000 after purchasing an additional 634 shares during the period. Finally, Cresset Asset Management LLC purchased a new stake in Boyd Gaming during the 2nd quarter worth $258,000. 76.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on BYD shares. Morgan Stanley reiterated a "sell" rating on shares of Boyd Gaming in a report on Friday, July 11th. Stifel Nicolaus upped their price objective on Boyd Gaming from $87.00 to $90.00 and gave the stock a "hold" rating in a research report on Friday, July 25th. Weiss Ratings reissued a "buy (b)" rating on shares of Boyd Gaming in a report on Friday. Zacks Research lowered Boyd Gaming from a "strong-buy" rating to a "hold" rating in a report on Thursday, September 25th. Finally, Mizuho raised their price objective on Boyd Gaming from $89.00 to $99.00 and gave the stock an "outperform" rating in a report on Friday. Seven research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $89.50.

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.