Boyd Gaming (NYSE:BYD) Shares Gap Up on Earnings Beat

Boyd Gaming Co. (NYSE:BYD - Get Free Report) gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $66.04, but opened at $68.53. Boyd Gaming shares last traded at $69.99, with a volume of 292,754 shares trading hands.

The company reported $1.62 EPS for the quarter, topping the consensus estimate of $1.52 by $0.10. The company had revenue of $991.57 million for the quarter, compared to the consensus estimate of $976.38 million. Boyd Gaming had a net margin of 14.70% and a return on equity of 35.97%. The firm's revenue was up 3.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.51 EPS.

Boyd Gaming Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 17th were issued a $0.18 dividend. The ex-dividend date of this dividend was Monday, March 17th. This represents a $0.72 annualized dividend and a dividend yield of 1.05%. This is a positive change from Boyd Gaming's previous quarterly dividend of $0.17. Boyd Gaming's payout ratio is currently 11.75%.

Analyst Ratings Changes

Several analysts have commented on the stock. Macquarie reissued a "neutral" rating and set a $74.00 price target on shares of Boyd Gaming in a research report on Friday, April 25th. JPMorgan Chase & Co. upped their price target on shares of Boyd Gaming from $74.00 to $80.00 and gave the company a "neutral" rating in a report on Friday, January 24th. Morgan Stanley dropped their price target on shares of Boyd Gaming from $75.00 to $72.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 16th. Truist Financial cut 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 note on Tuesday, April 1st. Finally, Susquehanna boosted their price target on shares of Boyd Gaming from $75.00 to $76.00 and gave the stock a "positive" rating in a research report on Friday, April 25th. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $95.07.

Insider Activity

In other news, Director Christine J. Spadafor sold 1,125 shares of Boyd Gaming stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $75.28, for a total transaction of $84,690.00. Following the completion of the sale, the director now directly owns 4,852 shares in the company, valued at $365,258.56. The trade was a 18.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Marianne Boyd Johnson sold 50,000 shares of the stock in a transaction dated 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 owns 1,346,628 shares in the company, valued at $104,606,063.04. This trade represents 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 valued at $5,158,490. 27.94% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Boyd Gaming

Hedge funds have recently modified their holdings of the stock. Rhumbline Advisers increased its holdings in shares of Boyd Gaming by 1.0% in the 4th quarter. Rhumbline Advisers now owns 185,714 shares of the company's stock worth $13,472,000 after acquiring an additional 1,797 shares during the period. Raymond James Financial Inc. acquired a new stake in Boyd Gaming in the 4th quarter worth approximately $43,273,000. Allspring Global Investments Holdings LLC increased its position in Boyd Gaming by 226.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 202,824 shares of the company's stock worth $14,569,000 after buying an additional 140,707 shares during the period. Truist Financial Corp increased its stake in Boyd Gaming by 20.7% during the fourth quarter. Truist Financial Corp now owns 4,458 shares of the company's stock valued at $323,000 after acquiring an additional 765 shares during the period. Finally, GC Wealth Management RIA LLC bought a new stake in Boyd Gaming in the fourth quarter valued at about $307,000. 76.81% of the stock is currently owned by hedge funds and other institutional investors.

Boyd Gaming Price Performance

The company's 50 day simple moving average is $67.97 and its two-hundred day simple moving average is $71.24. The stock has a market capitalization of $5.68 billion, a P/E ratio of 11.07, a PEG ratio of 4.46 and a beta of 1.31. The company has a debt-to-equity ratio of 1.85, a current ratio of 0.82 and a quick ratio of 0.79.

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.