Boyd Gaming (NYSE:BYD) Stock Price Down 5.9% - What's Next?

Key Points

• Boyd Gaming's stock experienced a significant drop of 5.9%, trading as low as $80.01 before closing at $79.97.
• Analyst ratings are mixed, with seven analysts giving a Buy rating, while others have issued Hold or Sell ratings, resulting in a consensus rating of "Hold."
• The company recently declared a quarterly dividend of $0.18 per share, representing an annualized yield of 0.9% and a payout ratio of 11.08%.

Boyd Gaming Corporation (NYSE:BYD - Get Free Report)'s stock price dropped 5.9% during trading on Friday . The company traded as low as $80.01 and last traded at $79.97. Approximately 253,657 shares changed hands during trading, a decline of 75% from the average daily volume of 1,004,221 shares. The stock had previously closed at $84.98.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Morgan Stanley reissued a "sell" rating on shares of Boyd Gaming in a research note on Friday, July 11th. Macquarie raised their target price on shares of Boyd Gaming from $74.00 to $88.00 and gave the company a "neutral" rating in a research report on Monday, July 28th. Susquehanna downgraded shares of Boyd Gaming from a "positive" rating to a "neutral" rating and increased their price objective for the company from $76.00 to $86.00 in a research note on Friday, July 11th. JPMorgan Chase & Co. upped their target price on Boyd Gaming from $87.00 to $89.00 and gave the stock a "neutral" rating in a report on Thursday, October 16th. Finally, Zacks Research lowered Boyd Gaming from a "strong-buy" rating to a "hold" rating in a research note on Thursday, September 25th. Seven analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Boyd Gaming currently has a consensus rating of "Hold" and an average target price of $89.50.

Boyd Gaming Stock Down 6.2%

The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 2.53. The company's 50 day moving average price is $84.59 and its 200 day moving average price is $78.75. The firm has a market capitalization of $6.39 billion, a price-to-earnings ratio of 12.26, a P/E/G ratio of 2.22 and a beta of 1.30.

Boyd Gaming (NYSE:BYD - Get Free Report) last posted its quarterly earnings results on Tuesday, April 11th. The company reported $1.35 earnings per share for the quarter. The business had revenue of $707.32 million for the quarter. Boyd Gaming had a return on equity of 40.65% and a net margin of 14.02%. As a group, research analysts forecast that Boyd Gaming Corporation will post 6.52 earnings per share for the current fiscal year.

Boyd Gaming Dividend Announcement

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

Insider Buying and Selling

In other news, insider Stephen S. Thompson sold 15,906 shares of Boyd Gaming 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. The trade was a 29.18% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Marianne Boyd Johnson sold 100,000 shares of the stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $84.17, for a total transaction of $8,417,000.00. Following the sale, the chairman directly owned 1,504,379 shares in the company, valued at $126,623,580.43. This trade represents a 6.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 385,438 shares of company stock valued at $32,638,085 in the last three months. 27.94% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in BYD. Arrowstreet Capital Limited Partnership boosted its stake in shares of Boyd Gaming by 3.1% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 1,324,668 shares of the company's stock worth $103,629,000 after acquiring an additional 39,905 shares in the last quarter. American Century Companies Inc. raised its holdings in Boyd Gaming by 11.7% in the 2nd quarter. American Century Companies Inc. now owns 1,213,024 shares of the company's stock worth $94,895,000 after purchasing an additional 127,167 shares during the period. First Trust Advisors LP raised its holdings 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 purchasing an additional 978,853 shares during the period. Victory Capital Management Inc. boosted its position in Boyd Gaming by 13.3% during the first quarter. Victory Capital Management Inc. now owns 1,048,706 shares of the company's stock worth $69,036,000 after purchasing an additional 122,822 shares in the last quarter. Finally, Franklin Resources Inc. grew its holdings in Boyd Gaming by 3.0% in the second 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 period. Hedge funds and other institutional investors own 76.81% of the company's stock.

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.

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