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Boyd Gaming (NYSE:BYD) Upgraded at StockNews.com

Thursday, June 23, 2022 | MarketBeat

Boyd Gaming (NYSE:BYD - Get Rating) was upgraded by StockNews.com from a "buy" rating to a "strong-buy" rating in a report issued on Thursday.

A number of other equities analysts have also weighed in on BYD. Berenberg Bank started coverage on Boyd Gaming in a research note on Thursday, May 12th. They set a "buy" rating and a $78.00 price objective on the stock. Susquehanna upped their price objective on Boyd Gaming from $74.00 to $79.00 in a research report on Wednesday, April 27th. Susquehanna Bancshares raised Boyd Gaming from a "neutral" rating to a "positive" rating and upped their target price for the company from $73.00 to $74.00 in a research report on Tuesday, April 26th. Finally, Morgan Stanley downgraded Boyd Gaming from an "overweight" rating to an "equal weight" rating and reduced their price objective for the company from $82.00 to $76.00 in a research note on Monday, April 25th. One investment analyst has rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Boyd Gaming currently has an average rating of "Buy" and an average price target of $81.75.


BYD stock traded down $0.70 during midday trading on Thursday, reaching $49.05. The company's stock had a trading volume of 1,341,661 shares, compared to its average volume of 1,179,436. Boyd Gaming has a 1 year low of $47.66 and a 1 year high of $72.72. The company has a debt-to-equity ratio of 1.93, a quick ratio of 0.96 and a current ratio of 0.99. The stock has a fifty day simple moving average of $57.43 and a two-hundred day simple moving average of $61.97. The firm has a market capitalization of $5.38 billion, a price-to-earnings ratio of 10.62 and a beta of 1.90.

Boyd Gaming (NYSE:BYD - Get Rating) last announced its quarterly earnings data on Tuesday, April 26th. The company reported $1.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.24 by $0.16. The firm had revenue of $860.74 million during the quarter, compared to analysts' expectations of $836.15 million. Boyd Gaming had a return on equity of 42.72% and a net margin of 15.09%. During the same period last year, the business posted $0.93 earnings per share. As a group, analysts forecast that Boyd Gaming will post 5.47 EPS for the current fiscal year.

In related news, CEO Keith Smith sold 101,675 shares of Boyd Gaming stock in a transaction dated Monday, June 6th. The shares were sold at an average price of $59.85, for a total transaction of $6,085,248.75. Following the completion of the sale, the chief executive officer now owns 1,261,362 shares of the company's stock, valued at approximately $75,492,515.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Marianne Boyd Johnson sold 64,690 shares of Boyd Gaming stock in a transaction dated Wednesday, May 25th. The stock was sold at an average price of $54.95, for a total transaction of $3,554,715.50. Following the sale, the insider now directly owns 77,623 shares of the company's stock, valued at approximately $4,265,383.85. The disclosure for this sale can be found here. Over the last quarter, insiders sold 256,365 shares of company stock worth $14,862,264. Company insiders own 27.94% of the company's stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP grew its position in Boyd Gaming by 4.6% during the third quarter. Dimensional Fund Advisors LP now owns 514,672 shares of the company's stock valued at $32,560,000 after buying an additional 22,819 shares during the period. Dark Forest Capital Management LP purchased a new position in shares of Boyd Gaming during the third quarter worth approximately $100,000. Royal Bank of Canada increased its stake in shares of Boyd Gaming by 4.2% in the third quarter. Royal Bank of Canada now owns 121,545 shares of the company's stock worth $7,689,000 after buying an additional 4,872 shares during the period. Guggenheim Capital LLC boosted its holdings in Boyd Gaming by 114.6% in the third quarter. Guggenheim Capital LLC now owns 10,342 shares of the company's stock valued at $654,000 after acquiring an additional 5,523 shares in the last quarter. Finally, Voloridge Investment Management LLC boosted its holdings in Boyd Gaming by 305.9% in the third quarter. Voloridge Investment Management LLC now owns 79,111 shares of the company's stock valued at $5,005,000 after acquiring an additional 59,622 shares in the last quarter. Hedge funds and other institutional investors own 70.27% of the company's stock.

Boyd Gaming Company Profile (Get Rating)

Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company. It operates through three segments: Las Vegas Locals, Downtown Las Vegas, and Midwest & South. As of December 31, 2021, the company operated 28 gaming entertainment properties located in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania.

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Analyst Recommendations for Boyd Gaming (NYSE:BYD)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]

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