Boyd Gaming (NYSE:BYD) Shares Gap Down After Earnings Miss

Shares of Boyd Gaming Co. (NYSE:BYD - Get Free Report) gapped down before the market opened on Friday following a dissappointing earnings announcement. The stock had previously closed at $62.89, but opened at $54.14. Boyd Gaming shares last traded at $54.53, with a volume of 1,524,061 shares trading hands.

The company reported $1.66 EPS for the quarter, topping analysts' consensus estimates of $1.43 by $0.23. Boyd Gaming had a net margin of 16.58% and a return on equity of 36.97%. The firm had revenue of $954.41 million for the quarter, compared to analyst estimates of $928.04 million. During the same quarter in the prior year, the firm earned $1.72 EPS. The company's revenue was up 3.4% on a year-over-year basis.

Boyd Gaming Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Friday, March 15th were paid a $0.17 dividend. The ex-dividend date was Thursday, March 14th. This is a boost from Boyd Gaming's previous quarterly dividend of $0.16. This represents a $0.68 annualized dividend and a dividend yield of 1.28%. Boyd Gaming's dividend payout ratio (DPR) is currently 11.15%.

Analysts Set New Price Targets

Several equities analysts recently weighed in on BYD shares. StockNews.com raised shares of Boyd Gaming from a "hold" rating to a "buy" rating in a research note on Wednesday, January 24th. Deutsche Bank Aktiengesellschaft cut shares of Boyd Gaming from a "buy" rating to a "hold" rating and decreased their target price for the company from $78.00 to $71.00 in a research note on Friday. Stifel Nicolaus reduced their price objective on shares of Boyd Gaming from $71.00 to $65.00 and set a "hold" rating for the company in a research report on Friday. JPMorgan Chase & Co. cut shares of Boyd Gaming from an "overweight" rating to a "neutral" rating and reduced their price objective for the stock from $80.00 to $67.00 in a research report on Friday. Finally, Mizuho reduced their price objective on shares of Boyd Gaming from $80.00 to $78.00 and set a "buy" rating for the company in a research report on Friday. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $72.20.

Insider Transactions at Boyd Gaming

In other news, major shareholder William S. Boyd sold 63,464 shares of Boyd Gaming stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $63.12, for a total transaction of $4,005,847.68. Following the completion of the sale, the insider now owns 8,795,449 shares of the company's stock, valued at $555,168,740.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, major shareholder William S. Boyd sold 125,000 shares of the business's stock in a transaction dated Tuesday, March 5th. The stock was sold at an average price of $63.77, for a total value of $7,971,250.00. Following the completion of the transaction, the insider now owns 9,358,913 shares of the company's stock, valued at $596,817,882.01. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, major shareholder William S. Boyd sold 63,464 shares of the business's stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $63.12, for a total value of $4,005,847.68. Following the completion of the transaction, the insider now directly owns 8,795,449 shares of the company's stock, valued at approximately $555,168,740.88. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 582,910 shares of company stock valued at $37,299,461. 27.94% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of BYD. Parkside Financial Bank & Trust raised its stake in Boyd Gaming by 105.5% in the third quarter. Parkside Financial Bank & Trust now owns 411 shares of the company's stock valued at $25,000 after purchasing an additional 211 shares in the last quarter. Rakuten Securities Inc. acquired a new position in Boyd Gaming in the fourth quarter valued at about $30,000. Allspring Global Investments Holdings LLC raised its stake in Boyd Gaming by 57.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 518 shares of the company's stock valued at $35,000 after purchasing an additional 189 shares in the last quarter. Principal Securities Inc. acquired a new position in Boyd Gaming in the fourth quarter valued at about $50,000. Finally, Allworth Financial LP raised its stake in Boyd Gaming by 3,333.3% during the fourth quarter. Allworth Financial LP now owns 1,030 shares of the company's stock worth $64,000 after acquiring an additional 1,000 shares in the last quarter. Institutional investors and hedge funds own 76.81% of the company's stock.

Boyd Gaming Stock Performance

The company has a quick ratio of 0.85, a current ratio of 0.89 and a debt-to-equity ratio of 1.65. The stock has a market cap of $5.09 billion, a price-to-earnings ratio of 8.72, a P/E/G ratio of 2.98 and a beta of 1.60. The company has a 50 day simple moving average of $63.98 and a 200 day simple moving average of $62.01.

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.