Boyd Gaming (NYSE:BYD) Hits New 12-Month Low - Here's Why

Key Points

• Boyd Gaming shares hit a new 52-week low, trading as low as $69.81 and down 1.2%, well below their 50-day and 200-day moving averages.
• Analysts maintain a consensus “Hold” rating with an average price target of $94.69, despite several firms raising their targets and one assigning a strong-buy rating.
• The company exceeded quarterly EPS expectations ($1.93 versus $1.89) and declared a $0.20 quarterly dividend, while institutional investors now own 76.81% of the stock.

Boyd Gaming Corporation (NYSE:BYD - Get Free Report) reached a new 52-week low during trading on Monday. The stock traded as low as $69.81 and last traded at $70.1740, with a volume of 12443 shares changing hands. The stock had previously closed at $71.23.

Wall Street Analyst Weigh In

BYD has been the topic of several research analyst reports. JPMorgan Chase & Co. raised their price objective on Boyd Gaming from $90.00 to $93.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 15th. Susquehanna increased their target price on shares of Boyd Gaming from $84.00 to $87.00 and gave the stock a "neutral" rating in a report on Friday, July 24th. Mizuho set a $104.00 price target on shares of Boyd Gaming in a research report on Friday, July 24th. Texas Capital raised shares of Boyd Gaming to a "strong-buy" rating in a report on Wednesday, June 3rd. Finally, Weiss Ratings downgraded shares of Boyd Gaming from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and ten have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $94.69.

Boyd Gaming Stock Down 1.2%

The company has a quick ratio of 0.74, a current ratio of 0.77 and a debt-to-equity ratio of 1.05. The firm has a market capitalization of $5.11 billion, a PE ratio of 3.10, a price-to-earnings-growth ratio of 1.27 and a beta of 1.06. The business's 50-day moving average price is $80.68 and its 200-day moving average price is $83.36.

Boyd Gaming (NYSE:BYD - Get Free Report) last announced its earnings results on Thursday, July 23rd. The company reported $1.93 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.89 by $0.04. Boyd Gaming had a return on equity of 22.52% and a net margin of 44.34%.The firm had revenue of $1.03 billion during the quarter, compared to analysts' expectations of $1.04 billion. During the same quarter in the prior year, the business earned $1.87 earnings per share. The company's revenue was up .0% on a year-over-year basis. As a group, equities research analysts predict that Boyd Gaming Corporation will post 7.29 EPS for the current fiscal year.

Boyd Gaming Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Tuesday, September 15th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Tuesday, September 15th. Boyd Gaming's dividend payout ratio (DPR) is currently 3.52%.

Insider Activity

In related news, CFO Josh Hirsberg sold 12,777 shares of the company's stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $89.76, for a total transaction of $1,146,863.52. Following the transaction, the chief financial officer owned 422,969 shares in the company, valued at $37,965,697.44. This represents a 2.93% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 22.82% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Boyd Gaming

Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. bought a new position in shares of Boyd Gaming during the second quarter worth approximately $486,737,000. Bank of America Corp DE bought a new position in shares of Boyd Gaming in the second quarter worth about $70,043,000. Norges Bank bought a new stake in shares of Boyd Gaming during the fourth quarter worth $58,763,000. Bamco Inc. NY acquired a new position in Boyd Gaming in the 2nd quarter worth about $41,184,000. Finally, Bank of New York Mellon Corp bought a new position in Boyd Gaming in the 2nd quarter valued at approximately $40,281,000. 76.81% of the stock is owned by institutional investors and hedge funds.

About Boyd Gaming

Boyd Gaming Corporation is a gaming and hospitality company that owns and operates casinos, hotels, restaurants, entertainment venues and related amenities. Its properties offer casino games such as slots, table games and poker, along with lodging, dining, convention and entertainment services.

Founded in 1975 by gaming executive Sam Boyd, the company is headquartered in Las Vegas, Nevada. Boyd Gaming operates regional gaming properties across several U.S. states, including Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Ohio and Pennsylvania.

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