Boyd Gaming (NYSE:BYD) Shares Break Above 50-Day Moving Average - What's Next?

Key Points

• Boyd Gaming shares rose above their 50-day moving average, trading as high as $77.42 and last changing hands near $76.95. The stock remains below its 200-day moving average of $81.82.
• Analysts have generally moderated their outlook, cutting several price targets, though the consensus remains a “Moderate Buy” with an average target of $89.46.
• Boyd Gaming met quarterly EPS expectations at $1.67, while revenue of $990.46 million fell short of estimates and declined 1.3% year over year. The company also maintains a $0.20 quarterly dividend, yielding about 1.0%.

Boyd Gaming Corporation (NYSE:BYD - Get Free Report)'s stock price crossed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $73.18 and traded as high as $77.42. Boyd Gaming shares last traded at $76.9510, with a volume of 1,322,659 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. JPMorgan Chase & Co. lowered their price target on Boyd Gaming from $93.00 to $85.00 and set a "neutral" rating for the company in a research report on Tuesday, October 20th. Barclays reduced their target price on shares of Boyd Gaming from $85.00 to $83.00 and set an "equal weight" rating on the stock in a research note on Friday, October 23rd. Citigroup lowered their target price on shares of Boyd Gaming from $78.00 to $76.00 and set a "neutral" rating for the company in a report on Monday, October 26th. Stifel Nicolaus dropped their price target on shares of Boyd Gaming from $92.00 to $80.00 and set a "hold" rating for the company in a research note on Friday, October 23rd. Finally, Susquehanna upgraded shares of Boyd Gaming from a "neutral" rating to a "positive" rating and cut their price target for the company from $87.00 to $83.00 in a report on Monday, October 19th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $89.46.

Boyd Gaming Stock Up 5.7%

The company's 50 day moving average is $73.18 and its 200 day moving average is $81.82. The company has a market cap of $5.59 billion, a PE ratio of 11.62, a P/E/G ratio of 1.33 and a beta of 1.12. The company has a current ratio of 0.77, a quick ratio of 0.74 and a debt-to-equity ratio of 1.05.

Boyd Gaming (NYSE:BYD - Get Free Report) last released its quarterly earnings data on Thursday, October 22nd. The company reported $1.67 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.67. The company had revenue of $990.46 million during the quarter, compared to analysts' expectations of $1 billion. Boyd Gaming had a net margin of 12.29% and a return on equity of 22.10%. The firm's quarterly revenue was down 1.3% on a year-over-year basis. During the same period in the previous year, the company earned $1.72 EPS. As a group, analysts predict that Boyd Gaming Corporation will post 7.11 earnings per share for the current fiscal year.

Boyd Gaming Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Tuesday, September 15th were paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.0%. The ex-dividend date of this dividend was Tuesday, September 15th. Boyd Gaming's payout ratio is currently 12.08%.

Institutional Trading of Boyd Gaming

A number of large investors have recently modified their holdings of BYD. BlackRock Inc. purchased a new position in Boyd Gaming during the 2nd quarter worth $486,737,000. Quantinno Capital Management LP lifted its holdings in shares of Boyd Gaming by 18.2% in the 1st quarter. Quantinno Capital Management LP now owns 925,070 shares of the company's stock worth $76,022,000 after buying an additional 142,468 shares during the period. Bank of America Corp DE purchased a new stake in shares of Boyd Gaming in the 2nd quarter worth $70,043,000. First Trust Advisors LP lifted its holdings in shares of Boyd Gaming by 1.1% in the 1st quarter. First Trust Advisors LP now owns 672,724 shares of the company's stock worth $55,284,000 after buying an additional 7,463 shares during the period. Finally, Bamco Inc. NY purchased a new stake in shares of Boyd Gaming in the 2nd quarter worth $41,184,000. Hedge funds and other institutional investors own 76.81% of the company's stock.

Boyd Gaming Company Profile

Boyd Gaming Corporation is a gaming and hospitality company headquartered in Las Vegas, Nevada. The company owns and operates casinos, hotels, restaurants, entertainment venues and related amenities under brands including Sam's Town, The Orleans, Gold Coast, Suncoast and Fremont.

Boyd Gaming serves customers across several U.S. states, with a significant presence in Nevada as well as properties in the Midwest and South. Its portfolio includes destination resorts, regional casinos and racetracks offering slot machines, table games, poker, sports betting and other gaming experiences.

The company also operates online gaming and sports-wagering businesses in selected markets, including through partnerships and digital platforms.

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