Weiss Ratings Reiterates "Buy (B)" Rating for Boyd Gaming (NYSE:BYD)

Key Points

• Weiss Ratings has reiterated its "Buy (B)" rating for Boyd Gaming (NYSE: BYD), indicating positive sentiment from stock analysts.
• Boyd Gaming's stock currently has a consensus "Hold" rating with an average price target of $87.83, as assessed by multiple analysts.
• The company reported earnings per share of $1.87, surpassing estimates, and achieved quarterly revenue of $1.03 billion, reflecting a 6.9% increase year-over-year.

Boyd Gaming (NYSE:BYD - Get Free Report)'s stock had its "buy (b)" rating reiterated by stock analysts at Weiss Ratings in a report issued on Wednesday,Weiss Ratings reports.

A number of other research analysts have also commented on the company. Macquarie upped their price target on Boyd Gaming from $74.00 to $88.00 and gave the company a "neutral" rating in a research report on Monday, July 28th. Morgan Stanley reiterated a "sell" rating on shares of Boyd Gaming in a research report on Friday, July 11th. Raymond James Financial reaffirmed an "outperform" rating on shares of Boyd Gaming in a report on Monday, September 8th. Mizuho lifted their price target on Boyd Gaming from $86.00 to $89.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. Finally, Truist Financial boosted their price target on Boyd Gaming from $85.00 to $100.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. Seven investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $87.83.

Boyd Gaming Stock Performance

Boyd Gaming stock traded down $0.02 during mid-day trading on Wednesday, reaching $83.55. 759,546 shares of the company's stock were exchanged, compared to its average volume of 1,014,833. The firm has a market capitalization of $6.70 billion, a PE ratio of 12.85, a P/E/G ratio of 2.40 and a beta of 1.30. The business's fifty day simple moving average is $84.73 and its 200 day simple moving average is $77.42. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 2.53. Boyd Gaming has a one year low of $58.94 and a one year high of $88.49.

Boyd Gaming (NYSE:BYD - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The company reported $1.87 earnings per share for the quarter, beating the consensus estimate of $1.67 by $0.20. Boyd Gaming had a return on equity of 40.65% and a net margin of 14.02%.The company had revenue of $1.03 billion during the quarter, compared to analysts' expectations of $976.81 million. During the same period in the previous year, the business earned $1.58 earnings per share. The firm's quarterly revenue was up 6.9% compared to the same quarter last year. On average, sell-side analysts expect that Boyd Gaming will post 6.52 earnings per share for the current year.

Insider Activity

In other Boyd Gaming news, insider Stephen S. Thompson sold 15,906 shares of the firm's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $83.25, for a total transaction of $1,324,174.50. Following the completion of the sale, the insider owned 38,609 shares of the company's stock, valued at $3,214,199.25. This trade represents a 29.18% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Marianne Boyd Johnson sold 100,000 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $84.17, for a total value of $8,417,000.00. Following the completion of the sale, the chairman directly owned 1,504,379 shares in the company, valued at approximately $126,623,580.43. The trade was a 6.23% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 385,438 shares of company stock valued at $32,638,085 in the last 90 days. 21.97% of the stock is owned by insiders.

Institutional Trading of Boyd Gaming

A number of large investors have recently modified their holdings of the stock. Arrowstreet Capital Limited Partnership increased its position in shares of Boyd Gaming by 3.1% during the second 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 during the period. American Century Companies Inc. raised its holdings in Boyd Gaming by 11.7% during the second 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 in the last quarter. First Trust Advisors LP increased its holdings in Boyd Gaming by 679.7% in the second quarter. First Trust Advisors LP now owns 1,122,869 shares of the company's stock valued at $87,842,000 after buying an additional 978,853 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of Boyd Gaming by 13.3% in the first quarter. Victory Capital Management Inc. now owns 1,048,706 shares of the company's stock valued at $69,036,000 after purchasing an additional 122,822 shares during the last quarter. Finally, Franklin Resources Inc. boosted its position in Boyd Gaming by 3.0% during the second quarter. Franklin Resources Inc. now owns 1,047,415 shares of the company's stock worth $81,939,000 after acquiring an additional 30,471 shares during the last quarter. 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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