Boyd Gaming (NYSE:BYD) Earns Market Perform Rating from JMP Securities

Boyd Gaming (NYSE:BYD)‘s stock had its “market perform” rating reissued by stock analysts at JMP Securities in a research report issued to clients and investors on Thursday,Benzinga reports.

Several other research analysts have also issued reports on the stock. Stifel Nicolaus upped their target price on shares of Boyd Gaming from $67.00 to $74.00 and gave the stock a “hold” rating in a research report on Friday, October 25th. StockNews.com upgraded Boyd Gaming from a “buy” rating to a “strong-buy” rating in a report on Monday, October 28th. Argus raised Boyd Gaming from a “hold” rating to a “buy” rating and set a $90.00 price objective on the stock in a report on Tuesday, December 17th. Mizuho reiterated an “outperform” rating and set a $79.00 price target (up from $78.00) on shares of Boyd Gaming in a research report on Friday, October 25th. Finally, Jefferies Financial Group upgraded shares of Boyd Gaming from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $73.00 to $92.00 in a report on Friday, January 3rd. Seven equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Boyd Gaming currently has an average rating of “Moderate Buy” and a consensus price target of $92.20.

Boyd Gaming Trading Up 1.1 %

Shares of Boyd Gaming stock opened at $74.92 on Thursday. The company has a debt-to-equity ratio of 1.85, a current ratio of 0.82 and a quick ratio of 0.79. Boyd Gaming has a 1 year low of $49.34 and a 1 year high of $76.73. The firm has a market cap of $6.62 billion, a PE ratio of 14.30, a PEG ratio of 3.95 and a beta of 1.54. The company has a 50 day simple moving average of $73.00 and a two-hundred day simple moving average of $65.40.

Boyd Gaming announced that its Board of Directors has authorized a share buyback program on Thursday, December 5th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 7.6% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board believes its shares are undervalued.

Insider Activity

In related news, Director Christine J. Spadafor sold 660 shares of the business’s stock in a transaction dated Thursday, December 12th. The shares were sold at an average price of $75.68, for a total transaction of $49,948.80. Following the transaction, the director now owns 5,977 shares in the company, valued at $452,339.36. The trade was a 9.94 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Josh Hirsberg sold 21,549 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $71.43, for a total transaction of $1,539,245.07. Following the completion of the sale, the chief financial officer now owns 438,615 shares of the company’s stock, valued at $31,330,269.45. This trade represents a 4.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 147,364 shares of company stock valued at $10,590,893. Company insiders own 28.40% of the company’s stock.

Hedge Funds Weigh In On Boyd Gaming

Institutional investors have recently added to or reduced their stakes in the company. Ariel Investments LLC grew its position in shares of Boyd Gaming by 12.5% in the 2nd quarter. Ariel Investments LLC now owns 3,031,691 shares of the company’s stock worth $167,046,000 after buying an additional 335,984 shares during the period. State Street Corp boosted its stake in Boyd Gaming by 0.8% during the third quarter. State Street Corp now owns 2,108,672 shares of the company’s stock worth $136,680,000 after acquiring an additional 17,591 shares in the last quarter. Geode Capital Management LLC grew its holdings in Boyd Gaming by 3.0% in the third quarter. Geode Capital Management LLC now owns 1,153,768 shares of the company’s stock worth $74,611,000 after purchasing an additional 33,379 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Boyd Gaming by 5.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 971,921 shares of the company’s stock valued at $62,835,000 after purchasing an additional 54,128 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in shares of Boyd Gaming by 6,158.8% during the third quarter. Victory Capital Management Inc. now owns 908,905 shares of the company’s stock valued at $58,761,000 after purchasing an additional 894,383 shares during the last quarter. Institutional investors own 76.81% of the company’s stock.

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.