Boyd Gaming (NYSE:BYD) Cut to “Hold” at Deutsche Bank Aktiengesellschaft

Boyd Gaming (NYSE:BYD) was downgraded by analysts at Deutsche Bank Aktiengesellschaft from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday, Briefing.com reports. They presently have a $71.00 target price on the stock, down from their prior target price of $78.00. Deutsche Bank Aktiengesellschaft’s target price points to a potential upside of 12.90% from the company’s previous close.

A number of other brokerages have also recently weighed in on BYD. Truist Financial raised their price objective on Boyd Gaming from $76.00 to $80.00 and gave the company a “buy” rating in a report on Friday, February 9th. Wells Fargo & Company boosted their price objective on shares of Boyd Gaming from $81.00 to $82.00 and gave the stock an “overweight” rating in a report on Friday, February 9th. Mizuho assumed coverage on shares of Boyd Gaming in a report on Tuesday, March 26th. They set a “buy” rating and a $80.00 target price on the stock. Stifel Nicolaus reissued a “hold” rating and issued a $69.00 price target on shares of Boyd Gaming in a research note on Friday, January 5th. Finally, JPMorgan Chase & Co. lowered shares of Boyd Gaming from an “overweight” rating to a “neutral” rating and cut their price target for the company from $80.00 to $67.00 in a research report on Friday. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $74.30.

Boyd Gaming Price Performance

BYD stock opened at $62.89 on Friday. The firm has a 50 day simple moving average of $64.19 and a two-hundred day simple moving average of $62.06. The stock has a market cap of $6.02 billion, a PE ratio of 10.31, a P/E/G ratio of 2.98 and a beta of 1.60. Boyd Gaming has a one year low of $52.42 and a one year high of $73.00. The company has a debt-to-equity ratio of 1.65, a current ratio of 0.89 and a quick ratio of 0.85.

Boyd Gaming (NYSE:BYD) last posted its quarterly earnings data on Thursday, February 8th. The company reported $1.66 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.43 by $0.23. The company had revenue of $954.41 million during the quarter, compared to the consensus estimate of $928.04 million. Boyd Gaming had a net margin of 16.58% and a return on equity of 36.97%. The firm’s revenue was up 3.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.72 EPS. On average, analysts predict that Boyd Gaming will post 6.19 EPS for the current fiscal year.

Insider Activity at Boyd Gaming

In other Boyd Gaming news, major shareholder William S. Boyd sold 63,464 shares of the business’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $63.12, for a total transaction of $4,005,847.68. Following the transaction, the insider now directly owns 8,795,449 shares of the company’s stock, valued at approximately $555,168,740.88. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Boyd Gaming news, major shareholder William S. Boyd sold 63,464 shares of the firm’s 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 transaction, the insider now owns 8,795,449 shares of the company’s stock, valued at $555,168,740.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder William S. Boyd sold 125,000 shares of the stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $63.72, for a total transaction of $7,965,000.00. Following the completion of the transaction, the insider now owns 9,108,913 shares of the company’s stock, valued at $580,419,936.36. The disclosure for this sale can be found here. Insiders sold a total of 582,910 shares of company stock worth $37,299,461 over the last quarter. 27.94% of the stock is owned by corporate insiders.

Institutional Trading of Boyd Gaming

A number of hedge funds have recently made changes to their positions in BYD. Cascade Investment Advisors Inc. purchased a new position in Boyd Gaming during the first quarter valued at $1,220,000. Assenagon Asset Management S.A. purchased a new position in shares of Boyd Gaming in the 1st quarter worth about $4,408,000. Louisiana State Employees Retirement System boosted its stake in Boyd Gaming by 2.6% in the 1st quarter. Louisiana State Employees Retirement System now owns 20,000 shares of the company’s stock worth $1,346,000 after purchasing an additional 500 shares in the last quarter. Amalgamated Bank grew its position in Boyd Gaming by 1.0% during the 1st quarter. Amalgamated Bank now owns 47,733 shares of the company’s stock valued at $3,213,000 after purchasing an additional 486 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. increased its stake in Boyd Gaming by 0.8% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 31,457 shares of the company’s stock valued at $2,118,000 after purchasing an additional 264 shares in the last quarter. 76.81% of the stock is owned by institutional investors.

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.