Boyd Gaming (NYSE:BYD) Stock Breaks Above 50-Day Moving Average – Here’s Why

Boyd Gaming Corporation (NYSE:BYD)’s stock price passed 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.

Analyst Ratings Changes

Several brokerages have issued reports on BYD. Wells Fargo & Company dropped their target price on shares of Boyd Gaming from $87.00 to $86.00 and set an “equal weight” rating on the stock in a report on Monday, October 19th. Weiss Ratings lowered shares of Boyd Gaming from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday. Wolfe Research assumed coverage on shares of Boyd Gaming in a research report on Wednesday, September 2nd. They issued a “peer perform” rating for the company. Stifel Nicolaus lowered 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 report on Friday, October 23rd. Finally, Susquehanna upgraded shares of Boyd Gaming from a “neutral” rating to a “positive” rating and dropped their price objective for the company from $87.00 to $83.00 in a research note on Monday, October 19th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $89.46.

Boyd Gaming Price Performance

The firm has a market capitalization 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 debt-to-equity ratio of 1.05, a quick ratio of 0.74 and a current ratio of 0.77. The stock has a fifty day moving average price of $73.18 and a 200-day moving average price of $81.82.

Boyd Gaming (NYSE:BYD) last issued its quarterly earnings data on Thursday, October 22nd. The company reported $1.67 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.67. Boyd Gaming had a return on equity of 22.10% and a net margin of 12.29%. The firm had revenue of $990.46 million during the quarter, compared to analysts’ expectations of $1 billion. During the same period in the prior year, the business posted $1.72 EPS. The firm’s quarterly revenue was down 1.3% on a year-over-year basis. Sell-side analysts forecast that Boyd Gaming Corporation will post 7.11 EPS for the current fiscal year.

Boyd Gaming Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Tuesday, September 15th were issued a $0.20 dividend. The ex-dividend date was Tuesday, September 15th. This represents a $0.80 dividend on an annualized basis and a yield of 1.0%. Boyd Gaming’s payout ratio is currently 12.08%.

Institutional Trading of Boyd Gaming

Several hedge funds have recently modified their holdings of BYD. Bank of America Corp DE purchased a new stake in Boyd Gaming during the 2nd quarter worth approximately $70,043,000. WINTON GROUP Ltd acquired a new position in Boyd Gaming during the 2nd quarter valued at approximately $4,633,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Boyd Gaming during the 2nd quarter valued at approximately $1,276,000. BlackRock Inc. purchased a new position in shares of Boyd Gaming in the second quarter worth $486,737,000. Finally, Legal & General Group Plc purchased a new position in shares of Boyd Gaming in the second quarter worth $6,657,000. 76.81% of the stock is owned by hedge funds and other institutional investors.

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.