Boyd Gaming Co. (NYSE:BYD) Sees Large Decline in Short Interest

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Boyd Gaming Co. (NYSE:BYD) was the recipient of a significant drop in short interest in June. As of June 30th, there was short interest totalling 6,252,800 shares, a drop of 8.7% from the May 30th total of 6,850,900 shares. Currently, 7.8% of the shares of the stock are sold short. Based on an average daily trading volume, of 1,140,000 shares, the short-interest ratio is currently 5.5 days.

Several large investors have recently modified their holdings of BYD. FMR LLC lifted its position in shares of Boyd Gaming by 20.0% during the 1st quarter. FMR LLC now owns 7,182,207 shares of the company’s stock worth $196,506,000 after buying an additional 1,198,851 shares during the last quarter. Norges Bank purchased a new stake in shares of Boyd Gaming during the 4th quarter worth approximately $19,594,000. Millennium Management LLC lifted its position in shares of Boyd Gaming by 107.7% during the 4th quarter. Millennium Management LLC now owns 1,708,895 shares of the company’s stock worth $35,511,000 after buying an additional 886,019 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Boyd Gaming by 3.6% in the 4th quarter. BlackRock Inc. now owns 10,077,493 shares of the company’s stock valued at $209,410,000 after acquiring an additional 353,720 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in shares of Boyd Gaming by 25.0% in the 4th quarter. Bank of New York Mellon Corp now owns 1,261,785 shares of the company’s stock valued at $26,219,000 after acquiring an additional 252,056 shares during the period. Institutional investors and hedge funds own 66.26% of the company’s stock.

A number of brokerages have weighed in on BYD. Wolfe Research began coverage on shares of Red Rock Resorts in a research report on Friday, June 14th. They set a “peer perform” rating for the company. TheStreet cut shares of AMERCO from a “b” rating to a “c+” rating in a research report on Monday, March 25th. ValuEngine upgraded shares of Zillow Group from a “hold” rating to a “buy” rating in a research report on Thursday. Finally, Morgan Stanley set a $10.00 price target on shares of Ford Motor and gave the company a “hold” rating in a research report on Friday, April 26th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $35.11.

Shares of BYD stock traded up $0.47 during trading on Monday, reaching $26.90. The company’s stock had a trading volume of 30,050 shares, compared to its average volume of 952,362. The company has a quick ratio of 0.68, a current ratio of 0.72 and a debt-to-equity ratio of 4.08. The firm has a market cap of $2.93 billion, a P/E ratio of 20.15, a price-to-earnings-growth ratio of 0.74 and a beta of 2.13. The company has a 50-day simple moving average of $26.23. Boyd Gaming has a 1-year low of $18.98 and a 1-year high of $39.35.

Boyd Gaming (NYSE:BYD) last issued its quarterly earnings results on Thursday, April 25th. The company reported $0.43 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.43. Boyd Gaming had a net margin of 4.18% and a return on equity of 13.57%. The company had revenue of $827.30 million during the quarter, compared to the consensus estimate of $826.52 million. During the same quarter in the previous year, the firm earned $0.39 earnings per share. The firm’s quarterly revenue was up 36.5% on a year-over-year basis. Sell-side analysts anticipate that Boyd Gaming will post 1.8 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Monday, June 17th will be paid a $0.07 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.28 dividend on an annualized basis and a yield of 1.04%. This is an increase from Boyd Gaming’s previous quarterly dividend of $0.06. Boyd Gaming’s payout ratio is currently 21.05%.

About Boyd Gaming

Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company. It operates through three segments: Las Vegas Locals, Downtown Las Vegas, and Midwest & South. As of March 13, 2019, the company operated 29 gaming entertainment properties located in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania.

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