Boyd Gaming (NYSE:BYD) Given New $85.00 Price Target at JPMorgan Chase & Co.

Boyd Gaming (NYSE:BYD) had its price target lowered by stock analysts at JPMorgan Chase & Co. from $93.00 to $85.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 19.40% from the stock’s previous close.

Several other analysts have also recently issued reports on BYD. Citigroup reissued a “market perform” rating on shares of Boyd Gaming in a research note on Tuesday, October 13th. Mizuho lowered their price target on Boyd Gaming from $104.00 to $102.00 and set an “outperform” rating for the company in a research report on Wednesday, October 7th. Susquehanna raised Boyd Gaming from a “neutral” rating to a “positive” rating and lowered their price target for the company from $87.00 to $83.00 in a research report on Monday. Benchmark began coverage on Boyd Gaming in a research note on Monday, June 22nd. They set a “buy” rating and a $100.00 target price on the stock. Finally, Morgan Stanley raised Boyd Gaming from an “equal weight” rating to an “overweight” rating and dropped their price target for the stock from $89.00 to $83.00 in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $90.93.

Boyd Gaming Trading Up 0.3%

Shares of NYSE BYD traded up $0.23 during mid-day trading on Tuesday, hitting $71.19. The stock had a trading volume of 367,256 shares, compared to its average volume of 974,842. The firm has a market cap of $5.17 billion, a P/E ratio of 3.13, a price-to-earnings-growth ratio of 1.24 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 business has a 50 day moving average price of $75.13 and a two-hundred day moving average price of $81.93. Boyd Gaming has a 1 year low of $65.00 and a 1 year high of $91.41.

Boyd Gaming (NYSE:BYD) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $1.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.89 by $0.04. Boyd Gaming had a net margin of 44.34% and a return on equity of 22.52%. The business had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same quarter last year, the firm earned $1.87 EPS. The company’s revenue was up .0% on a year-over-year basis. On average, equities analysts anticipate that Boyd Gaming will post 7.16 EPS for the current fiscal year.

Insider Transactions at Boyd Gaming

In other Boyd Gaming news, CFO Josh Hirsberg sold 12,777 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $89.76, for a total value of $1,146,863.52. Following the completion of the sale, the chief financial officer directly owned 422,969 shares in the company, valued at $37,965,697.44. This trade represents a 2.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 22.82% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Blue Trust Inc. increased its holdings in Boyd Gaming by 23.0% during the 1st quarter. Blue Trust Inc. now owns 653 shares of the company’s stock valued at $54,000 after acquiring an additional 122 shares in the last quarter. Assetmark Inc. lifted its holdings in shares of Boyd Gaming by 9.1% in the first quarter. Assetmark Inc. now owns 1,553 shares of the company’s stock valued at $128,000 after purchasing an additional 129 shares in the last quarter. Optas LLC lifted its holdings in shares of Boyd Gaming by 4.1% in the first quarter. Optas LLC now owns 3,486 shares of the company’s stock valued at $286,000 after purchasing an additional 138 shares in the last quarter. Altshuler Shaham Ltd grew its position in shares of Boyd Gaming by 54.3% in the first quarter. Altshuler Shaham Ltd now owns 452 shares of the company’s stock valued at $37,000 after purchasing an additional 159 shares during the last quarter. Finally, Bessemer Group Inc. grew its position in shares of Boyd Gaming by 62.8% in the first quarter. Bessemer Group Inc. now owns 526 shares of the company’s stock valued at $43,000 after purchasing an additional 203 shares during the last quarter. Hedge funds and other institutional investors own 76.81% of the company’s stock.

About Boyd Gaming

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.