Boyd Gaming (NYSE:BYD) Now Covered by Analysts at Wells Fargo & Company

Wells Fargo & Company started coverage on shares of Boyd Gaming (NYSE:BYD) in a research note issued to investors on Tuesday,Benzinga reports. The firm set an “equal weight” rating and a $85.00 price target on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 9.64% from the stock’s previous close.

Several other research analysts have also commented on BYD. JPMorgan Chase & Co. lifted their target price on Boyd Gaming from $87.00 to $89.00 and gave the stock a “neutral” rating in a research report on Thursday, October 16th. Mizuho raised their price objective on Boyd Gaming from $89.00 to $99.00 and gave the stock an “outperform” rating in a research note on Friday, October 24th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Boyd Gaming in a research note on Thursday. Macquarie reissued a “neutral” rating and issued a $90.00 target price on shares of Boyd Gaming in a report on Friday, October 24th. Finally, Zacks Research lowered Boyd Gaming from a “strong-buy” rating to a “hold” rating in a report on Thursday, September 25th. Six analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $89.83.

Boyd Gaming Stock Performance

Boyd Gaming stock opened at $77.53 on Tuesday. Boyd Gaming has a 52 week low of $58.94 and a 52 week high of $88.49. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 2.53. The stock has a market cap of $6.06 billion, a P/E ratio of 3.39, a price-to-earnings-growth ratio of 2.02 and a beta of 1.31. The stock has a 50 day moving average of $82.64 and a 200-day moving average of $80.66.

Boyd Gaming (NYSE:BYD) last posted its quarterly earnings results on Tuesday, April 11th. The company reported $1.35 earnings per share (EPS) for the quarter. Boyd Gaming had a net margin of 46.02% and a return on equity of 41.97%. The firm had revenue of $707.32 million for the quarter. On average, analysts expect that Boyd Gaming will post 6.52 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Josh Hirsberg sold 40,035 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $85.41, for a total value of $3,419,389.35. Following the completion of the transaction, the chief financial officer directly owned 420,185 shares of the company’s stock, valued at $35,888,000.85. This represents a 8.70% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Keith Smith sold 25,000 shares of Boyd Gaming stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $85.21, for a total value of $2,130,250.00. Following the sale, the chief executive officer directly owned 1,046,689 shares in the company, valued at $89,188,369.69. The trade was a 2.33% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 185,035 shares of company stock valued at $15,818,839. Corporate insiders own 27.94% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Boyd Gaming by 219.8% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 371 shares of the company’s stock worth $29,000 after purchasing an additional 255 shares in the last quarter. Advisors Asset Management Inc. increased its position in shares of Boyd Gaming by 56.8% during the 1st quarter. Advisors Asset Management Inc. now owns 541 shares of the company’s stock valued at $36,000 after purchasing an additional 196 shares during the period. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Boyd Gaming during the 2nd quarter valued at $39,000. True Wealth Design LLC raised its stake in shares of Boyd Gaming by 162.1% in the 3rd quarter. True Wealth Design LLC now owns 532 shares of the company’s stock worth $46,000 after buying an additional 329 shares in the last quarter. Finally, SJS Investment Consulting Inc. acquired a new stake in shares of Boyd Gaming in the third quarter valued at $48,000. 76.81% of the stock is currently owned by institutional investors.

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.