Boyd Gaming (NYSE:BYD) Reaches New 52-Week High – Should You Buy?

Boyd Gaming Corporation (NYSE:BYD)’s share price reached a new 52-week high during trading on Tuesday . The stock traded as high as $91.34 and last traded at $91.24, with a volume of 558014 shares changing hands. The stock had previously closed at $89.29.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on BYD shares. Susquehanna lifted their price objective on Boyd Gaming from $84.00 to $87.00 and gave the stock a “neutral” rating in a report on Friday. JPMorgan Chase & Co. upped their target price on Boyd Gaming from $90.00 to $93.00 and gave the company a “neutral” rating in a research note on Wednesday, July 15th. Benchmark began coverage on Boyd Gaming in a research report on Monday, June 22nd. They issued a “buy” rating and a $100.00 target price for the company. Citigroup raised their target price on Boyd Gaming from $86.00 to $90.00 and gave the stock a “neutral” rating in a research report on Thursday, April 16th. Finally, Stifel Nicolaus lifted their price target on shares of Boyd Gaming from $91.00 to $92.00 and gave the stock a “hold” rating in a research note on Friday. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and ten have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $94.69.

Boyd Gaming Price Performance

The stock has a market cap of $6.77 billion, a price-to-earnings ratio of 4.01, a price-to-earnings-growth ratio of 2.06 and a beta of 1.07. The company has a quick ratio of 0.58, a current ratio of 0.60 and a debt-to-equity ratio of 0.90. The company’s 50-day moving average is $86.03 and its 200-day moving average is $84.85.

Boyd Gaming (NYSE:BYD) last released its quarterly earnings data on Thursday, July 23rd. The company reported $1.93 earnings per share for the quarter, beating analysts’ consensus estimates of $1.89 by $0.04. Boyd Gaming had a return on equity of 22.29% and a net margin of 44.34%.The company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.04 billion. During the same period in the previous year, the business earned $1.87 earnings per share. The company’s quarterly revenue was up .0% on a year-over-year basis. Equities research analysts expect that Boyd Gaming Corporation will post 7.21 earnings per share for the current fiscal year.

Boyd Gaming Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Monday, June 15th were given a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.9%. The ex-dividend date was Monday, June 15th. Boyd Gaming’s dividend payout ratio (DPR) is 3.52%.

Boyd Gaming announced that its Board of Directors has approved a stock buyback plan on Thursday, April 23rd that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 7.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, Chairman Marianne Boyd Johnson sold 62,914 shares of the business’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $84.03, for a total value of $5,286,663.42. Following the sale, the chairman owned 1,609,808 shares in the company, valued at approximately $135,272,166.24. The trade was a 3.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Keith Smith sold 100,000 shares of the company’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $85.90, for a total transaction of $8,590,000.00. Following the completion of the sale, the chief executive officer directly owned 996,981 shares in the company, valued at approximately $85,640,667.90. The trade was a 9.12% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 200,000 shares of company stock worth $17,038,987 over the last quarter. Company insiders own 22.82% of the company’s stock.

Hedge Funds Weigh In On Boyd Gaming

Several institutional investors have recently added to or reduced their stakes in the company. Advisors Asset Management Inc. grew its stake in Boyd Gaming by 56.8% during the first quarter. Advisors Asset Management Inc. now owns 541 shares of the company’s stock worth $36,000 after buying an additional 196 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Boyd Gaming by 13.9% in the first quarter. AQR Capital Management LLC now owns 9,623 shares of the company’s stock valued at $628,000 after acquiring an additional 1,172 shares during the last quarter. Caxton Associates LLP bought a new position in shares of Boyd Gaming in the first quarter valued at approximately $207,000. M&T Bank Corp acquired a new position in shares of Boyd Gaming in the 2nd quarter worth approximately $229,000. Finally, Amundi boosted its holdings in shares of Boyd Gaming by 14,719.0% in the 2nd quarter. Amundi now owns 3,112 shares of the company’s stock worth $253,000 after acquiring an additional 3,091 shares in the last quarter. 76.81% of the stock is owned by institutional investors.

About Boyd Gaming

Boyd Gaming Corporation (NYSE: BYD) is a diversified hospitality and gaming company headquartered in Las Vegas, Nevada. The company develops, owns and operates a portfolio of branded gaming and entertainment properties, including casinos, hotels, restaurants and meeting facilities. Boyd Gaming’s offerings range from slot machines and table games to live entertainment, dining concepts and convention space, designed to appeal to both regional and destination visitors.

Founded in 1975 by its namesake, William S.