Wells Fargo & Company Begins Coverage on Boyd Gaming (NYSE:BYD)

Stock analysts at Wells Fargo & Company began coverage on shares of Boyd Gaming (NYSE:BYD) in a 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 suggest a potential upside of 9.64% from the company’s previous close.

A number of other research analysts have also weighed in on the company. Weiss Ratings reissued a “buy (b-)” rating on shares of Boyd Gaming in a research note on Thursday. JPMorgan Chase & Co. upped their target price on Boyd Gaming from $87.00 to $89.00 and gave the company a “neutral” rating in a research note on Thursday, October 16th. Stifel Nicolaus raised their price target on Boyd Gaming from $87.00 to $90.00 and gave the stock a “hold” rating in a research note on Friday, July 25th. Mizuho lifted their price target on Boyd Gaming from $89.00 to $99.00 and gave the company an “outperform” rating in a report on Friday, October 24th. Finally, Macquarie reiterated a “neutral” rating and set a $90.00 price objective on shares of Boyd Gaming in a report on Friday, October 24th. Six investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $89.83.

Boyd Gaming Trading Down 2.8%

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

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

Insider Buying and Selling at Boyd Gaming

In related news, CFO Josh Hirsberg sold 40,035 shares of Boyd Gaming stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $85.41, for a total transaction of $3,419,389.35. Following the transaction, the chief financial officer owned 420,185 shares in the company, valued at approximately $35,888,000.85. The trade was a 8.70% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director William R. Boyd sold 20,000 shares of the company’s stock in a transaction on Friday, November 7th. The stock was sold at an average price of $80.36, for a total transaction of $1,607,200.00. Following the sale, the director directly owned 1,960,447 shares of the company’s stock, valued at approximately $157,541,520.92. This trade represents a 1.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 185,035 shares of company stock valued at $15,818,839. 27.94% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Boyd Gaming

Hedge funds have recently modified their holdings of the stock. Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Boyd Gaming by 219.8% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 371 shares of the company’s stock worth $29,000 after acquiring an additional 255 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Boyd Gaming during the second quarter valued at approximately $39,000. True Wealth Design LLC lifted its position in shares of Boyd Gaming by 162.1% during the third quarter. True Wealth Design LLC now owns 532 shares of the company’s stock worth $46,000 after purchasing an additional 329 shares in the last quarter. Advisors Asset Management Inc. lifted its position in shares of 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 purchasing an additional 196 shares in the last quarter. Finally, SJS Investment Consulting Inc. purchased a new position in shares of Boyd Gaming in the third quarter valued at $48,000. 76.81% of the stock is currently owned by hedge funds and other institutional investors.

Boyd Gaming Company Profile

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.