Boyd Gaming (NYSE:BYD) Posts Quarterly Earnings Results, Misses Estimates By $0.37 EPS

Boyd Gaming (NYSE:BYD) announced its quarterly earnings results on Thursday. The company reported $1.60 EPS for the quarter, missing the consensus estimate of $1.97 by ($0.37), FiscalAI reports. The firm had revenue of $997.36 million for the quarter, compared to analysts’ expectations of $1.04 billion. Boyd Gaming had a net margin of 45.05% and a return on equity of 30.14%.

Boyd Gaming Stock Up 3.4%

BYD stock traded up $2.95 during trading on Thursday, reaching $89.10. 1,404,165 shares of the company traded hands, compared to its average volume of 895,398. Boyd Gaming has a 12 month low of $65.29 and a 12 month high of $89.96. The business has a 50 day simple moving average of $83.65 and a 200 day simple moving average of $83.45. The company has a market capitalization of $6.71 billion, a price-to-earnings ratio of 3.92, a price-to-earnings-growth ratio of 1.82 and a beta of 1.19. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.52 and a current ratio of 0.54.

Boyd Gaming Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Monday, March 16th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Monday, March 16th. This is an increase from Boyd Gaming’s previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a yield of 0.9%. Boyd Gaming’s dividend payout ratio is 3.52%.

Insider Activity at Boyd Gaming

In other Boyd Gaming news, Director William R. Boyd sold 30,000 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $84.84, for a total value of $2,545,200.00. Following the completion of the sale, the director owned 1,930,447 shares of the company’s stock, valued at approximately $163,779,123.48. This trade represents a 1.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Stephen S. Thompson sold 19,530 shares of the firm’s stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $83.59, for a total value of $1,632,512.70. Following the completion of the sale, the insider directly owned 22,009 shares of the company’s stock, valued at approximately $1,839,732.31. This represents a 47.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 73,454 shares of company stock valued at $6,231,827 over the last quarter. 22.82% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Boyd Gaming

Several institutional investors have recently added to or reduced their stakes in the business. Arrowstreet Capital Limited Partnership boosted its holdings in Boyd Gaming by 11.6% in the third quarter. Arrowstreet Capital Limited Partnership now owns 1,478,130 shares of the company’s stock worth $127,784,000 after acquiring an additional 153,462 shares in the last quarter. Invesco Ltd. boosted its holdings in Boyd Gaming by 118.2% in the fourth quarter. Invesco Ltd. now owns 1,427,828 shares of the company’s stock worth $121,708,000 after acquiring an additional 773,394 shares in the last quarter. Franklin Resources Inc. boosted its holdings in Boyd Gaming by 16.6% in the third quarter. Franklin Resources Inc. now owns 1,221,283 shares of the company’s stock worth $105,580,000 after acquiring an additional 173,868 shares in the last quarter. Nuveen LLC boosted its holdings in Boyd Gaming by 10.6% in the fourth quarter. Nuveen LLC now owns 1,080,331 shares of the company’s stock worth $92,087,000 after acquiring an additional 103,684 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in Boyd Gaming by 12.4% in the fourth quarter. Victory Capital Management Inc. now owns 969,264 shares of the company’s stock worth $82,620,000 after acquiring an additional 106,638 shares in the last quarter. Institutional investors and hedge funds own 76.81% of the company’s stock.

Analyst Ratings Changes

BYD has been the topic of several research reports. UBS Group set a $110.00 price target on Boyd Gaming in a research note on Wednesday, December 24th. Stifel Nicolaus raised their price target on Boyd Gaming from $90.00 to $95.00 and gave the company a “hold” rating in a research note on Friday, February 6th. Mizuho set a $100.00 price target on Boyd Gaming in a research note on Monday, February 2nd. Citigroup raised their price objective on Boyd Gaming from $86.00 to $90.00 and gave the company a “neutral” rating in a research report on Thursday, April 16th. Finally, Susquehanna dropped their price objective on Boyd Gaming from $89.00 to $87.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 7th. Five research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, Boyd Gaming presently has a consensus rating of “Hold” and a consensus price target of $92.75.

Boyd Gaming Company Profile

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.