Boyd Gaming Co. (NYSE:BYD) Short Interest Down 5.7% in August

Boyd Gaming Co. (NYSE:BYD) was the recipient of a large decline in short interest in August. As of August 31st, there was short interest totalling 3,330,000 shares, a decline of 5.7% from the August 15th total of 3,530,000 shares. Approximately 4.9% of the company’s shares are sold short. Based on an average daily volume of 1,030,000 shares, the short-interest ratio is presently 3.2 days.

Boyd Gaming Stock Performance

Shares of Boyd Gaming stock opened at $62.97 on Thursday. Boyd Gaming has a 12 month low of $49.34 and a 12 month high of $68.46. The company has a current ratio of 0.83, a quick ratio of 0.79 and a debt-to-equity ratio of 1.70. The company has a market capitalization of $5.97 billion, a PE ratio of 11.31, a PEG ratio of 8.56 and a beta of 1.57. The stock’s fifty day simple moving average is $58.70 and its 200 day simple moving average is $58.38.

Boyd Gaming (NYSE:BYD) last issued its quarterly earnings data on Thursday, July 25th. The company reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.49 by $0.09. The business had revenue of $967.50 million during the quarter, compared to analyst estimates of $909.49 million. Boyd Gaming had a return on equity of 34.29% and a net margin of 13.32%. Boyd Gaming’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.58 EPS. On average, research analysts predict that Boyd Gaming will post 6.25 EPS for the current year.

Boyd Gaming Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Sunday, September 15th will be issued a dividend of $0.17 per share. The ex-dividend date is Friday, September 13th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.08%. Boyd Gaming’s payout ratio is 12.21%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on BYD shares. StockNews.com upgraded shares of Boyd Gaming from a “hold” rating to a “buy” rating in a report on Monday, July 22nd. Bank of America increased their target price on Boyd Gaming from $68.00 to $72.00 and gave the company a “buy” rating in a research note on Tuesday. Macquarie cut their price target on Boyd Gaming from $72.00 to $68.00 and set a “neutral” rating for the company in a report on Friday, July 26th. Morgan Stanley raised shares of Boyd Gaming from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $66.00 to $74.00 in a report on Wednesday, September 4th. Finally, Stifel Nicolaus upped their price objective on shares of Boyd Gaming from $65.00 to $67.00 and gave the company a “hold” rating in a research report on Friday, July 26th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Boyd Gaming currently has a consensus rating of “Moderate Buy” and an average target price of $89.31.

Insiders Place Their Bets

In related news, Director Christine J. Spadafor sold 1,242 shares of the company’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $60.36, for a total transaction of $74,967.12. Following the transaction, the director now directly owns 1,096 shares of the company’s stock, valued at $66,154.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Chairman Marianne Boyd Johnson sold 73,130 shares of Boyd Gaming stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $60.23, for a total transaction of $4,404,619.90. Following the completion of the sale, the chairman now directly owns 1,423,498 shares in the company, valued at approximately $85,737,284.54. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Christine J. Spadafor sold 1,242 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $60.36, for a total transaction of $74,967.12. Following the transaction, the director now directly owns 1,096 shares in the company, valued at approximately $66,154.56. The disclosure for this sale can be found here. Corporate insiders own 27.94% of the company’s stock.

Hedge Funds Weigh In On Boyd Gaming

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cascade Investment Advisors Inc. bought a new stake in shares of Boyd Gaming in the first quarter valued at about $1,220,000. III Capital Management boosted its position in Boyd Gaming by 300.0% during the 4th quarter. III Capital Management now owns 40,000 shares of the company’s stock worth $2,504,000 after acquiring an additional 30,000 shares during the last quarter. Retirement Systems of Alabama raised its holdings in shares of Boyd Gaming by 14.8% in the first quarter. Retirement Systems of Alabama now owns 223,978 shares of the company’s stock valued at $15,078,000 after purchasing an additional 28,844 shares during the last quarter. Sei Investments Co. lifted its position in shares of Boyd Gaming by 14.7% in the first quarter. Sei Investments Co. now owns 398,823 shares of the company’s stock worth $26,849,000 after purchasing an additional 51,252 shares in the last quarter. Finally, Alaska Permanent Fund Corp boosted its holdings in Boyd Gaming by 301.7% during the first quarter. Alaska Permanent Fund Corp now owns 28,120 shares of the company’s stock worth $1,893,000 after purchasing an additional 21,120 shares during the last quarter. 76.81% of the stock is owned by institutional investors and hedge funds.

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.