Boyd Gaming (NYSE:BYD) Cut to “Neutral” at JPMorgan Chase & Co.

Boyd Gaming (NYSE:BYD) was downgraded by JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a report issued on Friday, MarketBeat.com reports. They currently have a $67.00 price target on the stock, down from their prior price target of $80.00. JPMorgan Chase & Co.‘s price objective points to a potential upside of 25.99% from the company’s current price.

Several other equities analysts have also recently weighed in on BYD. Morgan Stanley lifted their target price on Boyd Gaming from $71.00 to $72.00 and gave the company an “equal weight” rating in a research note on Tuesday, April 9th. Truist Financial boosted their price target on Boyd Gaming from $76.00 to $80.00 and gave the company a “buy” rating in a research note on Friday, February 9th. StockNews.com raised Boyd Gaming from a “hold” rating to a “buy” rating in a research note on Wednesday, January 24th. Stifel Nicolaus reissued a “hold” rating and issued a $69.00 price target on shares of Boyd Gaming in a research note on Friday, January 5th. Finally, Barclays boosted their price target on Boyd Gaming from $66.00 to $67.00 and gave the company an “equal weight” rating in a research note on Friday, January 26th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $72.20.

Boyd Gaming Price Performance

NYSE BYD opened at $53.18 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.85 and a debt-to-equity ratio of 1.65. Boyd Gaming has a 1 year low of $52.42 and a 1 year high of $73.00. The stock’s 50-day moving average price is $63.98 and its two-hundred day moving average price is $62.03. The company has a market cap of $5.09 billion, a PE ratio of 9.55, a PEG ratio of 2.94 and a beta of 1.60.

Boyd Gaming (NYSE:BYD) last released its earnings results on Thursday, February 8th. The company reported $1.66 earnings per share for the quarter, beating the consensus estimate of $1.43 by $0.23. Boyd Gaming had a return on equity of 34.77% and a net margin of 14.91%. The company had revenue of $954.41 million for the quarter, compared to analysts’ expectations of $928.04 million. During the same quarter in the previous year, the business posted $1.72 EPS. The business’s revenue for the quarter was up 3.4% on a year-over-year basis. On average, analysts predict that Boyd Gaming will post 6.19 EPS for the current year.

Insider Buying and Selling at Boyd Gaming

In other Boyd Gaming news, Chairman Marianne Boyd Johnson sold 77,661 shares of the stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $64.87, for a total value of $5,037,869.07. Following the transaction, the chairman now owns 1,511,433 shares of the company’s stock, valued at $98,046,658.71. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Keith Smith sold 75,000 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $63.92, for a total transaction of $4,794,000.00. Following the sale, the chief executive officer now owns 1,119,625 shares of the company’s stock, valued at $71,566,430. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Chairman Marianne Boyd Johnson sold 77,661 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $64.87, for a total value of $5,037,869.07. Following the sale, the chairman now directly owns 1,511,433 shares in the company, valued at approximately $98,046,658.71. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 582,910 shares of company stock valued at $37,299,461. 27.94% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Boyd Gaming

Hedge funds have recently modified their holdings of the business. Parkside Financial Bank & Trust raised its position in shares of Boyd Gaming by 105.5% during the third quarter. Parkside Financial Bank & Trust now owns 411 shares of the company’s stock worth $25,000 after purchasing an additional 211 shares during the period. Rakuten Securities Inc. bought a new position in shares of Boyd Gaming during the fourth quarter worth about $30,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Boyd Gaming by 57.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 518 shares of the company’s stock worth $35,000 after buying an additional 189 shares in the last quarter. Principal Securities Inc. bought a new position in shares of Boyd Gaming during the fourth quarter worth about $50,000. Finally, Allworth Financial LP grew its holdings in shares of Boyd Gaming by 3,333.3% during the fourth quarter. Allworth Financial LP now owns 1,030 shares of the company’s stock worth $64,000 after buying an additional 1,000 shares in the last quarter. Institutional investors and hedge funds own 76.81% of the company’s stock.

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.