Boyd Gaming Co. (NYSE:BYD) was the recipient of a significant decline in short interest during the month of November. As of November 15th, there was short interest totalling 2,720,000 shares, a decline of 19.8% from the October 31st total of 3,390,000 shares. Based on an average daily volume of 1,190,000 shares, the days-to-cover ratio is presently 2.3 days. Approximately 3.3% of the shares of the stock are sold short.
Shares of NYSE BYD opened at $59.68 on Friday. The company has a debt-to-equity ratio of 2.18, a quick ratio of 1.23 and a current ratio of 1.26. The firm has a market capitalization of $6.71 billion, a price-to-earnings ratio of 14.18, a PEG ratio of 0.28 and a beta of 2.05. The stock has a 50 day moving average price of $63.81 and a 200 day moving average price of $61.27. Boyd Gaming has a 52-week low of $40.17 and a 52-week high of $71.00.
Boyd Gaming (NYSE:BYD) last announced its quarterly earnings results on Monday, October 25th. The company reported $1.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.26 by $0.04. The firm had revenue of $843.06 million during the quarter, compared to analyst estimates of $839.74 million. Boyd Gaming had a return on equity of 36.91% and a net margin of 13.99%. Boyd Gaming’s quarterly revenue was up 29.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.38 earnings per share. Analysts forecast that Boyd Gaming will post 4.83 earnings per share for the current year.
In other news, VP William R. Boyd sold 15,000 shares of Boyd Gaming stock in a transaction dated Wednesday, November 3rd. The stock was sold at an average price of $67.54, for a total value of $1,013,100.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 27.94% of the company’s stock.
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Hedge funds and other institutional investors have recently made changes to their positions in the stock. Selective Wealth Management Inc. purchased a new stake in Boyd Gaming during the third quarter worth $25,000. First Horizon Advisors Inc. lifted its holdings in Boyd Gaming by 100.0% during the third quarter. First Horizon Advisors Inc. now owns 452 shares of the company’s stock worth $26,000 after buying an additional 226 shares during the period. Arkadios Wealth Advisors purchased a new stake in Boyd Gaming during the third quarter worth $37,000. Global Wealth Management Investment Advisory Inc. purchased a new stake in Boyd Gaming during the third quarter worth $40,000. Finally, Berman Capital Advisors LLC lifted its holdings in Boyd Gaming by 34.7% during the third quarter. Berman Capital Advisors LLC now owns 636 shares of the company’s stock worth $40,000 after buying an additional 164 shares during the period. Hedge funds and other institutional investors own 64.88% of the company’s stock.
BYD has been the topic of several analyst reports. Morgan Stanley boosted their price objective on Boyd Gaming from $82.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 20th. Deutsche Bank Aktiengesellschaft reduced their price objective on Boyd Gaming from $81.00 to $78.00 and set a “buy” rating on the stock in a research note on Monday, November 29th. Stifel Nicolaus boosted their target price on Boyd Gaming from $88.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, October 27th. Finally, Wells Fargo & Company restated an “overweight” rating and set a $92.00 target price on shares of Boyd Gaming in a research report on Thursday, October 21st. Eight equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $79.56.
About Boyd Gaming
Boyd Gaming Corp. engages in the management and operation of gaming and entertainment properties. It operates through the following segments: Las Vegas Locals, Downtown Las Vegas and Midwest & South. The Las Vegas Locals segment consists of casinos that serve the resident population of the Las Vegas metropolitan area.
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