Barclays Forecasts Strong Price Appreciation for Boyd Gaming (NYSE:BYD) Stock

Boyd Gaming (NYSE:BYD) had its price objective upped by investment analysts at Barclays from $71.00 to $74.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Barclays‘s price objective would suggest a potential downside of 1.89% from the stock’s previous close.

Other research analysts have also recently issued research reports about the company. Stifel Nicolaus increased their price objective on Boyd Gaming from $67.00 to $74.00 and gave the stock a “hold” rating in a research report on Friday, October 25th. Wells Fargo & Company lifted their price objective on shares of Boyd Gaming from $75.00 to $79.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. JPMorgan Chase & Co. boosted their price objective on shares of Boyd Gaming from $69.00 to $74.00 and gave the company a “neutral” rating in a report on Friday, December 13th. Truist Financial lifted their price target on shares of Boyd Gaming from $77.00 to $85.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Finally, Morgan Stanley increased their price target on Boyd Gaming from $74.00 to $78.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 22nd. Seven research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Boyd Gaming has an average rating of “Moderate Buy” and an average price target of $92.40.

Boyd Gaming Stock Down 0.3 %

Boyd Gaming stock opened at $75.43 on Friday. The company’s 50-day moving average price is $73.15 and its two-hundred day moving average price is $66.01. The company has a quick ratio of 0.79, a current ratio of 0.82 and a debt-to-equity ratio of 1.85. The stock has a market cap of $6.67 billion, a P/E ratio of 14.39, a P/E/G ratio of 4.21 and a beta of 1.54. Boyd Gaming has a twelve month low of $49.34 and a twelve month high of $76.73.

Boyd Gaming declared that its Board of Directors has initiated a share repurchase program on Thursday, December 5th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to reacquire up to 7.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In related news, CEO Keith Smith sold 30,000 shares of Boyd Gaming stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $72.15, for a total value of $2,164,500.00. Following the transaction, the chief executive officer now directly owns 1,101,202 shares of the company’s stock, valued at $79,451,724.30. The trade was a 2.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Christine J. Spadafor sold 660 shares of the stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $75.68, for a total transaction of $49,948.80. Following the sale, the director now directly owns 5,977 shares of the company’s stock, valued at $452,339.36. This represents a 9.94 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 147,364 shares of company stock valued at $10,590,893. 27.94% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Boyd Gaming

Several large investors have recently modified their holdings of BYD. Sanctuary Advisors LLC boosted its position in Boyd Gaming by 25.3% during the third quarter. Sanctuary Advisors LLC now owns 47,369 shares of the company’s stock valued at $3,062,000 after acquiring an additional 9,565 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its stake in shares of Boyd Gaming by 11,891.7% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 62,117 shares of the company’s stock valued at $4,016,000 after purchasing an additional 61,599 shares during the period. Weiss Asset Management LP bought a new stake in shares of Boyd Gaming during the 3rd quarter valued at about $7,101,000. Quadrature Capital Ltd grew its stake in Boyd Gaming by 201.3% during the third quarter. Quadrature Capital Ltd now owns 49,951 shares of the company’s stock worth $3,229,000 after purchasing an additional 33,374 shares during the period. Finally, GAMMA Investing LLC grew its stake in Boyd Gaming by 47.4% during the fourth quarter. GAMMA Investing LLC now owns 460 shares of the company’s stock worth $33,000 after purchasing an additional 148 shares during the period. 76.81% of the stock is currently owned by institutional investors and hedge funds.

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.