CX Institutional Lowers Stock Position in Boyd Gaming Corporation $BYD

CX Institutional lowered its stake in shares of Boyd Gaming Corporation (NYSE:BYD) by 3.3% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 12,850 shares of the company’s stock after selling 444 shares during the quarter. CX Institutional’s holdings in Boyd Gaming were worth $1,005,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Advisors Asset Management Inc. grew its position in Boyd Gaming by 56.8% during the first quarter. Advisors Asset Management Inc. now owns 541 shares of the company’s stock valued at $36,000 after buying an additional 196 shares during the period. GAMMA Investing LLC boosted its position in Boyd Gaming by 68.0% during the first quarter. GAMMA Investing LLC now owns 773 shares of the company’s stock worth $51,000 after purchasing an additional 313 shares during the period. Parallel Advisors LLC boosted its position in Boyd Gaming by 24.5% during the second quarter. Parallel Advisors LLC now owns 685 shares of the company’s stock worth $54,000 after purchasing an additional 135 shares during the period. UMB Bank n.a. boosted its position in Boyd Gaming by 156.0% during the first quarter. UMB Bank n.a. now owns 1,006 shares of the company’s stock worth $66,000 after purchasing an additional 613 shares during the period. Finally, Caitong International Asset Management Co. Ltd boosted its position in Boyd Gaming by 28.0% during the first quarter. Caitong International Asset Management Co. Ltd now owns 1,210 shares of the company’s stock worth $80,000 after purchasing an additional 265 shares during the period. Institutional investors own 76.81% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on BYD shares. Raymond James Financial reiterated an “outperform” rating on shares of Boyd Gaming in a research report on Monday, September 8th. Mizuho increased their target price on shares of Boyd Gaming from $86.00 to $89.00 and gave the stock an “outperform” rating in a research report on Friday, July 25th. Stifel Nicolaus increased their target price on shares of Boyd Gaming from $87.00 to $90.00 and gave the stock a “hold” rating in a research report on Friday, July 25th. Susquehanna lowered shares of Boyd Gaming from a “positive” rating to a “neutral” rating and increased their target price for the stock from $76.00 to $86.00 in a research report on Friday, July 11th. Finally, JPMorgan Chase & Co. started coverage on shares of Boyd Gaming in a research report on Monday, June 23rd. They issued a “neutral” rating and a $79.00 price objective for the company. Six research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Boyd Gaming has a consensus rating of “Hold” and a consensus price target of $87.83.

Boyd Gaming Stock Performance

Boyd Gaming stock opened at $83.23 on Monday. Boyd Gaming Corporation has a fifty-two week low of $58.94 and a fifty-two week high of $87.83. The stock’s 50 day simple moving average is $84.17 and its two-hundred day simple moving average is $75.99. The company has a debt-to-equity ratio of 2.53, a quick ratio of 0.82 and a current ratio of 0.86. The stock has a market cap of $6.67 billion, a price-to-earnings ratio of 12.80, a PEG ratio of 2.36 and a beta of 1.23.

Boyd Gaming (NYSE:BYD) last posted its quarterly earnings data on Thursday, July 24th. The company reported $1.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.67 by $0.20. The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $976.81 million. Boyd Gaming had a return on equity of 40.65% and a net margin of 14.02%.The firm’s quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.58 earnings per share. As a group, analysts expect that Boyd Gaming Corporation will post 6.52 earnings per share for the current fiscal year.

Boyd Gaming Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Monday, September 15th will be paid a dividend of $0.18 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $0.72 annualized dividend and a yield of 0.9%. Boyd Gaming’s payout ratio is presently 11.08%.

Insiders Place Their Bets

In related news, COO Ted Bogich sold 16,497 shares of the firm’s stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $83.18, for a total transaction of $1,372,220.46. Following the completion of the transaction, the chief operating officer owned 45,116 shares of the company’s stock, valued at $3,752,748.88. This trade represents a 26.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Josh Hirsberg sold 40,035 shares of the firm’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $85.41, for a total transaction of $3,419,389.35. Following the sale, the chief financial officer owned 420,185 shares of the company’s stock, valued at approximately $35,888,000.85. This represents a 8.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 385,438 shares of company stock valued at $32,638,085. Insiders own 21.97% of the company’s stock.

Boyd Gaming 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.