Foster & Motley Inc. Buys New Position in Boyd Gaming Corporation $BYD

Foster & Motley Inc. purchased a new position in shares of Boyd Gaming Corporation (NYSE:BYD) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 102,878 shares of the company’s stock, valued at approximately $9,087,000.

Other large investors also recently modified their holdings of the company. Altshuler Shaham Ltd bought a new stake in shares of Boyd Gaming in the 4th quarter valued at $25,000. Los Angeles Capital Management LLC bought a new position in Boyd Gaming during the fourth quarter worth $25,000. Advisors Asset Management Inc. boosted its stake in Boyd Gaming by 56.8% during the first quarter. Advisors Asset Management Inc. now owns 541 shares of the company’s stock worth $36,000 after acquiring an additional 196 shares in the last quarter. First Horizon Corp acquired a new stake in Boyd Gaming in the fourth quarter worth $41,000. Finally, Bessemer Group Inc. grew its holdings in Boyd Gaming by 62.8% in the first quarter. Bessemer Group Inc. now owns 526 shares of the company’s stock worth $43,000 after purchasing an additional 203 shares during the period. Institutional investors and hedge funds own 76.81% of the company’s stock.

Insider Buying and Selling

In related news, CEO Keith Smith sold 100,000 shares of Boyd Gaming stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $85.90, for a total transaction of $8,590,000.00. Following the transaction, the chief executive officer owned 996,981 shares of the company’s stock, valued at $85,640,667.90. The trade was a 9.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Josh Hirsberg sold 12,777 shares of the company’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $89.76, for a total value of $1,146,863.52. Following the sale, the chief financial officer owned 422,969 shares of the company’s stock, valued at $37,965,697.44. This trade represents a 2.93% decrease in their position. The SEC filing for this sale provides additional information. 22.82% of the stock is owned by company insiders.

Boyd Gaming Stock Performance

BYD opened at $82.70 on Wednesday. The company has a current ratio of 0.77, a quick ratio of 0.74 and a debt-to-equity ratio of 1.05. The company’s fifty day moving average price is $86.49 and its two-hundred day moving average price is $84.67. Boyd Gaming Corporation has a 1-year low of $76.33 and a 1-year high of $91.41. The company has a market cap of $6.01 billion, a price-to-earnings ratio of 3.64, a PEG ratio of 2.06 and a beta of 1.08.

Boyd Gaming (NYSE:BYD) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.04. The business had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Boyd Gaming had a net margin of 44.34% and a return on equity of 22.52%. The firm’s revenue for the quarter was up .0% compared to the same quarter last year. During the same quarter last year, the firm earned $1.87 EPS. On average, analysts expect that Boyd Gaming Corporation will post 7.29 EPS for the current fiscal year.

Boyd Gaming declared that its board has authorized a stock repurchase program on Thursday, April 23rd that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 7.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Boyd Gaming Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Tuesday, September 15th will be issued a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Tuesday, September 15th. Boyd Gaming’s dividend payout ratio (DPR) is currently 3.52%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Benchmark assumed coverage on shares of Boyd Gaming in a report on Monday, June 22nd. They set a “buy” rating and a $100.00 price objective on the stock. Stifel Nicolaus raised their target price on Boyd Gaming from $91.00 to $92.00 and gave the company a “hold” rating in a research note on Friday, July 24th. Wells Fargo & Company boosted their target price on Boyd Gaming from $81.00 to $88.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 14th. Barclays upped their price target on Boyd Gaming from $86.00 to $87.00 and gave the stock an “equal weight” rating in a research note on Friday, July 24th. Finally, Morgan Stanley cut their price target on Boyd Gaming from $90.00 to $89.00 and set an “equal weight” rating on the stock in a report on Monday, July 27th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $94.69.

Boyd Gaming Company Profile

Boyd Gaming Corporation (NYSE: BYD) is a diversified hospitality and gaming company headquartered in Las Vegas, Nevada. The company develops, owns and operates a portfolio of branded gaming and entertainment properties, including casinos, hotels, restaurants and meeting facilities. Boyd Gaming’s offerings range from slot machines and table games to live entertainment, dining concepts and convention space, designed to appeal to both regional and destination visitors.

Founded in 1975 by its namesake, William S.