Norges Bank Makes New $58.76 Million Investment in Boyd Gaming Corporation $BYD

Norges Bank bought a new position in Boyd Gaming Corporation (NYSE:BYD) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 689,379 shares of the company’s stock, valued at approximately $58,763,000.

Several other institutional investors also recently modified their holdings of the business. First Horizon Corp bought a new stake in Boyd Gaming during the fourth quarter worth $41,000. Advisors Asset Management Inc. grew its stake in Boyd Gaming by 56.8% in the 1st quarter. Advisors Asset Management Inc. now owns 541 shares of the company’s stock valued at $36,000 after purchasing an additional 196 shares during the period. Employees Retirement System of Texas bought a new position in Boyd Gaming in the 3rd quarter valued at $53,000. Geneos Wealth Management Inc. increased its position in shares of Boyd Gaming by 139.9% during the 2nd quarter. Geneos Wealth Management Inc. now owns 619 shares of the company’s stock valued at $48,000 after purchasing an additional 361 shares during the last quarter. Finally, TD Private Client Wealth LLC raised its stake in shares of Boyd Gaming by 24.5% during the 4th quarter. TD Private Client Wealth LLC now owns 854 shares of the company’s stock worth $73,000 after purchasing an additional 168 shares during the period. 76.81% of the stock is owned by institutional investors.

Boyd Gaming Stock Performance

NYSE BYD opened at $87.78 on Monday. The company’s 50 day simple moving average is $84.03 and its two-hundred day simple moving average is $83.93. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.60 and a quick ratio of 0.58. Boyd Gaming Corporation has a 1 year low of $73.00 and a 1 year high of $89.96. The stock has a market capitalization of $6.52 billion, a PE ratio of 3.85, a P/E/G ratio of 2.05 and a beta of 1.08.

Boyd Gaming (NYSE:BYD) last released its quarterly earnings results on Thursday, April 23rd. The company reported $1.60 earnings per share for the quarter, missing the consensus estimate of $1.76 by ($0.16). Boyd Gaming had a return on equity of 25.63% and a net margin of 44.84%.The firm had revenue of $997.36 million during the quarter, compared to the consensus estimate of $1.04 billion. During the same period in the previous year, the company posted $1.62 EPS. The company’s revenue for the quarter was up .6% compared to the same quarter last year. Analysts predict that Boyd Gaming Corporation will post 7.32 earnings per share for the current fiscal year.

Boyd Gaming Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Monday, June 15th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Monday, June 15th. Boyd Gaming’s dividend payout ratio is currently 3.51%.

Boyd Gaming declared that its Board of Directors has approved a share buyback program on Thursday, April 23rd that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 7.7% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Stifel Nicolaus cut their price target on shares of Boyd Gaming from $95.00 to $91.00 and set a “hold” rating on the stock in a report on Friday, April 24th. Barclays decreased their price objective on shares of Boyd Gaming from $87.00 to $86.00 and set an “equal weight” rating for the company in a report on Friday, April 24th. Citigroup boosted their target price on shares of Boyd Gaming from $86.00 to $90.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. Mizuho reduced their target price on shares of Boyd Gaming from $99.00 to $96.00 and set an “outperform” rating for the company in a research report on Friday, April 24th. Finally, Weiss Ratings upgraded shares of Boyd Gaming from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $92.08.

Insider Activity

In other Boyd Gaming news, CEO Keith Smith sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $85.90, for a total value of $8,590,000.00. Following the sale, the chief executive officer owned 996,981 shares of the company’s stock, valued at $85,640,667.90. This trade represents a 9.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Marianne Boyd Johnson sold 62,914 shares of Boyd Gaming stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $84.03, for a total value of $5,286,663.42. Following the sale, the chairman owned 1,609,808 shares of the company’s stock, valued at approximately $135,272,166.24. This trade represents a 3.76% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 200,000 shares of company stock worth $17,038,987. Insiders own 22.82% of the company’s stock.

Boyd Gaming 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.