Boyd Gaming (NYSE:BYD) CEO Keith Smith Sells 100,000 Shares

Key Points

• Boyd Gaming CEO Keith Smith sold 100,000 shares on June 3 at an average price of $85.90, totaling about $8.59 million. After the sale, he still owned nearly 997,000 shares, reducing his stake by 9.12%.
• The company recently reported weaker-than-expected quarterly results, with EPS of $1.60 versus estimates of $1.76 and revenue of $997.36 million versus expectations of $1.04 billion. Revenue was still up 0.6% year over year.
• Boyd Gaming announced a quarterly dividend and a $500 million share buyback program. The dividend is $0.20 per share, or $0.80 annually, for a yield of about 0.9%.

Boyd Gaming Corporation (NYSE:BYD - Get Free Report) CEO Keith Smith sold 100,000 shares of the company's stock in a transaction dated 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 completion of the transaction, the chief executive officer owned 996,981 shares of the company's stock, valued at approximately $85,640,667.90. This trade represents a 9.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink.

Boyd Gaming Price Performance

Shares of Boyd Gaming stock traded up $1.30 during trading hours on Thursday, reaching $88.24. The stock had a trading volume of 966,615 shares, compared to its average volume of 955,613. The stock's 50 day moving average is $83.90 and its 200 day moving average is $83.80. The firm has a market capitalization of $6.56 billion, a PE ratio of 3.87, a PEG ratio of 1.98 and a beta of 1.08. Boyd Gaming Corporation has a twelve month low of $72.71 and a twelve month high of $89.96. The company has a current ratio of 0.60, a quick ratio of 0.58 and a debt-to-equity ratio of 0.90.

Boyd Gaming (NYSE:BYD - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The company reported $1.60 earnings per share for the quarter, missing analysts' consensus estimates of $1.76 by ($0.16). The firm had revenue of $997.36 million during the quarter, compared to analyst estimates of $1.04 billion. Boyd Gaming had a return on equity of 25.63% and a net margin of 44.84%.The company's revenue was up .6% on a year-over-year basis. During the same quarter last year, the company posted $1.62 EPS. Equities analysts expect that Boyd Gaming Corporation will post 7.32 earnings per share for the current fiscal year.

Boyd Gaming Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th will be issued a $0.20 dividend. This represents a $0.80 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Monday, June 15th. Boyd Gaming's dividend payout ratio is currently 3.51%.

Boyd Gaming announced that its board has initiated a share buyback program on Thursday, April 23rd that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 7.7% of its stock through open market purchases. Stock buyback programs are often an indication that the company's leadership believes its shares are undervalued.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Blue Trust Inc. lifted its position in shares of Boyd Gaming by 23.0% during the first quarter. Blue Trust Inc. now owns 653 shares of the company's stock worth $54,000 after purchasing an additional 122 shares in the last quarter. Assetmark Inc. lifted its position in shares of Boyd Gaming by 9.1% during the first quarter. Assetmark Inc. now owns 1,553 shares of the company's stock worth $128,000 after purchasing an additional 129 shares in the last quarter. Optas LLC lifted its position in shares of Boyd Gaming by 4.1% during the first quarter. Optas LLC now owns 3,486 shares of the company's stock worth $286,000 after purchasing an additional 138 shares in the last quarter. Alps Advisors Inc. lifted its position in shares of Boyd Gaming by 2.7% during the third quarter. Alps Advisors Inc. now owns 5,384 shares of the company's stock worth $465,000 after purchasing an additional 141 shares in the last quarter. Finally, Altshuler Shaham Ltd lifted its position in shares of Boyd Gaming by 54.3% during the first quarter. Altshuler Shaham Ltd now owns 452 shares of the company's stock worth $37,000 after purchasing an additional 159 shares in the last quarter. 76.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BYD has been the topic of a number of research reports. Morgan Stanley reiterated a "mixed" rating on shares of Boyd Gaming in a report on Wednesday, April 8th. Stifel Nicolaus reduced their price objective 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 reduced their price objective on shares of Boyd Gaming from $87.00 to $86.00 and set an "equal weight" rating on the stock in a report on Friday, April 24th. JPMorgan Chase & Co. raised their price objective on shares of Boyd Gaming from $89.00 to $90.00 and gave the company a "neutral" rating in a report on Friday, April 24th. Finally, Susquehanna dropped their target price on shares of Boyd Gaming from $89.00 to $87.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 7th. Five analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat, Boyd Gaming has an average rating of "Hold" and a consensus price target of $92.08.

About Boyd Gaming

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.

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