14,732 Shares in Boyd Gaming Corporation $BYD Acquired by Convergence Investment Partners LLC

Key Points

• Convergence Investment Partners opened a new position in Boyd Gaming, buying 14,732 shares worth about $1.26 million in the fourth quarter.
• Institutional interest remains high, with 76.81% of Boyd Gaming shares held by hedge funds and other institutional investors, even as several analysts adjusted price targets and the stock’s consensus rating stayed at Hold.
• Boyd Gaming reported Q1 earnings of $1.60 per share, missing expectations, while also announcing a $0.20 quarterly dividend and a $500 million share buyback authorization.

Convergence Investment Partners LLC acquired a new position in Boyd Gaming Corporation (NYSE:BYD - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 14,732 shares of the company's stock, valued at approximately $1,256,000.

A number of other hedge funds also recently added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership raised its holdings in Boyd Gaming by 11.6% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,478,130 shares of the company's stock worth $127,784,000 after acquiring an additional 153,462 shares during the last quarter. Franklin Resources Inc. raised its stake in Boyd Gaming by 16.6% during the 3rd quarter. Franklin Resources Inc. now owns 1,221,283 shares of the company's stock valued at $105,580,000 after buying an additional 173,868 shares during the last quarter. Invesco Ltd. raised its stake in Boyd Gaming by 109.8% during the 3rd quarter. Invesco Ltd. now owns 654,434 shares of the company's stock valued at $56,576,000 after buying an additional 342,575 shares during the last quarter. UBS Group AG raised its stake in Boyd Gaming by 196.9% during the 4th quarter. UBS Group AG now owns 611,207 shares of the company's stock valued at $52,099,000 after buying an additional 405,340 shares during the last quarter. Finally, Raymond James Financial Inc. raised its stake in Boyd Gaming by 0.5% during the 3rd quarter. Raymond James Financial Inc. now owns 600,065 shares of the company's stock valued at $51,876,000 after buying an additional 3,089 shares during the last quarter. 76.81% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on BYD shares. Barclays decreased their target price on shares of Boyd Gaming from $87.00 to $86.00 and set an "equal weight" rating for the company in a research note on Friday, April 24th. Mizuho decreased 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 note on Friday, April 24th. JPMorgan Chase & Co. boosted their target price on shares of Boyd Gaming from $89.00 to $90.00 and gave the company a "neutral" rating in a research note on Friday, April 24th. Wells Fargo & Company decreased their target price on shares of Boyd Gaming from $84.00 to $83.00 and set an "equal weight" rating for the company in a research note on Thursday, April 16th. Finally, Susquehanna decreased their target price on shares of Boyd Gaming from $89.00 to $87.00 and set a "neutral" rating for the company in a research note on Tuesday, April 7th. Five equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, Boyd Gaming currently has an average rating of "Hold" and a consensus target price of $92.08.

Insider Activity at Boyd Gaming

In other news, CFO Josh Hirsberg sold 23,924 shares of the firm's stock in a transaction that occurred on Thursday, February 26th. The shares were sold at an average price of $85.86, for a total transaction of $2,054,114.64. Following the transaction, the chief financial officer directly owned 435,746 shares of the company's stock, valued at approximately $37,413,151.56. This trade represents a 5.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Stephen S. Thompson sold 19,530 shares of the firm's stock in a transaction that occurred on Friday, February 27th. The stock was sold at an average price of $83.59, for a total transaction of $1,632,512.70. Following the transaction, the insider directly owned 22,009 shares in the company, valued at approximately $1,839,732.31. This trade represents a 47.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 173,454 shares of company stock valued at $14,680,814. 22.82% of the stock is owned by insiders.

Boyd Gaming Stock Performance

Boyd Gaming stock opened at $79.01 on Friday. 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 $72.01 and a 1-year high of $89.96. The firm has a market capitalization of $5.87 billion, a P/E ratio of 3.46, a price-to-earnings-growth ratio of 1.85 and a beta of 1.11. The company's 50-day moving average is $83.82 and its 200 day moving average is $83.60.

Boyd Gaming (NYSE:BYD - Get Free Report) last posted 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). 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 analysts' expectations of $1.04 billion. During the same period last year, the company earned $1.62 earnings per share. The business's revenue for the quarter was up .6% compared to the same quarter last year. Research analysts forecast that Boyd Gaming Corporation will post 7.32 EPS for the current year.

Boyd Gaming Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th will be given a dividend of $0.20 per share. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.0%. Boyd Gaming's dividend payout ratio (DPR) is 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 buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 7.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board believes its stock is undervalued.

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.

Want to see what other hedge funds are holding BYD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Boyd Gaming Corporation (NYSE:BYD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.