456,031 Shares in Boyd Gaming Corporation $BYD Acquired by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon acquired 456,031 shares of Boyd Gaming worth approximately $40.3 million, giving it a 0.63% stake. Institutional investors collectively own 76.81% of the company.
• Boyd Gaming exceeded quarterly earnings expectations, reporting $1.93 in EPS versus the $1.89 consensus, while revenue reached $1.03 billion. Analysts maintain a consensus “Hold” rating with an average price target of $94.69.
• Insiders have been net sellers, with the CEO and CFO selling shares and insiders disposing of 112,789 shares worth about $9.7 million over the past 90 days. Boyd also declared a quarterly dividend of $0.20 per share, representing a 1.0% annualized yield.

Bank of New York Mellon Corp purchased a new stake in Boyd Gaming Corporation (NYSE:BYD - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 456,031 shares of the company's stock, valued at approximately $40,281,000. Bank of New York Mellon Corp owned 0.63% of Boyd Gaming at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Blue Trust Inc. boosted its holdings in shares of Boyd Gaming by 23.0% in the 1st quarter. Blue Trust Inc. now owns 653 shares of the company's stock worth $54,000 after acquiring an additional 122 shares in the last quarter. Assetmark Inc. lifted its position in Boyd Gaming by 9.1% during the 1st quarter. Assetmark Inc. now owns 1,553 shares of the company's stock valued at $128,000 after purchasing an additional 129 shares during the period. Optas LLC raised its position in shares of Boyd Gaming by 4.1% during the 1st quarter. Optas LLC now owns 3,486 shares of the company's stock valued at $286,000 after acquiring an additional 138 shares during the last quarter. Altshuler Shaham Ltd lifted its stake in Boyd Gaming by 54.3% in the first quarter. Altshuler Shaham Ltd now owns 452 shares of the company's stock valued at $37,000 after buying an additional 159 shares during the period. Finally, TD Private Client Wealth LLC raised its position in shares of Boyd Gaming by 24.5% in the 4th quarter. TD Private Client Wealth LLC now owns 854 shares of the company's stock valued at $73,000 after acquiring an additional 168 shares during the period. 76.81% of the stock is owned by institutional investors.

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 completion of the sale, the chief executive officer directly 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Josh Hirsberg sold 12,777 shares of the business's stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $89.76, for a total value of $1,146,863.52. Following the completion of 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 ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 112,789 shares of company stock valued at $9,737,848. Corporate insiders own 22.82% of the company's stock.

Boyd Gaming Stock Up 0.1%

BYD opened at $79.67 on Friday. The stock's fifty day simple moving average is $85.65 and its 200 day simple moving average is $84.49. Boyd Gaming Corporation has a 1-year low of $76.33 and a 1-year high of $91.41. The stock has a market cap of $5.79 billion, a PE ratio of 3.51, a price-to-earnings-growth ratio of 1.97 and a beta of 1.08. The company has a current ratio of 0.77, a quick ratio of 0.74 and a debt-to-equity ratio of 1.05.

Boyd Gaming (NYSE:BYD - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The company reported $1.93 EPS for the quarter, topping analysts' consensus estimates of $1.89 by $0.04. The firm had revenue of $1.03 billion during 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 company's revenue for the quarter was up .0% compared to the same quarter last year. During the same period in the previous year, the business posted $1.87 earnings per share. As a group, research analysts expect that Boyd Gaming Corporation will post 7.29 earnings per share for the current year.

Boyd Gaming Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.20 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.80 annualized dividend and a yield of 1.0%. Boyd Gaming's dividend payout ratio (DPR) is 3.52%.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Weiss Ratings downgraded Boyd Gaming from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, August 11th. Stifel Nicolaus increased their price objective on Boyd Gaming from $91.00 to $92.00 and gave the stock a "hold" rating in a report on Friday, July 24th. JPMorgan Chase & Co. lifted their target price on Boyd Gaming from $90.00 to $93.00 and gave the company a "neutral" rating in a research report on Wednesday, July 15th. Barclays boosted their target price on Boyd Gaming from $86.00 to $87.00 and gave the company an "equal weight" rating in a research note on Friday, July 24th. Finally, The Goldman Sachs Group assumed coverage on Boyd Gaming in a research report on Friday, June 26th. They set a "neutral" rating and a $91.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and ten have issued a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price 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.

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