Allspring Global Investments Holdings LLC Buys 58,593 Shares of Boyd Gaming Corporation $BYD

Key Points

• Allspring Global Investments Holdings LLC increased its stake in Boyd Gaming Corporation by 23.3%, acquiring an additional 58,593 shares to own approximately 0.38% of the company, valued at $24.9 million.
• Insiders including the CFO and COO recently sold significant amounts of Boyd Gaming stock, with total insider sales reaching $32.6 million over the past ninety days.
• Bod Gaming announced a quarterly dividend of $0.18 per share, representing a 0.9% yield, with a payout ratio of 11.08%.

Allspring Global Investments Holdings LLC lifted its stake in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) by 23.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 309,738 shares of the company's stock after acquiring an additional 58,593 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.38% of Boyd Gaming worth $24,912,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in BYD. Parallel Advisors LLC lifted its holdings in Boyd Gaming by 24.5% in the 2nd quarter. Parallel Advisors LLC now owns 685 shares of the company's stock worth $54,000 after purchasing an additional 135 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Boyd Gaming by 24.2% in the 2nd quarter. GAMMA Investing LLC now owns 960 shares of the company's stock worth $75,000 after purchasing an additional 187 shares in the last quarter. Advisors Asset Management Inc. lifted its holdings in Boyd Gaming by 56.8% in the 1st quarter. Advisors Asset Management Inc. now owns 541 shares of the company's stock worth $36,000 after purchasing an additional 196 shares in the last quarter. Louisiana State Employees Retirement System raised its holdings in shares of Boyd Gaming by 1.1% during the 1st quarter. Louisiana State Employees Retirement System now owns 18,600 shares of the company's stock worth $1,224,000 after acquiring an additional 200 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its holdings in shares of Boyd Gaming by 0.4% during the 1st quarter. State of Alaska Department of Revenue now owns 47,753 shares of the company's stock worth $3,143,000 after acquiring an additional 205 shares in the last quarter. 76.81% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Boyd Gaming news, CFO Josh Hirsberg sold 40,035 shares of the company's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $85.41, for a total value of $3,419,389.35. Following the transaction, the chief financial officer owned 420,185 shares of the company's stock, valued at $35,888,000.85. This represents a 8.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Ted Bogich sold 16,497 shares of the company's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $83.18, for a total value of $1,372,220.46. Following the completion of the transaction, the chief operating officer directly owned 45,116 shares in the company, valued at $3,752,748.88. This trade represents a 26.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 385,438 shares of company stock worth $32,638,085 over the last ninety days. Corporate insiders own 27.94% of the company's stock.

Boyd Gaming Stock Performance

Shares of Boyd Gaming stock opened at $82.12 on Friday. The stock's fifty day moving average is $84.57 and its two-hundred day moving average is $78.08. The company has a market capitalization of $6.58 billion, a PE ratio of 12.63, a price-to-earnings-growth ratio of 2.34 and a beta of 1.30. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 2.53. Boyd Gaming Corporation has a 52 week low of $58.94 and a 52 week high of $88.49.

Boyd Gaming (NYSE:BYD - Get Free Report) last announced its quarterly earnings data on Tuesday, April 11th. The company reported $1.35 EPS for the quarter. The company had revenue of $707.32 million for the quarter. Boyd Gaming had a return on equity of 40.65% and a net margin of 14.02%. As a group, analysts expect that Boyd Gaming Corporation will post 6.52 earnings per share for the current year.

Boyd Gaming Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Monday, September 15th were given a $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend was Monday, September 15th. Boyd Gaming's dividend payout ratio is 11.08%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Susquehanna cut Boyd Gaming from a "positive" rating to a "neutral" rating and upped their price objective for the stock from $76.00 to $86.00 in a report on Friday, July 11th. Macquarie upped their price objective on Boyd Gaming from $74.00 to $88.00 and gave the stock a "neutral" rating in a report on Monday, July 28th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of Boyd Gaming in a report on Wednesday, October 8th. Barclays upped their price objective on Boyd Gaming from $73.00 to $87.00 and gave the stock an "equal weight" rating in a report on Friday, July 18th. Finally, Raymond James Financial reaffirmed an "outperform" rating on shares of Boyd Gaming in a report on Monday, September 8th. Seven investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $88.67.

Boyd Gaming Profile

Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. The company operates through Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online segments.

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