Allspring Global Investments Holdings LLC Lowers Stock Position in Boyd Gaming Corporation $BYD

Key Points

• Allspring Global Investments trimmed its position in Boyd Gaming by 5.4%, selling 18,240 shares and leaving it with 322,041 shares (about 0.41% of the company) valued at roughly $27.76 million; institutional investors own 76.81% of BYD.
• Boyd Gaming beat quarterly expectations with EPS of $2.21 versus $1.88 and revenue of $1.06 billion, reported strong profitability (ROE 30.14%, net margin 45.05%), and raised its quarterly dividend to $0.20 (annualized $0.80, ~1.0% yield).
• Insiders have been net sellers recently — including the CFO and a director — with 73,454 shares sold (~$6.23 million) over the past three months, while analysts carry an average "Hold" rating and a $92.58 price target.

Allspring Global Investments Holdings LLC lessened its position in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) by 5.4% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 322,041 shares of the company's stock after selling 18,240 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.41% of Boyd Gaming worth $27,757,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of BYD. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Boyd Gaming during the 2nd quarter valued at approximately $39,000. True Wealth Design LLC increased its stake in shares of Boyd Gaming by 162.1% during the third quarter. True Wealth Design LLC now owns 532 shares of the company's stock worth $46,000 after purchasing an additional 329 shares in the last quarter. Advisors Asset Management Inc. raised its position in shares of Boyd Gaming by 56.8% during 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 during the last quarter. SJS Investment Consulting Inc. purchased a new stake in Boyd Gaming during the 3rd quarter worth approximately $48,000. Finally, Employees Retirement System of Texas acquired a new position in shares of Boyd Gaming during the third quarter valued at approximately $53,000. Institutional investors and hedge funds own 76.81% of the company's stock.

Boyd Gaming Stock Performance

Shares of BYD stock opened at $83.72 on Friday. The company has a current ratio of 0.54, a quick ratio of 0.52 and a debt-to-equity ratio of 0.78. The stock has a 50 day simple moving average of $82.98 and a 200-day simple moving average of $83.34. The company has a market cap of $6.30 billion, a price-to-earnings ratio of 3.68, a price-to-earnings-growth ratio of 1.76 and a beta of 1.19. Boyd Gaming Corporation has a 12-month low of $58.94 and a 12-month high of $89.96.

Boyd Gaming (NYSE:BYD - Get Free Report) last posted its quarterly earnings results on Thursday, February 5th. The company reported $2.21 earnings per share for the quarter, beating analysts' consensus estimates of $1.88 by $0.33. Boyd Gaming had a return on equity of 30.14% and a net margin of 45.05%.The firm had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.02 billion. During the same period in the previous year, the business earned $1.96 earnings per share. The company's revenue for the quarter was up 2.0% compared to the same quarter last year. On average, equities analysts forecast that Boyd Gaming Corporation will post 6.52 EPS for the current year.

Boyd Gaming Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Monday, March 16th will be given a dividend of $0.20 per share. The ex-dividend date is Monday, March 16th. This is an increase from Boyd Gaming's previous quarterly dividend of $0.18. This represents a $0.80 annualized dividend and a yield of 1.0%. Boyd Gaming's dividend payout ratio (DPR) is currently 3.52%.

Insider Buying and Selling at Boyd Gaming

In other Boyd Gaming news, CFO Josh Hirsberg sold 23,924 shares of the company's stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $85.86, for a total value of $2,054,114.64. Following the sale, the chief financial officer owned 435,746 shares of the company's stock, valued at approximately $37,413,151.56. This represents a 5.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William R. Boyd sold 30,000 shares of the firm's stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $84.84, for a total value of $2,545,200.00. Following the completion of the transaction, the director owned 1,930,447 shares of the company's stock, valued at approximately $163,779,123.48. This represents a 1.53% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 73,454 shares of company stock valued at $6,231,827. Corporate insiders own 27.94% of the company's stock.

Wall Street Analysts Forecast Growth

BYD has been the topic of several research reports. Susquehanna decreased their price target on shares of Boyd Gaming from $90.00 to $89.00 and set a "neutral" rating on the stock in a research note on Wednesday, February 11th. Wells Fargo & Company lowered their target price on Boyd Gaming from $85.00 to $84.00 and set an "equal weight" rating on the stock in a report on Monday, February 9th. Morgan Stanley set a $86.00 price target on Boyd Gaming in a research report on Wednesday, February 11th. UBS Group set a $110.00 price objective on Boyd Gaming in a research note on Wednesday, December 24th. Finally, Stifel Nicolaus raised their target price on Boyd Gaming from $90.00 to $95.00 and gave the stock a "hold" rating in a research note on Friday, February 6th. Five analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $92.58.

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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