Amundi Decreases Stock Holdings in Boyd Gaming Corporation $BYD

Key Points

• Amundi cut its Boyd Gaming stake by 35.4% in the first quarter, selling 16,481 shares and retaining 30,111 shares valued at approximately $2.48 million. Institutional investors collectively own 76.81% of the company.
• Analyst sentiment remains mixed: Boyd Gaming has a consensus rating of “Hold” and an average price target of $94.69, although Benchmark initiated coverage with a Buy rating and a $100 target.
• Boyd Gaming beat quarterly earnings expectations with EPS of $1.93 versus the $1.89 consensus, while revenue reached $1.03 billion. The company also authorized a $500 million share-repurchase program, and its CEO and CFO recently sold shares.

Amundi trimmed its position in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) by 35.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 30,111 shares of the company's stock after selling 16,481 shares during the period. Amundi's holdings in Boyd Gaming were worth $2,475,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of BYD. Blue Trust Inc. grew its stake in shares of Boyd Gaming by 23.0% in the first quarter. Blue Trust Inc. now owns 653 shares of the company's stock worth $54,000 after purchasing an additional 122 shares during the last quarter. Assetmark Inc. lifted its holdings in Boyd Gaming by 9.1% in the 1st quarter. Assetmark Inc. now owns 1,553 shares of the company's stock worth $128,000 after buying an additional 129 shares during the period. Optas LLC lifted its holdings in Boyd Gaming by 4.1% in the 1st quarter. Optas LLC now owns 3,486 shares of the company's stock worth $286,000 after buying an additional 138 shares during the period. TD Private Client Wealth LLC grew 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 worth $73,000 after buying an additional 168 shares during the last quarter. Finally, Advisors Asset Management Inc. grew its position in shares of 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 buying an additional 196 shares during the last quarter. 76.81% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Susquehanna upped their target price on Boyd Gaming from $84.00 to $87.00 and gave the company a "neutral" rating in a report on Friday, July 24th. Wells Fargo & Company raised their price target on Boyd Gaming from $81.00 to $88.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 14th. Benchmark began coverage on shares of Boyd Gaming in a report on Monday, June 22nd. They issued a "buy" rating and a $100.00 price target on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Boyd Gaming from $90.00 to $93.00 and gave the company a "neutral" rating in a research report on Wednesday, July 15th. Finally, Texas Capital upgraded shares of Boyd Gaming to a "strong-buy" rating in a report on Wednesday, June 3rd. One research 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. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $94.69.

Insiders Place Their Bets

In other news, CEO Keith Smith sold 100,000 shares of Boyd Gaming stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $85.90, for a total value 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 $85,640,667.90. The trade was a 9.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Josh Hirsberg sold 12,777 shares of the company's stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $89.76, for a total transaction of $1,146,863.52. Following the completion of the transaction, the chief financial officer owned 422,969 shares in the company, valued at approximately $37,965,697.44. The trade was a 2.93% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 22.82% of the company's stock.

Boyd Gaming Stock Performance

Boyd Gaming stock opened at $84.16 on Friday. The company has a quick ratio of 0.74, a current ratio of 0.77 and a debt-to-equity ratio of 1.05. The company has a market capitalization of $6.11 billion, a P/E ratio of 3.70, a PEG ratio of 2.06 and a beta of 1.08. The stock's 50 day moving average is $87.07 and its 200 day moving average is $84.78. Boyd Gaming Corporation has a twelve month low of $76.33 and a twelve month high of $91.41.

Boyd Gaming (NYSE:BYD - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $1.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.89 by $0.04. The business had revenue of $1.03 billion during the quarter, compared to analysts' expectations of $1.04 billion. Boyd Gaming had a return on equity of 22.52% and a net margin of 44.34%.The firm's quarterly revenue was up .0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.87 earnings per share. On average, equities research analysts predict that Boyd Gaming Corporation will post 7.29 earnings per share for the current fiscal year.

Boyd Gaming declared that its Board of Directors has initiated a stock repurchase program on Thursday, April 23rd that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to purchase up to 7.7% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board believes its shares are 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.

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