Aristeia Capital L.L.C. Invests $319,000 in Boyd Gaming Corporation $BYD

Key Points

• Aristeia Capital has invested approximately $319,000 in Boyd Gaming Corporation by acquiring 4,844 shares of its stock during the first quarter.
• A combination of large institutional investors, including Ameriprise Financial and BNP Paribas Financial Markets, have significantly increased their stakes in Boyd Gaming, showcasing strong institutional interest.
• Boyd Gaming recently declared a quarterly dividend of $0.18 per share, which will be paid on October 15th, representing an annualized yield of 0.8%.

Aristeia Capital L.L.C. acquired a new position in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 4,844 shares of the company's stock, valued at approximately $319,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ameriprise Financial Inc. grew its holdings in Boyd Gaming by 19.1% in the 4th quarter. Ameriprise Financial Inc. now owns 193,768 shares of the company's stock valued at $14,057,000 after buying an additional 31,130 shares during the period. BNP Paribas Financial Markets grew its holdings in Boyd Gaming by 81.7% in the 4th quarter. BNP Paribas Financial Markets now owns 34,361 shares of the company's stock valued at $2,493,000 after buying an additional 15,451 shares during the period. Cetera Investment Advisers grew its holdings in Boyd Gaming by 247.3% in the 4th quarter. Cetera Investment Advisers now owns 15,976 shares of the company's stock valued at $1,159,000 after buying an additional 11,376 shares during the period. CoreCap Advisors LLC grew its holdings in Boyd Gaming by 91.0% in the 4th quarter. CoreCap Advisors LLC now owns 573 shares of the company's stock valued at $42,000 after buying an additional 273 shares during the period. Finally, Lazard Asset Management LLC grew its holdings in Boyd Gaming by 91.6% in the 4th quarter. Lazard Asset Management LLC now owns 28,160 shares of the company's stock valued at $2,042,000 after buying an additional 13,461 shares during the period. Hedge funds and other institutional investors own 76.81% of the company's stock.

Insider Activity at Boyd Gaming

In other news, CEO Keith Smith sold 25,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $85.21, for a total transaction of $2,130,250.00. Following the completion of the transaction, the chief executive officer directly owned 1,046,689 shares in the company, valued at approximately $89,188,369.69. This represents a 2.33% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director William R. Boyd sold 9,774 shares of the firm's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $81.61, for a total transaction of $797,656.14. Following the sale, the director directly owned 15,188 shares of the company's stock, valued at $1,239,492.68. The trade was a 39.16% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 385,438 shares of company stock valued at $32,638,085. 27.94% of the stock is currently owned by corporate insiders.

Boyd Gaming Stock Down 1.4%

Shares of BYD traded down $1.23 during mid-day trading on Friday, reaching $84.76. 540,478 shares of the stock traded hands, compared to its average volume of 758,352. The firm has a market cap of $6.80 billion, a price-to-earnings ratio of 13.04, a P/E/G ratio of 2.43 and a beta of 1.23. The stock has a fifty day simple moving average of $84.10 and a 200 day simple moving average of $75.67. Boyd Gaming Corporation has a 12-month low of $58.94 and a 12-month high of $87.83. 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 (NYSE:BYD - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The company reported $1.87 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.67 by $0.20. The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $976.81 million. Boyd Gaming had a net margin of 14.02% and a return on equity of 40.65%. The business's quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.58 earnings per share. Sell-side analysts expect that Boyd Gaming Corporation will post 6.52 EPS for the current fiscal year.

Boyd Gaming Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Monday, September 15th will be paid a dividend of $0.18 per share. The ex-dividend date is Monday, September 15th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 0.8%. Boyd Gaming's dividend payout ratio (DPR) is currently 11.08%.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Morgan Stanley restated a "sell" rating on shares of Boyd Gaming in a report on Friday, July 11th. Barclays lifted their price target on Boyd Gaming from $73.00 to $87.00 and gave the company an "equal weight" rating in a report on Friday, July 18th. JPMorgan Chase & Co. began coverage on shares of Boyd Gaming in a research report on Monday, June 23rd. They set a "neutral" rating and a $79.00 target price for the company. Macquarie lifted their price target on shares of Boyd Gaming from $74.00 to $88.00 and gave the company a "neutral" rating in a research report on Monday, July 28th. Finally, Truist Financial increased their price objective on shares of Boyd Gaming from $85.00 to $100.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. Seven investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $86.62.

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.