Aristeia Capital L.L.C. Purchases New Position 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 stake in Boyd Gaming Corporation (NYSE:BYD - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 4,844 shares of the company's stock, valued at approximately $319,000.

Other institutional investors have also added to or reduced their stakes in the company. Oppenheimer & Co. Inc. bought a new stake in Boyd Gaming in the 1st quarter valued at $598,000. Redwood Investment Management LLC increased its stake in Boyd Gaming by 7.0% in the 1st quarter. Redwood Investment Management LLC now owns 75,792 shares of the company's stock valued at $4,989,000 after buying an additional 4,977 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Boyd Gaming by 1.1% in the 1st quarter. Bank of New York Mellon Corp now owns 692,496 shares of the company's stock valued at $45,587,000 after buying an additional 7,400 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in Boyd Gaming in the 1st quarter valued at $1,963,000. Finally, Jump Financial LLC acquired a new stake in Boyd Gaming in the 1st quarter valued at $764,000. 76.81% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, COO Ted Bogich sold 16,497 shares of the company's stock in a transaction dated 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 transaction, the chief operating officer owned 45,116 shares in the company, valued at approximately $3,752,748.88. This represents a 26.78% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Marianne Boyd Johnson sold 100,000 shares of the company's stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $86.62, for a total transaction of $8,662,000.00. Following the completion of the transaction, the chairman owned 1,704,379 shares in the company, valued at approximately $147,633,308.98. This trade represents a 5.54% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 385,438 shares of company stock worth $32,638,085 in the last three months. Insiders own 21.97% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on BYD shares. JPMorgan Chase & Co. started coverage on shares of Boyd Gaming in a research note on Monday, June 23rd. They issued a "neutral" rating and a $79.00 price target on the stock. Morgan Stanley reiterated a "sell" rating on shares of Boyd Gaming in a research note on Friday, July 11th. Susquehanna lowered shares of Boyd Gaming from a "positive" rating to a "neutral" rating and lifted their price target for the company from $76.00 to $86.00 in a research note on Friday, July 11th. Barclays lifted their price target on shares of Boyd Gaming from $73.00 to $87.00 and gave the company an "equal weight" rating in a research note on Friday, July 18th. Finally, Raymond James Financial reiterated an "outperform" rating on shares of Boyd Gaming in a research note on Monday, September 8th. Seven analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $86.62.

Boyd Gaming Stock Performance

NYSE:BYD traded down $1.23 during mid-day trading on Friday, hitting $84.76. The stock had a trading volume of 540,478 shares, compared to its average volume of 736,414. Boyd Gaming Corporation has a twelve month low of $58.94 and a twelve month high of $87.83. The stock has a market cap of $6.80 billion, a price-to-earnings ratio of 13.04, a PEG ratio of 2.39 and a beta of 1.23. The company's 50 day simple moving average is $84.10 and its 200 day simple moving average is $75.66. The company has a debt-to-equity ratio of 2.53, a quick ratio of 0.82 and a current ratio of 0.86.

Boyd Gaming (NYSE:BYD - Get Free Report) last issued its earnings results on Thursday, July 24th. The company reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.67 by $0.20. Boyd Gaming had a net margin of 14.02% and a return on equity of 40.65%. The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $976.81 million. During the same period last year, the business posted $1.58 EPS. Boyd Gaming's revenue was up 6.9% on a year-over-year basis. On average, equities research analysts forecast that Boyd Gaming Corporation will post 6.52 earnings per share for the current year.

Boyd Gaming Announces Dividend

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

About Boyd Gaming

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.