Arrowstreet Capital Limited Partnership Cuts Stock Position in Boyd Gaming Corporation $BYD

Key Points

• Arrowstreet Capital reduced its Boyd Gaming stake by 22.8% in the first quarter, selling 399,651 shares and ending with 1.36 million shares valued at about $111.4 million.
• Boyd Gaming reported Q2 EPS of $1.93, beating analyst estimates, while revenue came in at $1.03 billion, roughly in line with expectations.
• The company also continues to return capital to shareholders through a $500 million share buyback program and a quarterly dividend that annualizes to $0.80 per share, or a 0.9% yield.

Arrowstreet Capital Limited Partnership cut its stake in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) by 22.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,356,008 shares of the company's stock after selling 399,651 shares during the period. Arrowstreet Capital Limited Partnership owned 1.82% of Boyd Gaming worth $111,437,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Advisors Asset Management Inc. raised its stake in shares of Boyd Gaming by 56.8% during the first quarter. Advisors Asset Management Inc. now owns 541 shares of the company's stock valued at $36,000 after acquiring an additional 196 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Boyd Gaming by 13.9% in the first quarter. AQR Capital Management LLC now owns 9,623 shares of the company's stock valued at $628,000 after acquiring an additional 1,172 shares in the last quarter. Caxton Associates LLP purchased a new stake in Boyd Gaming in the first quarter worth about $207,000. M&T Bank Corp purchased a new stake in Boyd Gaming in the second quarter worth about $229,000. Finally, Amundi grew its holdings in Boyd Gaming by 14,719.0% during the 2nd quarter. Amundi now owns 3,112 shares of the company's stock worth $253,000 after acquiring an additional 3,091 shares in the last quarter. Hedge funds and other institutional investors own 76.81% of the company's stock.

Boyd Gaming News Roundup

Here are the key news stories impacting Boyd Gaming this week:

• Positive Sentiment: Boyd Gaming beat earnings expectations with Q2 EPS of $1.93 versus the consensus estimate, which suggests stronger profitability than analysts anticipated. Boyd Gaming (BYD) Q2 Earnings and Revenues Beat Estimates
• Positive Sentiment: The company said results benefited from strong performance in its Midwest & South operations, Online segment, and Managed business, highlighting diversification across key revenue streams. BOYD GAMING REPORTS SECOND-QUARTER 2026 RESULTS
• Neutral Sentiment: Revenue of $1.03 billion was roughly in line with expectations, though slightly below the $1.04 billion forecast, so the top-line result was not a major surprise for investors. Boyd Gaming Corporation: Boyd Gaming Reports Second-quarter 2026 Results
• Neutral Sentiment: Market commentary noted that the stock may still look undervalued after the earnings release, but sentiment has cooled, suggesting investors are weighing solid fundamentals against a more cautious outlook. Boyd Gaming (BYD) Following Fresh Results Looks Undervalued But Sentiment Has Cooled

Wall Street Analysts Forecast Growth

A number of research analysts have commented on BYD shares. JPMorgan Chase & Co. raised their target price 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. Morgan Stanley set a $90.00 price objective on shares of Boyd Gaming in a report on Wednesday. Texas Capital upgraded Boyd Gaming to a "strong-buy" rating in a report on Wednesday, June 3rd. Barclays increased their target price on Boyd Gaming from $86.00 to $87.00 and gave the company an "equal weight" rating in a research report on Friday. Finally, Weiss Ratings upgraded Boyd Gaming from a "buy (b-)" rating to a "buy (b)" rating in a report on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and ten have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $94.77.

Insider Buying and Selling

In related news, CEO Keith Smith sold 100,000 shares of the firm's stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $85.90, for a total value of $8,590,000.00. Following the transaction, the chief executive officer directly owned 996,981 shares of the company's stock, valued at approximately $85,640,667.90. This trade represents a 9.12% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Chairman Marianne Boyd Johnson sold 62,914 shares of the company's stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $84.03, for a total transaction of $5,286,663.42. Following the sale, the chairman directly owned 1,609,808 shares of the company's stock, valued at approximately $135,272,166.24. This represents a 3.76% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 200,000 shares of company stock valued at $17,038,987 over the last 90 days. Company insiders own 22.82% of the company's stock.

Boyd Gaming Price Performance

Shares of NYSE BYD opened at $87.18 on Friday. Boyd Gaming Corporation has a 52 week low of $76.33 and a 52 week high of $91.00. The business's 50 day moving average price is $85.83 and its 200 day moving average price is $84.86. The company has a quick ratio of 0.58, a current ratio of 0.60 and a debt-to-equity ratio of 0.90. The firm has a market cap of $6.48 billion, a P/E ratio of 3.84, a P/E/G ratio of 2.06 and a beta of 1.07.

Boyd Gaming (NYSE:BYD - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The company reported $1.93 EPS for the quarter, beating the consensus estimate of $1.89 by $0.04. The business had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.04 billion. Boyd Gaming had a net margin of 44.34% and a return on equity of 22.29%. The business's revenue for the quarter was up .0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.87 EPS. On average, sell-side analysts expect that Boyd Gaming Corporation will post 7.21 earnings per share for the current year.

Boyd Gaming Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Monday, June 15th were issued a $0.20 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.80 dividend on an annualized basis and a yield of 0.9%. Boyd Gaming's dividend payout ratio is presently 3.52%.

Boyd Gaming declared that its Board of Directors has initiated a share buyback plan on Thursday, April 23rd that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to repurchase up to 7.7% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's leadership believes its stock is 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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