Boston Partners Reduces Stake in Boyd Gaming Corporation (NYSE:BYD)

Key Points

• Boston Partners reported a 0.6% reduction in its holdings of Boyd Gaming, owning approximately 3.93 million shares worth about $258.93 million.
• Insider activity revealed significant share sales by executives, including COO Ted Bogich and insider Stephen S. Thompson, both of whom slashed their stock positions by over 25% recently.
• Mizuho analysts have upgraded their price target for Boyd Gaming shares from $86.00 to $89.00, while the average consensus rating remains a "Hold" with a target price of $86.62.

Boston Partners trimmed its position in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) by 0.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,933,341 shares of the company's stock after selling 22,203 shares during the quarter. Boston Partners owned 4.83% of Boyd Gaming worth $258,928,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of BYD. Victory Capital Management Inc. lifted its position in shares of Boyd Gaming by 13.3% during the first quarter. Victory Capital Management Inc. now owns 1,048,706 shares of the company's stock worth $69,036,000 after purchasing an additional 122,822 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Boyd Gaming by 0.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 983,823 shares of the company's stock worth $64,765,000 after purchasing an additional 8,850 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Boyd Gaming by 1.1% during the first quarter. Bank of New York Mellon Corp now owns 692,496 shares of the company's stock worth $45,587,000 after purchasing an additional 7,400 shares during the last quarter. Northern Trust Corp lifted its position in shares of Boyd Gaming by 14.9% during the fourth quarter. Northern Trust Corp now owns 597,431 shares of the company's stock worth $43,338,000 after purchasing an additional 77,619 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in shares of Boyd Gaming during the fourth quarter worth $43,273,000. 76.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. JPMorgan Chase & Co. assumed coverage on Boyd Gaming in a research report on Monday, June 23rd. They set a "neutral" rating and a $79.00 target price for the company. Barclays lifted their target price on Boyd Gaming from $73.00 to $87.00 and gave the stock an "equal weight" rating in a research report on Friday, July 18th. Stifel Nicolaus lifted their target price on Boyd Gaming from $87.00 to $90.00 and gave the stock a "hold" rating in a research report on Friday, July 25th. Mizuho lifted their price objective on Boyd Gaming from $86.00 to $89.00 and gave the company an "outperform" rating in a report on Friday, July 25th. Finally, Truist Financial lifted their price objective on Boyd Gaming from $85.00 to $100.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, Boyd Gaming currently has an average rating of "Hold" and a consensus price target of $86.62.

Insiders Place Their Bets

In other news, insider Stephen S. Thompson sold 15,906 shares of the business's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $83.25, for a total transaction of $1,324,174.50. Following the sale, the insider owned 38,609 shares in the company, valued at approximately $3,214,199.25. The trade was a 29.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Marianne Boyd Johnson sold 100,000 shares of the business's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $84.17, for a total value of $8,417,000.00. Following the sale, the chairman owned 1,504,379 shares in the company, valued at $126,623,580.43. The trade was a 6.23% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 145,403 shares of company stock worth $12,174,196 over the last ninety days. Insiders own 27.94% of the company's stock.

Boyd Gaming Stock Down 1.5%

BYD traded down $1.28 on Friday, hitting $82.67. The company had a trading volume of 979,242 shares, compared to its average volume of 1,315,790. The stock has a fifty day moving average price of $80.80 and a 200-day moving average price of $74.56. Boyd Gaming Corporation has a 12-month low of $57.19 and a 12-month high of $87.76. The company has a debt-to-equity ratio of 2.53, a quick ratio of 0.82 and a current ratio of 0.86. The stock has a market capitalization of $6.63 billion, a price-to-earnings ratio of 12.72, a P/E/G ratio of 2.34 and a beta of 1.24.

Boyd Gaming (NYSE:BYD - Get Free Report) last posted 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 return on equity of 40.65% and a net margin of 14.02%. The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $976.81 million. During the same quarter in the previous year, the firm earned $1.58 earnings per share. The firm's quarterly revenue was up 6.9% compared to the same quarter last year. Analysts predict that Boyd Gaming Corporation will post 6.52 EPS for the current fiscal year.

Boyd Gaming Announces Dividend

The firm also recently declared 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 0.9%. Boyd Gaming's payout ratio is presently 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.