Boyd Gaming Corporation $BYD Position Increased by Gotham Asset Management LLC

Key Points

• Gotham Asset Management LLC increased its shareholding in Boyd Gaming Corporation by 39.2%, owning a total of 346,787 shares valued at approximately $22.8 million.
• Boyd Gaming reported an EPS of $1.87 for the recent quarter, exceeding analyst estimates of $1.67, and its quarterly revenue was $1.03 billion, reflecting a 6.9% increase year-over-year.
• The company announced a quarterly dividend of $0.18 per share, with an annualized yield of 0.8%, payable on October 15th to shareholders recorded as of September 15th.

Gotham Asset Management LLC boosted its stake in Boyd Gaming Corporation (NYSE:BYD - Free Report) by 39.2% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 346,787 shares of the company's stock after acquiring an additional 97,703 shares during the period. Gotham Asset Management LLC owned 0.43% of Boyd Gaming worth $22,829,000 as of its most recent filing with the SEC.

Several other large investors have also recently modified their holdings of BYD. Advisors Asset Management Inc. grew its stake in 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. CoreCap Advisors LLC grew its position in shares of Boyd Gaming by 91.0% in the 4th quarter. CoreCap Advisors LLC now owns 573 shares of the company's stock worth $42,000 after buying an additional 273 shares during the period. GAMMA Investing LLC grew its position in Boyd Gaming by 68.0% during the 1st quarter. GAMMA Investing LLC now owns 773 shares of the company's stock valued at $51,000 after purchasing an additional 313 shares during the last quarter. UMB Bank n.a. grew its position in Boyd Gaming by 156.0% during the 1st quarter. UMB Bank n.a. now owns 1,006 shares of the company's stock valued at $66,000 after purchasing an additional 613 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted its stake in Boyd Gaming by 28.0% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,210 shares of the company's stock valued at $80,000 after acquiring an additional 265 shares during the period. Hedge funds and other institutional investors own 76.81% of the company's stock.

Insider Buying and Selling

In other news, COO Ted Bogich sold 16,497 shares of the business's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $83.18, for a total value of $1,372,220.46. Following the completion of the transaction, the chief operating officer directly owned 45,116 shares of the company's stock, valued at $3,752,748.88. The trade was a 26.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Chairman Marianne Boyd Johnson sold 100,000 shares of the company's stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $84.17, for a total value of $8,417,000.00. Following the completion of the transaction, the chairman owned 1,504,379 shares of the company's stock, valued at $126,623,580.43. The trade was a 6.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 385,438 shares of company stock valued at $32,638,085. Company insiders own 21.97% of the company's stock.

Boyd Gaming Stock Down 0.2%

Shares of BYD traded down $0.20 during midday trading on Wednesday, hitting $85.14. The company had a trading volume of 155,497 shares, compared to its average volume of 1,037,398. The company's 50-day simple moving average is $83.87 and its 200-day simple moving average is $75.47. The firm has a market capitalization of $6.83 billion, a P/E ratio of 13.10, a P/E/G ratio of 2.44 and a beta of 1.23. Boyd Gaming Corporation has a 1 year low of $57.67 and a 1 year high of $87.83. 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 released its quarterly earnings results on Thursday, July 24th. The company reported $1.87 EPS for the quarter, topping the consensus estimate 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 return on equity of 40.65% and a net margin of 14.02%.The firm's revenue was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.58 earnings per share. As a group, sell-side analysts expect that Boyd Gaming Corporation will post 6.52 EPS for the current year.

Boyd Gaming Dividend Announcement

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

Analysts Set New Price Targets

Several brokerages have recently weighed in on BYD. 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 note on Wednesday, July 16th. Raymond James Financial restated an "outperform" rating on shares of Boyd Gaming in a research report on Monday. 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. Barclays lifted their target price on 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, Stifel Nicolaus upped their target price on Boyd Gaming from $87.00 to $90.00 and gave the company a "hold" rating in a research report on Friday, July 25th. Seven investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Boyd Gaming currently has a consensus rating of "Hold" and a consensus price target of $86.62.

Boyd Gaming Company 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.