HG Vora Capital Management LLC Has $88.87 Million Stock Position in Boyd Gaming Corporation $BYD

Key Points

• HG Vora Capital Management LLC reduced its stake in Boyd Gaming Corporation by 32.5%, now holding approximately 1.35 million shares which accounts for 9.1% of its investment portfolio.
• Boyd Gaming announced a quarterly dividend of $0.18 per share, representing an annualized dividend of $0.72 and a yield of 0.8%, with payments scheduled for October 15th.
• Despite recent insider sales, Boyd Gaming reported strong earnings, with a Q2 EPS of $1.87, beating estimates and showing a 6.9% year-over-year revenue increase to $1.03 billion.

HG Vora Capital Management LLC lessened its stake in Boyd Gaming Corporation (NYSE:BYD - Free Report) by 32.5% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,350,000 shares of the company's stock after selling 650,000 shares during the quarter. Boyd Gaming accounts for about 9.1% of HG Vora Capital Management LLC's holdings, making the stock its 7th biggest position. HG Vora Capital Management LLC owned approximately 1.66% of Boyd Gaming worth $88,870,000 as of its most recent filing with the SEC.

Several other large investors have also recently added to or reduced their stakes in the stock. Bwcp LP increased its stake in Boyd Gaming by 6.1% in the 1st quarter. Bwcp LP now owns 519,231 shares of the company's stock valued at $34,181,000 after buying an additional 29,862 shares during the period. AQR Capital Management LLC increased its stake in shares of Boyd Gaming by 13.9% during the 1st quarter. AQR Capital Management LLC now owns 9,623 shares of the company's stock worth $628,000 after purchasing an additional 1,172 shares during the last quarter. Advisors Asset Management Inc. increased its stake in shares of Boyd Gaming by 56.8% during the 1st quarter. Advisors Asset Management Inc. now owns 541 shares of the company's stock worth $36,000 after purchasing an additional 196 shares during the last quarter. EP Wealth Advisors LLC acquired a new position in shares of Boyd Gaming during the 1st quarter worth $206,000. Finally, Landscape Capital Management L.L.C. acquired a new position in shares of Boyd Gaming during the 1st quarter worth $5,091,000. Institutional investors and hedge funds own 76.81% of the company's stock.

Boyd Gaming Stock Performance

Shares of NYSE BYD traded down $0.16 during trading hours on Monday, hitting $86.30. 831,300 shares of the stock were exchanged, compared to its average volume of 1,044,255. The company has a debt-to-equity ratio of 2.53, a current ratio of 0.86 and a quick ratio of 0.82. The company's 50 day moving average is $83.61 and its 200 day moving average is $75.33. The firm has a market capitalization of $6.92 billion, a P/E ratio of 13.28, a P/E/G ratio of 2.44 and a beta of 1.23. Boyd Gaming Corporation has a one year low of $57.67 and a one year high of $87.83.

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, topping the consensus estimate of $1.67 by $0.20. The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $976.81 million. Boyd Gaming had a net margin of 14.02% and a return on equity of 40.65%. Boyd Gaming's quarterly revenue was up 6.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.58 EPS. On average, research analysts expect that Boyd Gaming Corporation will post 6.52 EPS for the current year.

Boyd Gaming Dividend Announcement

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

Insider Transactions at Boyd Gaming

In other Boyd Gaming news, Director William R. Boyd sold 9,774 shares of the stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $81.61, for a total value of $797,656.14. Following the completion of the sale, the director directly owned 15,188 shares of the company's stock, valued at $1,239,492.68. This represents a 39.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Josh Hirsberg sold 40,035 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $85.41, for a total transaction of $3,419,389.35. Following the completion of the sale, the chief financial officer directly owned 420,185 shares of the company's stock, valued at approximately $35,888,000.85. This trade represents a 8.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 385,438 shares of company stock worth $32,638,085. 21.97% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on BYD. Stifel Nicolaus increased their price target on shares of Boyd Gaming from $87.00 to $90.00 and gave the stock a "hold" rating in a research note on Friday, July 25th. Mizuho increased their price target on shares of Boyd Gaming from $86.00 to $89.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Morgan Stanley restated a "sell" rating on shares of Boyd Gaming in a research note on Friday, July 11th. Raymond James Financial increased their price target on shares of Boyd Gaming from $81.00 to $85.00 and gave the stock an "outperform" rating in a research note on Monday, June 30th. Finally, JPMorgan Chase & Co. started coverage on shares of Boyd Gaming in a report on Monday, June 23rd. They set a "neutral" rating and a $79.00 price objective for the company. Seven equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Boyd Gaming presently has an average rating of "Hold" and an average target price of $86.62.

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.