Boyd Gaming Corporation $BYD Shares Bought by BI Asset Management Fondsmaeglerselskab A S

Key Points

• Institutional ownership increased: BI Asset Management Fondsmaeglerselskab A S boosted its Boyd Gaming stake by 32.5% in the first quarter, while several other hedge funds also added to or initiated positions. Institutional investors now own 76.81% of the stock.
• Mixed operating results and capital return plans: Boyd Gaming reported quarterly EPS of $1.60, missing estimates, and revenue of $997.36 million, also below expectations. The company also authorized a $500 million share buyback and announced a quarterly dividend of $0.20 per share.
• Insiders sold shares amid mostly neutral analyst views: CEO Keith Smith and Chairman Marianne Boyd Johnson both sold stock in recent transactions, with insiders selling 200,000 shares over the past three months. Analysts’ consensus rating remains Hold, with an average price target of $92.08.

BI Asset Management Fondsmaeglerselskab A S raised its position in Boyd Gaming Corporation (NYSE:BYD - Free Report) by 32.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 108,984 shares of the company's stock after purchasing an additional 26,737 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S owned 0.14% of Boyd Gaming worth $8,956,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Citigroup Inc. increased its position in shares of Boyd Gaming by 94.8% in the third quarter. Citigroup Inc. now owns 229,823 shares of the company's stock worth $19,868,000 after acquiring an additional 111,815 shares in the last quarter. Capitolis Liquid Global Markets LLC acquired a new position in shares of Boyd Gaming during the 3rd quarter valued at $13,313,000. Clark Capital Management Group Inc. acquired a new position in shares of Boyd Gaming during the 3rd quarter valued at $50,295,000. Northwestern Mutual Wealth Management Co. boosted its position in Boyd Gaming by 1,466.0% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 32,965 shares of the company's stock worth $2,810,000 after purchasing an additional 30,860 shares during the period. Finally, WINTON GROUP Ltd purchased a new stake in Boyd Gaming during the 3rd quarter worth $6,034,000. 76.81% of the stock is owned by institutional investors and hedge funds.

Boyd Gaming Stock Up 0.2%

Shares of Boyd Gaming stock opened at $84.84 on Monday. The business has a 50-day moving average of $84.67 and a 200-day moving average of $84.29. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.60 and a quick ratio of 0.58. The company has a market capitalization of $6.31 billion, a PE ratio of 3.72, a P/E/G ratio of 1.98 and a beta of 1.08. Boyd Gaming Corporation has a 1-year low of $75.13 and a 1-year high of $89.96.

Boyd Gaming (NYSE:BYD - Get Free Report) last released its quarterly earnings results on Thursday, April 23rd. The company reported $1.60 EPS for the quarter, missing the consensus estimate of $1.76 by ($0.16). Boyd Gaming had a return on equity of 25.63% and a net margin of 44.84%.The business had revenue of $997.36 million during the quarter, compared to analyst estimates of $1.04 billion. During the same quarter last year, the firm posted $1.62 EPS. The company's revenue was up .6% compared to the same quarter last year. As a group, equities analysts forecast that Boyd Gaming Corporation will post 7.32 EPS for the current fiscal year.

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

Boyd Gaming Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.9%. The ex-dividend date is Monday, June 15th. Boyd Gaming's dividend payout ratio is 3.51%.

Insider Buying and Selling

In other Boyd Gaming news, CEO Keith Smith sold 100,000 shares of the firm's stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $85.90, for a total transaction of $8,590,000.00. Following the completion of the transaction, the chief executive officer directly owned 996,981 shares of the company's stock, valued at $85,640,667.90. This trade represents a 9.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Marianne Boyd Johnson sold 62,914 shares of the firm's stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $84.03, for a total transaction of $5,286,663.42. Following the transaction, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 200,000 shares of company stock valued at $17,038,987 in the last three months. Corporate insiders own 22.82% of the company's stock.

Analysts Set New Price Targets

BYD has been the topic of several research reports. JPMorgan Chase & Co. raised their price objective on Boyd Gaming from $89.00 to $90.00 and gave the company a "neutral" rating in a research report on Friday, April 24th. Stifel Nicolaus decreased their target price on Boyd Gaming from $95.00 to $91.00 and set a "hold" rating for the company in a research report on Friday, April 24th. Texas Capital upgraded Boyd Gaming to a "strong-buy" rating in a research note on Wednesday, June 3rd. Citigroup raised their target price on Boyd Gaming from $86.00 to $90.00 and gave the company a "neutral" rating in a report on Thursday, April 16th. Finally, Weiss Ratings raised Boyd Gaming from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, June 4th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat, Boyd Gaming presently has an average rating of "Hold" and an average price target of $92.08.

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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