Brandywine Global Investment Management LLC Acquires 24,833 Shares of Boyd Gaming Corporation $BYD

Key Points

• Brandywine Global Investment Management LLC increased its stake in Boyd Gaming Corporation by 42.0%, owning approximately 83,984 shares worth $5.53 million as of the end of the first quarter.
• Boyd Gaming announced a quarterly dividend of $0.18 per share, resulting in an annualized dividend of $0.72, which reflects a yield of 0.9%.
• For the last quarter, Boyd Gaming reported earnings per share of $1.87, surpassing analysts' expectations, while also achieving a revenue growth of 6.9% year-over-year.

Brandywine Global Investment Management LLC increased its holdings in Boyd Gaming Corporation (NYSE:BYD - Free Report) by 42.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 83,984 shares of the company's stock after purchasing an additional 24,833 shares during the period. Brandywine Global Investment Management LLC owned 0.10% of Boyd Gaming worth $5,529,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Oppenheimer & Co. Inc. purchased a new position in Boyd Gaming in the 1st quarter worth approximately $598,000. Bank of New York Mellon Corp lifted its holdings in Boyd Gaming by 1.1% in the 1st 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 in the last quarter. Assenagon Asset Management S.A. purchased a new position in Boyd Gaming in the 1st quarter worth approximately $1,963,000. LPL Financial LLC lifted its holdings in Boyd Gaming by 3.2% in the 1st quarter. LPL Financial LLC now owns 115,799 shares of the company's stock worth $7,623,000 after purchasing an additional 3,543 shares in the last quarter. Finally, SG Americas Securities LLC purchased a new position in Boyd Gaming in the 1st quarter worth approximately $805,000. 76.81% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have issued reports on BYD shares. Macquarie lifted their price objective on Boyd Gaming from $74.00 to $88.00 and gave the stock a "neutral" rating in a research note on Monday, July 28th. Susquehanna downgraded Boyd Gaming from a "positive" rating to a "neutral" rating and lifted their price objective for the stock from $76.00 to $86.00 in a research note on Friday, July 11th. Mizuho lifted their price objective on Boyd Gaming from $86.00 to $89.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. JPMorgan Chase & Co. started coverage on Boyd Gaming in a research note on Monday, June 23rd. They issued a "neutral" rating and a $79.00 price objective on the stock. Finally, Barclays lifted their price objective on Boyd Gaming from $73.00 to $87.00 and gave the stock an "equal weight" rating in a research note on Friday, July 18th. Seven investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Boyd Gaming presently has an average rating of "Hold" and an average price target of $86.62.

Boyd Gaming Trading Up 2.7%

Shares of NYSE BYD traded up $2.2750 during trading hours on Friday, hitting $85.5750. 704,901 shares of the company traded hands, compared to its average volume of 1,181,805. The stock has a market capitalization of $6.86 billion, a price-to-earnings ratio of 13.17, a price-to-earnings-growth ratio of 2.42 and a beta of 1.24. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 2.53. The company's 50 day moving average price is $81.73 and its 200 day moving average price is $74.80. Boyd Gaming Corporation has a 12 month low of $57.67 and a 12 month high of $87.76.

Boyd Gaming (NYSE:BYD - Get Free Report) last released its earnings results on Thursday, July 24th. The company reported $1.87 earnings per share for the quarter, beating the consensus estimate of $1.67 by $0.20. The firm had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $976.81 million. Boyd Gaming had a return on equity of 40.65% and a net margin of 14.02%.The company's revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.58 EPS. On average, equities research analysts anticipate that Boyd Gaming Corporation will post 6.52 earnings per share for the current fiscal year.

Boyd Gaming Dividend Announcement

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

Insider Buying and Selling

In other Boyd Gaming news, insider Stephen S. Thompson sold 15,906 shares of the company's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $83.25, for a total value of $1,324,174.50. Following the transaction, the insider owned 38,609 shares of the company's stock, valued at $3,214,199.25. This represents a 29.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Ted Bogich sold 16,497 shares of the company's stock in a transaction on Friday, August 1st. The shares were 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 in the company, valued at $3,752,748.88. This trade represents a 26.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 245,403 shares of company stock worth $20,556,696 over the last ninety days. Corporate insiders own 27.94% of the company's stock.

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.