Boyd Gaming Corporation $BYD Shares Bought by AlphaQuest LLC

Key Points

• AlphaQuest LLC increased its stake in Boyd Gaming Corporation by 152.1%, owning 31,736 shares valued at approximately $2.09 million after acquiring an additional 19,148 shares in the 1st quarter.
• Boyd Gaming reported a record earnings per share (EPS) of $1.87 for the latest quarter, surpassing analysts' expectations and increasing revenue by 6.9% year-over-year to $1.03 billion.
• The firm announced a quarterly dividend of $0.18 per share, set to be paid on October 15, representing a 0.9% annual yield based on a payout ratio of 11.08%.

AlphaQuest LLC lifted its position in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) by 152.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,736 shares of the company's stock after purchasing an additional 19,148 shares during the period. AlphaQuest LLC's holdings in Boyd Gaming were worth $2,089,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Oppenheimer & Co. Inc. acquired a new position in shares of Boyd Gaming during the first quarter worth $598,000. 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 in the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Boyd Gaming during the first quarter worth $1,963,000. LPL Financial LLC lifted its position in shares of Boyd Gaming by 3.2% during the first 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 acquired a new position in shares of Boyd Gaming during the first quarter worth $805,000. 76.81% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Boyd Gaming news, COO Ted Bogich sold 16,497 shares of the 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 sale, the chief operating officer directly owned 45,116 shares of the company's stock, valued at $3,752,748.88. This trade represents a 26.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director William R. Boyd sold 9,774 shares of the stock in a transaction on Tuesday, August 12th. The stock was 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 in the company, valued at $1,239,492.68. This represents a 39.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 245,403 shares of company stock valued at $20,556,696 over the last three months. 21.97% of the stock is currently owned by company insiders.

Boyd Gaming Stock Performance

BYD traded up $2.2750 during trading hours on Friday, hitting $85.5750. 704,901 shares of the stock were exchanged, compared to its average volume of 1,078,942. The stock has a 50-day simple moving average of $81.73 and a 200-day simple moving average of $74.77. Boyd Gaming Corporation has a 12 month low of $57.67 and a 12 month high of $87.76. The stock has a market cap 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 debt-to-equity ratio of 2.53, a current ratio of 0.86 and a quick ratio of 0.82.

Boyd Gaming (NYSE:BYD - Get Free Report) last announced 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. Boyd Gaming had a return on equity of 40.65% and a net margin of 14.02%.The firm had revenue of $1.03 billion for the quarter, compared to analysts' expectations of $976.81 million. During the same period last year, the business posted $1.58 earnings per share. The firm's revenue for the quarter was up 6.9% on a year-over-year basis. Analysts anticipate that Boyd Gaming Corporation will post 6.52 earnings per share for the current year.

Boyd Gaming Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Investors 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 annualized dividend and a yield of 0.8%. Boyd Gaming's dividend payout ratio (DPR) is 11.08%.

Analyst Ratings Changes

A number of analysts have recently weighed in on BYD shares. Truist Financial raised their price target on shares of Boyd Gaming from $85.00 to $100.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. Stifel Nicolaus raised their price target on shares of Boyd Gaming from $87.00 to $90.00 and gave the stock a "hold" rating in a research report on Friday, July 25th. Susquehanna downgraded shares of Boyd Gaming from a "positive" rating to a "neutral" rating and raised their price target for the stock from $76.00 to $86.00 in a research report on Friday, July 11th. Raymond James Financial raised their price target on shares of Boyd Gaming from $81.00 to $85.00 and gave the stock an "outperform" rating in a research report on Monday, June 30th. Finally, Barclays raised their price target on shares of Boyd Gaming from $73.00 to $87.00 and gave the stock an "equal weight" rating in a research report on Friday, July 18th. Seven research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, Boyd Gaming presently has an average rating of "Hold" and an average price target 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.