Boyd Gaming Corporation $BYD Shares Purchased by Franklin Resources Inc.

Key Points

• Franklin Resources increased its stake in Boyd Gaming by 11.1% in the fourth quarter, buying an additional 136,129 shares and lifting its holding to 1.36 million shares worth about $115.7 million.
• Boyd Gaming reported weaker-than-expected quarterly results, with EPS of $1.60 versus analyst estimates of $1.76 and revenue of $997.36 million versus expectations of $1.04 billion.
• The company also approved a $500 million stock buyback and announced a quarterly dividend of $0.20 per share, while recent insider selling included transactions by the chairman and CEO.

Franklin Resources Inc. boosted its position in Boyd Gaming Corporation (NYSE:BYD - Free Report) by 11.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,357,412 shares of the company's stock after purchasing an additional 136,129 shares during the quarter. Franklin Resources Inc. owned about 1.74% of Boyd Gaming worth $115,706,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Alps Advisors Inc. increased its stake in shares of Boyd Gaming by 2.7% during the 3rd quarter. Alps Advisors Inc. now owns 5,384 shares of the company's stock valued at $465,000 after acquiring an additional 141 shares during the last quarter. TD Private Client Wealth LLC boosted its holdings in Boyd Gaming by 24.5% in the 4th quarter. TD Private Client Wealth LLC now owns 854 shares of the company's stock worth $73,000 after acquiring an additional 168 shares during the period. Advisors Asset Management Inc. boosted 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 valued at $36,000 after buying an additional 196 shares during the last quarter. Interchange Capital Partners LLC boosted its stake in shares of Boyd Gaming by 9.0% during the 4th quarter. Interchange Capital Partners LLC now owns 2,996 shares of the company's stock valued at $255,000 after buying an additional 247 shares during the last quarter. Finally, Los Angeles Capital Management LLC purchased a new position in shares of Boyd Gaming during the 4th quarter valued at approximately $25,000. Institutional investors and hedge funds own 76.81% of the company's stock.

Boyd Gaming Stock Down 1.1%

BYD opened at $86.80 on Thursday. The business has a 50-day moving average of $84.39 and a 200-day moving average of $84.11. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.60 and a quick ratio of 0.58. Boyd Gaming Corporation has a fifty-two week low of $73.00 and a fifty-two week high of $89.96. The company has a market capitalization of $6.45 billion, a PE ratio of 3.81, a price-to-earnings-growth ratio of 2.05 and a beta of 1.08.

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

Boyd Gaming declared that its board has approved a stock buyback program on Thursday, April 23rd that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to reacquire up to 7.7% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's board of directors believes its shares are undervalued.

Boyd Gaming Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th will be issued 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 of this dividend is Monday, June 15th. Boyd Gaming's dividend payout ratio (DPR) is presently 3.51%.

Insider Activity at Boyd Gaming

In related news, Chairman Marianne Boyd Johnson sold 62,914 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the chairman owned 1,609,808 shares in the company, valued at $135,272,166.24. This trade represents a 3.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Keith Smith sold 100,000 shares of the firm's stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $85.90, for a total value of $8,590,000.00. Following the transaction, the chief executive officer 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 SEC filing for this sale provides additional information. Insiders have sold a total of 200,000 shares of company stock worth $17,038,987 in the last three months. 22.82% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on BYD. Citigroup upped their price target on Boyd Gaming from $86.00 to $90.00 and gave the company a "neutral" rating in a research report on Thursday, April 16th. Weiss Ratings raised Boyd Gaming from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, June 4th. Susquehanna decreased their price target on Boyd Gaming from $89.00 to $87.00 and set a "neutral" rating for the company in a research report on Tuesday, April 7th. Barclays cut their target price on shares of Boyd Gaming from $87.00 to $86.00 and set an "equal weight" rating on the stock in a research note on Friday, April 24th. Finally, Wells Fargo & Company reduced their price objective on Boyd Gaming from $84.00 to $83.00 and set an "equal weight" rating for the company in a research note on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and nine have given a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $92.08.

About Boyd Gaming

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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