Boyd Gaming Corporation $BYD Shares Sold by Landscape Capital Management L.L.C.

Key Points

• Landscape Capital Management cut its Boyd Gaming stake by 68.2% in the fourth quarter, selling 37,630 shares and ending with 17,513 shares valued at about $1.49 million.
• Boyd Gaming recently reported Q1 earnings that missed estimates, with EPS of $1.60 versus $1.76 expected and revenue of $997.36 million versus $1.04 billion forecast. Revenue was still up 0.6% year over year.
• The company announced a $0.20 quarterly dividend and a $500 million share repurchase program, while analysts currently rate the stock a consensus Hold with a $92.08 price target.

Landscape Capital Management L.L.C. lowered its stake in Boyd Gaming Corporation (NYSE:BYD - Free Report) by 68.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 17,513 shares of the company's stock after selling 37,630 shares during the quarter. Landscape Capital Management L.L.C.'s holdings in Boyd Gaming were worth $1,493,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of BYD. Advisors Asset Management Inc. lifted its position in Boyd Gaming by 56.8% in the first 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. AQR Capital Management LLC lifted its position in shares of Boyd Gaming by 13.9% during the first 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 in the last quarter. Caxton Associates LLP acquired a new stake in shares of Boyd Gaming during the first quarter worth about $207,000. M&T Bank Corp acquired a new stake in shares of Boyd Gaming during the second quarter worth about $229,000. Finally, Amundi lifted its position in shares of Boyd Gaming by 14,719.0% during the second quarter. Amundi now owns 3,112 shares of the company's stock worth $253,000 after purchasing an additional 3,091 shares in the last quarter. Institutional investors and hedge funds own 76.81% of the company's stock.

Boyd Gaming Stock Performance

Shares of Boyd Gaming stock opened at $87.49 on Tuesday. The firm has a market capitalization of $6.50 billion, a P/E ratio of 3.84, a P/E/G ratio of 2.04 and a beta of 1.08. Boyd Gaming Corporation has a 52 week low of $73.90 and a 52 week high of $89.96. The company has a quick ratio of 0.58, a current ratio of 0.60 and a debt-to-equity ratio of 0.90. The firm's 50 day moving average is $84.62 and its two-hundred day moving average is $84.23.

Boyd Gaming (NYSE:BYD - Get Free Report) last announced 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). The company had revenue of $997.36 million during the quarter, compared to analysts' expectations of $1.04 billion. Boyd Gaming had a net margin of 44.84% and a return on equity of 25.63%. The business's revenue for the quarter was up .6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.62 earnings per share. Research analysts forecast that Boyd Gaming Corporation will post 7.32 EPS for the current fiscal year.

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 given a dividend of $0.20 per share. The ex-dividend date is Monday, June 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.9%. Boyd Gaming's dividend payout ratio (DPR) is 3.51%.

Boyd Gaming declared that its Board of Directors has initiated a share repurchase program on Thursday, April 23rd that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 7.7% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on BYD shares. Mizuho reduced their price target on shares of Boyd Gaming from $99.00 to $96.00 and set an "outperform" rating on the stock in a research report on Friday, April 24th. Barclays reduced their price target on shares of Boyd Gaming from $87.00 to $86.00 and set an "equal weight" rating on the stock in a research report on Friday, April 24th. Texas Capital raised shares of Boyd Gaming to a "strong-buy" rating in a research report on Wednesday, June 3rd. Susquehanna reduced their price target on shares of Boyd Gaming from $89.00 to $87.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 7th. Finally, Morgan Stanley reissued a "mixed" rating on shares of Boyd Gaming in a research report on Wednesday, April 8th. 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.com, Boyd Gaming currently has a consensus rating of "Hold" and a consensus price target of $92.08.

Insider Buying and Selling

In other news, CEO Keith Smith sold 100,000 shares of the firm's stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 996,981 shares in the company, valued at approximately $85,640,667.90. This trade represents a 9.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, 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 transaction, the chairman owned 1,609,808 shares in the company, valued at approximately $135,272,166.24. This trade represents a 3.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 200,000 shares of company stock worth $17,038,987. Insiders own 22.82% of the company's stock.

Boyd Gaming 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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