Boyd Gaming Corporation $BYD Shares Sold by Seven Six Capital Management LLC

Key Points

• Seven Six Capital trimmed its stake in Boyd Gaming by 12.2% to 114,775 shares during Q3, while other institutions (notably First Trust, Norges Bank and Invesco) significantly boosted or established large positions, leaving institutional ownership at about 76.8%.
• Boyd beat quarterly expectations with $2.21 EPS vs. $1.88 expected and $1.06B revenue vs. $1.02B, and the company raised its quarterly dividend to $0.20 (annualized $0.80, ~1.0% yield).
• Analysts have a consensus "Hold" rating with a $92.58 target price, while corporate insiders have sold roughly 73,454 shares (~$6.23M) over the past three months.

Seven Six Capital Management LLC cut its holdings in Boyd Gaming Corporation (NYSE:BYD - Free Report) by 12.2% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 114,775 shares of the company's stock after selling 15,925 shares during the quarter. Boyd Gaming makes up 9.8% of Seven Six Capital Management LLC's holdings, making the stock its biggest holding. Seven Six Capital Management LLC owned approximately 0.15% of Boyd Gaming worth $9,922,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. First Trust Advisors LP grew its holdings in shares of Boyd Gaming by 679.7% during the 2nd quarter. First Trust Advisors LP now owns 1,122,869 shares of the company's stock valued at $87,842,000 after purchasing an additional 978,853 shares during the last quarter. Norges Bank bought a new position in Boyd Gaming in the 2nd quarter valued at approximately $54,933,000. Wedge Capital Management L L P NC acquired a new stake in Boyd Gaming in the third quarter valued at approximately $32,304,000. Invesco Ltd. grew its stake in shares of Boyd Gaming by 109.8% during the third quarter. Invesco Ltd. now owns 654,434 shares of the company's stock worth $56,576,000 after buying an additional 342,575 shares during the last quarter. Finally, Allianz Asset Management GmbH grew its stake in shares of Boyd Gaming by 174.3% during the third quarter. Allianz Asset Management GmbH now owns 274,154 shares of the company's stock worth $23,701,000 after buying an additional 174,214 shares during the last quarter. Institutional investors and hedge funds own 76.81% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on BYD shares. Stifel Nicolaus increased their price target on Boyd Gaming from $90.00 to $95.00 and gave the company a "hold" rating in a research note on Friday, February 6th. Mizuho set a $100.00 target price on Boyd Gaming in a research report on Monday, February 2nd. Susquehanna reduced their price target on Boyd Gaming from $90.00 to $89.00 and set a "neutral" rating on the stock in a report on Wednesday, February 11th. Weiss Ratings reiterated a "buy (b)" rating on shares of Boyd Gaming in a report on Monday, December 29th. Finally, Wells Fargo & Company cut their target price on Boyd Gaming from $85.00 to $84.00 and set an "equal weight" rating on the stock in a report on Monday, February 9th. Five research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $92.58.

Boyd Gaming Trading Up 0.8%

Shares of NYSE:BYD traded up $0.63 during mid-day trading on Friday, hitting $81.93. The company had a trading volume of 12,250 shares, compared to its average volume of 904,764. The firm has a fifty day moving average price of $84.53 and a 200 day moving average price of $83.73. Boyd Gaming Corporation has a one year low of $58.94 and a one year high of $89.96. The company has a market capitalization of $6.18 billion, a PE ratio of 3.60, a price-to-earnings-growth ratio of 1.74 and a beta of 1.20. The company has a debt-to-equity ratio of 0.78, a current ratio of 0.54 and a quick ratio of 0.52.

Boyd Gaming (NYSE:BYD - Get Free Report) last issued its earnings results on Thursday, February 5th. The company reported $2.21 EPS for the quarter, beating the consensus estimate of $1.88 by $0.33. Boyd Gaming had a return on equity of 30.14% and a net margin of 45.05%.The company had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.02 billion. During the same period last year, the business posted $1.96 EPS. The firm's revenue for the quarter was up 2.0% compared to the same quarter last year. As a group, research analysts forecast that Boyd Gaming Corporation will post 6.52 EPS for the current year.

Boyd Gaming Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Monday, March 16th will be paid a dividend of $0.20 per share. This is a boost from Boyd Gaming's previous quarterly dividend of $0.18. The ex-dividend date is Monday, March 16th. This represents a $0.80 dividend on an annualized basis and a yield of 1.0%. Boyd Gaming's dividend payout ratio (DPR) is presently 3.16%.

Insider Buying and Selling at Boyd Gaming

In other Boyd Gaming news, Director William R. Boyd sold 30,000 shares of the firm's stock in a transaction on Wednesday, February 18th. The shares were sold at an average price of $84.84, for a total value of $2,545,200.00. Following the transaction, the director directly owned 1,930,447 shares of the company's stock, valued at approximately $163,779,123.48. This trade represents a 1.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Stephen S. Thompson sold 19,530 shares of the business's stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $83.59, for a total transaction of $1,632,512.70. Following the sale, the insider directly owned 22,009 shares of the company's stock, valued at approximately $1,839,732.31. The trade was a 47.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 73,454 shares of company stock valued at $6,231,827. Corporate insiders own 27.94% of the company's stock.

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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