Redwood Investment Management LLC grew its holdings in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) by 7.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 75,792 shares of the company's stock after buying an additional 4,977 shares during the quarter. Redwood Investment Management LLC owned 0.09% of Boyd Gaming worth $4,989,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. CoreCap Advisors LLC lifted its position in shares of Boyd Gaming by 91.0% during the fourth quarter. CoreCap Advisors LLC now owns 573 shares of the company's stock valued at $42,000 after purchasing an additional 273 shares in the last quarter. GAMMA Investing LLC raised its position in Boyd Gaming by 68.0% in the first quarter. GAMMA Investing LLC now owns 773 shares of the company's stock worth $51,000 after acquiring an additional 313 shares during the period. UMB Bank n.a. raised its position in shares of Boyd Gaming by 156.0% in the first quarter. UMB Bank n.a. now owns 1,006 shares of the company's stock valued at $66,000 after purchasing an additional 613 shares during the period. Caitong International Asset Management Co. Ltd raised its position in shares of Boyd Gaming by 28.0% in the first quarter. Caitong International Asset Management Co. Ltd now owns 1,210 shares of the company's stock valued at $80,000 after purchasing an additional 265 shares during the period. Finally, Golden State Wealth Management LLC raised its position in shares of Boyd Gaming by 76.9% in the first quarter. Golden State Wealth Management LLC now owns 1,636 shares of the company's stock valued at $108,000 after purchasing an additional 711 shares during the period. 76.81% of the stock is currently owned by institutional investors and hedge funds.
Insider Transactions at Boyd Gaming
In other news, Chairman Marianne Boyd Johnson sold 100,000 shares of Boyd Gaming stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $84.17, for a total value of $8,417,000.00. Following the completion of the sale, the chairman directly owned 1,504,379 shares in the company, valued at $126,623,580.43. The trade was a 6.23% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Josh Hirsberg sold 40,035 shares of Boyd Gaming stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $85.41, for a total transaction of $3,419,389.35. Following the completion of the sale, the chief financial officer owned 420,185 shares of the company's stock, valued at $35,888,000.85. This represents a 8.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 285,438 shares of company stock valued at $23,976,085. Company insiders own 27.94% of the company's stock.
Analyst Upgrades and Downgrades
A number of analysts recently weighed in on BYD shares. Morgan Stanley reaffirmed a "sell" rating on shares of Boyd Gaming in a report on Friday, July 11th. Raymond James Financial upped their price objective on shares of Boyd Gaming from $81.00 to $85.00 and gave the company an "outperform" rating in a research note on Monday, June 30th. Truist Financial upped their price objective on shares of Boyd Gaming from $85.00 to $100.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. JPMorgan Chase & Co. initiated coverage on shares of Boyd Gaming in a research report on Monday, June 23rd. They set a "neutral" rating and a $79.00 price target for the company. Finally, Macquarie increased their price target on shares of Boyd Gaming from $74.00 to $88.00 and gave the company a "neutral" rating in a research report on Monday, July 28th. Seven research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $86.62.
Read Our Latest Analysis on BYD
Boyd Gaming Stock Performance
Shares of BYD stock traded down $0.95 during trading hours on Friday, reaching $85.91. The company had a trading volume of 1,046,573 shares, compared to its average volume of 1,015,463. The business has a fifty day moving average price of $82.82 and a 200-day moving average price of $75.13. Boyd Gaming Corporation has a one year low of $57.67 and a one year high of $87.83. The firm has a market cap of $6.89 billion, a PE ratio of 13.22, a price-to-earnings-growth ratio of 2.46 and a beta of 1.24. The company has a debt-to-equity ratio of 2.53, a quick ratio of 0.82 and a current ratio of 0.86.
Boyd Gaming (NYSE:BYD - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The company reported $1.87 EPS for the quarter, topping analysts' consensus estimates of $1.67 by $0.20. Boyd Gaming had a net margin of 14.02% and a return on equity of 40.65%. The firm had revenue of $1.03 billion during the quarter, compared to analyst estimates of $976.81 million. During the same period in the previous year, the business posted $1.58 earnings per share. The business's revenue for the quarter was up 6.9% on a year-over-year basis. Sell-side analysts predict that Boyd Gaming Corporation will post 6.52 earnings per share for the current fiscal year.
Boyd Gaming Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Monday, September 15th will be paid a $0.18 dividend. The ex-dividend date is Monday, September 15th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 0.8%. Boyd Gaming's payout ratio is currently 11.08%.
Boyd Gaming Company Profile
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Free Report)
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.
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