Bryce Point Capital LLC Purchases New Shares in Boyd Gaming Corporation (NYSE:BYD)

Key Points

• Bryce Point Capital LLC has acquired a new position in Boyd Gaming Corporation, purchasing 12,628 shares valued at approximately $831,000.
• Boyd Gaming reported earnings of $1.87 per share for the last quarter, outperforming analysts' expectations and achieving a revenue of $1.03 billion.
• The company has recently announced a quarterly dividend of $0.18 per share, reflecting a 0.84% dividend yield.

Bryce Point Capital LLC purchased a new position in Boyd Gaming Corporation (NYSE:BYD - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 12,628 shares of the company's stock, valued at approximately $831,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Boyd Gaming in the fourth quarter valued at approximately $55,553,000. Raymond James Financial Inc. bought a new position in shares of Boyd Gaming in the fourth quarter valued at approximately $43,273,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Boyd Gaming by 51.7% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,296,863 shares of the company's stock valued at $94,074,000 after purchasing an additional 441,963 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of Boyd Gaming by 37.2% in the fourth quarter. Franklin Resources Inc. now owns 964,051 shares of the company's stock valued at $69,932,000 after purchasing an additional 261,443 shares in the last quarter. Finally, Seven Six Capital Management LLC bought a new position in shares of Boyd Gaming in the fourth quarter valued at approximately $9,162,000. Institutional investors own 76.81% of the company's stock.

Boyd Gaming Trading Down 1.8%

Boyd Gaming stock traded down $1.59 during trading hours on Thursday, reaching $85.14. The company had a trading volume of 589,808 shares, compared to its average volume of 1,052,511. The company has a debt-to-equity ratio of 2.57, a current ratio of 0.80 and a quick ratio of 0.76. The company has a 50-day moving average price of $78.64 and a 200 day moving average price of $73.88. The firm has a market cap of $6.93 billion, a price-to-earnings ratio of 13.10, a P/E/G ratio of 2.91 and a beta of 1.26. Boyd Gaming Corporation has a 12-month low of $52.76 and a 12-month high of $87.76.

Boyd Gaming (NYSE:BYD - Get Free Report) last posted its earnings results on Thursday, July 24th. The company reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.67 by $0.20. Boyd Gaming had a return on equity of 39.81% 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 in the previous year, the firm earned $1.58 earnings per share. The business's revenue was up 6.9% compared to the same quarter last year. Equities analysts forecast that Boyd Gaming Corporation will post 6.52 earnings per share for the current year.

Boyd Gaming Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 16th were paid a dividend of $0.18 per share. The ex-dividend date of this dividend was Monday, June 16th. This represents a $0.72 annualized dividend and a dividend yield of 0.85%. Boyd Gaming's dividend payout ratio (DPR) is presently 11.08%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on BYD shares. Mizuho raised their target price on Boyd Gaming from $86.00 to $89.00 and gave the company an "outperform" rating in a report on Friday, July 25th. Barclays increased their price target on Boyd Gaming from $73.00 to $87.00 and gave the company an "equal weight" rating in a research report on Friday, July 18th. Stifel Nicolaus increased their price target on Boyd Gaming from $87.00 to $90.00 and gave the company a "hold" rating in a research report on Friday, July 25th. Morgan Stanley reaffirmed a "sell" rating on shares of Boyd Gaming in a research report on Friday, July 11th. Finally, Susquehanna downgraded Boyd Gaming from a "positive" rating to a "neutral" rating and increased their price target for the company from $76.00 to $86.00 in a research report on Friday, July 11th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus 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.