CCM Investment Group LLC Makes New Investment in Boyd Gaming Corporation (NYSE:BYD)

Key Points

• CCM Investment Group LLC acquired a new stake in Boyd Gaming Corporation, purchasing 6,047 shares valued at approximately $401,000 during the first quarter.
• Boyd Gaming's quarterly earnings report showcased an EPS of $1.87, exceeding expectations, with revenues totaling $1.03 billion, reflecting a 6.9% year-over-year increase.
• Analysts maintain a mixed outlook on Boyd Gaming, with various ratings including eight buy ratings and an average target price of $86.62.

CCM Investment Group LLC purchased a new stake in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 6,047 shares of the company's stock, valued at approximately $401,000.

Other hedge funds also recently bought and sold shares of the company. CoreCap Advisors LLC raised its stake in 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 stake in Boyd Gaming by 68.0% during the first quarter. GAMMA Investing LLC now owns 773 shares of the company's stock valued at $51,000 after purchasing an additional 313 shares in the last quarter. Investment Counsel Co. of Nevada purchased a new stake in Boyd Gaming during the fourth quarter valued at $73,000. UMB Bank n.a. raised its stake in Boyd Gaming by 156.0% during 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 in the last quarter. Finally, Golden State Wealth Management LLC raised its stake in Boyd Gaming by 76.9% during 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 in the last quarter. Hedge funds and other institutional investors own 76.81% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on BYD shares. Mizuho increased their target price on shares of Boyd Gaming from $86.00 to $89.00 and gave the company an "outperform" rating in a research note on Friday, July 25th. Morgan Stanley reissued a "sell" rating on shares of Boyd Gaming in a research note on Friday, July 11th. Truist Financial increased their target price 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. Macquarie increased their target price on shares of Boyd Gaming from $74.00 to $88.00 and gave the company a "neutral" rating in a research note on Monday, July 28th. Finally, Stifel Nicolaus increased their target price on shares of Boyd Gaming from $87.00 to $90.00 and gave the company a "hold" rating in a research note on Friday, July 25th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $86.62.

Boyd Gaming Trading Down 0.4%

BYD stock traded down $0.38 during trading on Thursday, hitting $83.95. The company had a trading volume of 951,519 shares, compared to its average volume of 1,068,112. The firm has a market capitalization of $6.73 billion, a P/E ratio of 12.92, a PEG ratio of 2.36 and a beta of 1.24. Boyd Gaming Corporation has a 52-week low of $57.06 and a 52-week high of $87.76. The company has a 50 day simple moving average of $80.41 and a 200-day simple moving average of $74.48. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 2.53.

Boyd Gaming (NYSE:BYD - Get Free Report) last posted its earnings results on Thursday, July 24th. The company reported $1.87 EPS for the quarter, beating analysts' consensus estimates of $1.67 by $0.20. The business had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $976.81 million. Boyd Gaming had a net margin of 14.02% and a return on equity of 40.65%. The company's revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter last year, the firm posted $1.58 EPS. As a group, research analysts forecast that Boyd Gaming Corporation will post 6.52 earnings per share for the current fiscal year.

Boyd Gaming Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Monday, September 15th will be given a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 0.9%. Boyd Gaming's dividend payout ratio (DPR) is 11.08%.

Insider Buying and Selling at Boyd Gaming

In other Boyd Gaming news, Director William R. Boyd sold 9,774 shares of the firm's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $81.61, for a total value of $797,656.14. Following the completion of the transaction, the director owned 15,188 shares of the company's stock, valued at approximately $1,239,492.68. This trade represents a 39.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Stephen S. Thompson sold 15,906 shares of the company's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $83.25, for a total transaction of $1,324,174.50. Following the completion of the sale, the insider directly owned 38,609 shares in the company, valued at $3,214,199.25. This trade represents a 29.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 45,403 shares of company stock valued at $3,757,196. Company insiders own 27.94% of the company's stock.

Boyd Gaming Company Profile

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.