Corton Capital Inc. Takes $210,000 Position in Boyd Gaming Corporation (NYSE:BYD)

Key Points

• Corton Capital Inc. has acquired a new stake in Boyd Gaming Corporation, purchasing 3,195 shares valued at approximately $210,000 during the first quarter.
• Boyd Gaming recently reported earnings per share of $1.87, exceeding analysts' estimates by $0.20, alongside a 6.9% increase in quarterly revenue year-over-year.
• The company has announced a quarterly dividend of $0.18 per share, with a current yield of 0.84% and a dividend payout ratio of 11.08%.

Corton Capital Inc. purchased a new position in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 3,195 shares of the company's stock, valued at approximately $210,000.

A number of other hedge funds have also modified their holdings of BYD. Oppenheimer & Co. Inc. purchased a new position in shares of Boyd Gaming in the 1st quarter valued at about $598,000. Raymond James Financial Inc. purchased a new position in shares of Boyd Gaming in the 4th quarter valued at about $43,273,000. Bank of New York Mellon Corp boosted its stake in shares of Boyd Gaming by 1.1% in the 1st quarter. Bank of New York Mellon Corp now owns 692,496 shares of the company's stock valued at $45,587,000 after buying an additional 7,400 shares during the period. Assenagon Asset Management S.A. acquired a new stake in shares of Boyd Gaming during the 1st quarter worth about $1,963,000. Finally, SG Americas Securities LLC acquired a new stake in shares of Boyd Gaming during the 1st quarter worth about $805,000. 76.81% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BYD has been the topic of several research analyst reports. Raymond James Financial raised their target price on Boyd Gaming from $81.00 to $85.00 and gave the stock an "outperform" rating in a research report on Monday, June 30th. Susquehanna lowered Boyd Gaming from a "positive" rating to a "neutral" rating and raised their target price for the stock from $76.00 to $86.00 in a research report on Friday, July 11th. Truist Financial raised their target price on Boyd Gaming from $85.00 to $100.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. JPMorgan Chase & Co. initiated coverage on Boyd Gaming in a research report on Monday, June 23rd. They set a "neutral" rating and a $79.00 target price on the stock. Finally, Macquarie raised their target price on Boyd Gaming from $74.00 to $88.00 and gave the stock a "neutral" rating in a research report on Monday. One analyst has rated the stock with a sell rating, six have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Boyd Gaming presently has an average rating of "Hold" and a consensus target price of $86.62.

Boyd Gaming Price Performance

Shares of NYSE BYD traded up $0.21 during trading on Monday, hitting $86.15. 1,460,921 shares of the company were exchanged, compared to its average volume of 1,459,887. The company has a market cap of $7.01 billion, a price-to-earnings ratio of 13.25 and a beta of 1.26. Boyd Gaming Corporation has a 1 year low of $52.76 and a 1 year high of $87.76. The firm's fifty day moving average price is $78.13 and its 200 day moving average price is $73.70. The company has a debt-to-equity ratio of 2.57, a current ratio of 0.80 and a quick ratio of 0.76.

Boyd Gaming (NYSE:BYD - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The company reported $1.87 EPS for the quarter, topping the consensus estimate of $1.67 by $0.20. Boyd Gaming had a net margin of 14.02% and a return on equity of 39.81%. The business had revenue of $1.03 billion for the quarter, compared to analyst estimates of $976.81 million. During the same period in the previous year, the firm earned $1.58 EPS. The business's revenue for the quarter was up 6.9% compared to the same quarter last year. On average, sell-side analysts expect that Boyd Gaming Corporation will post 6.52 earnings per share for the current fiscal year.

Boyd Gaming Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 16th were issued a $0.18 dividend. The ex-dividend date was Monday, June 16th. This represents a $0.72 dividend on an annualized basis and a yield of 0.84%. Boyd Gaming's dividend payout ratio (DPR) is 11.08%.

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.