Dockside LLC Acquires Shares of 15,056 Boyd Gaming Corporation $BYD

Key Points

• Dockside LLC disclosed a new fourth-quarter stake in Boyd Gaming, buying 15,056 shares worth about $1.28 million.
• Boyd Gaming saw continued institutional activity and notable insider selling, including shares sold by Chairman Marianne Boyd Johnson and CEO Keith Smith; insiders sold 200,000 shares worth about $17.0 million over the last three months.
• The company’s latest earnings missed estimates, but Boyd Gaming also announced a $500 million share repurchase program and a quarterly dividend of $0.20 per share payable July 15.

Dockside LLC acquired a new stake in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 15,056 shares of the company's stock, valued at approximately $1,283,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Los Angeles Capital Management LLC purchased a new stake in Boyd Gaming during the fourth quarter valued at approximately $25,000. First Horizon Corp bought a new position in shares of Boyd Gaming during the fourth quarter valued at approximately $41,000. Advisors Asset Management Inc. grew its stake in shares of Boyd Gaming by 56.8% during the first quarter. Advisors Asset Management Inc. now owns 541 shares of the company's stock valued at $36,000 after buying an additional 196 shares during the last quarter. Employees Retirement System of Texas bought a new position in shares of Boyd Gaming during the third quarter valued at approximately $53,000. Finally, Geneos Wealth Management Inc. grew its stake in shares of Boyd Gaming by 139.9% during the second quarter. Geneos Wealth Management Inc. now owns 619 shares of the company's stock valued at $48,000 after buying an additional 361 shares during the last quarter. 76.81% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Boyd Gaming

In related news, Chairman Marianne Boyd Johnson sold 62,914 shares of the stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $84.03, for a total value of $5,286,663.42. Following the transaction, the chairman owned 1,609,808 shares of the company's stock, valued at $135,272,166.24. This represents a 3.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Keith Smith sold 100,000 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $85.90, for a total value of $8,590,000.00. Following the completion of the transaction, the chief executive officer directly owned 996,981 shares in the company, valued at approximately $85,640,667.90. This trade represents a 9.12% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 200,000 shares of company stock worth $17,038,987. 22.82% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

BYD has been the topic of a number of analyst reports. Mizuho cut their target price on Boyd Gaming from $99.00 to $96.00 and set an "outperform" rating on the stock in a research note on Friday, April 24th. Susquehanna cut their target price on Boyd Gaming from $89.00 to $87.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 7th. JPMorgan Chase & Co. upped their target price on Boyd Gaming from $89.00 to $90.00 and gave the company a "neutral" rating in a research note on Friday, April 24th. Texas Capital raised Boyd Gaming to a "strong-buy" rating in a research note on Wednesday, June 3rd. Finally, Weiss Ratings raised Boyd Gaming from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, June 4th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, Boyd Gaming currently has a consensus rating of "Hold" and a consensus price target of $92.08.

Boyd Gaming Stock Down 0.1%

Shares of NYSE:BYD opened at $87.33 on Monday. Boyd Gaming Corporation has a 52-week low of $73.00 and a 52-week high of $89.96. The stock has a market cap of $6.49 billion, a P/E ratio of 3.83, a price-to-earnings-growth ratio of 2.04 and a beta of 1.08. The business's 50 day moving average is $84.54 and its 200 day moving average is $84.20. The company has a quick ratio of 0.58, a current ratio of 0.60 and a debt-to-equity ratio of 0.90.

Boyd Gaming (NYSE:BYD - Get Free Report) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $1.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.76 by ($0.16). Boyd Gaming had a return on equity of 25.63% and a net margin of 44.84%.The firm had revenue of $997.36 million during the quarter, compared to the consensus estimate of $1.04 billion. During the same period last year, the company earned $1.62 EPS. The firm's revenue for the quarter was up .6% compared to the same quarter last year. Sell-side analysts predict that Boyd Gaming Corporation will post 7.32 EPS for the current year.

Boyd Gaming declared that its Board of Directors has initiated a stock repurchase program on Thursday, April 23rd that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 7.7% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its shares are undervalued.

Boyd Gaming Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Monday, June 15th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.80 annualized dividend and a yield of 0.9%. Boyd Gaming's dividend payout ratio is 3.51%.

Boyd Gaming Company Profile

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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