Foster & Motley Inc. Acquires 16,119 Shares of Boyd Gaming Corporation $BYD

Key Points

• Foster & Motley Inc. increased its stake in Boyd Gaming by 19.5% in the first quarter, adding 16,119 shares and bringing its total holding to 98,730 shares worth about $8.11 million.
• Insider selling has been notable recently, with Chairman Marianne Boyd Johnson and CEO Keith Smith selling shares; insiders have sold 200,000 shares worth about $17.0 million over the last three months.
• Boyd Gaming reported mixed quarterly results, missing EPS and revenue estimates, while also announcing a $500 million stock buyback and a quarterly dividend of $0.20 per share.

Foster & Motley Inc. boosted its holdings in Boyd Gaming Corporation (NYSE:BYD - Free Report) by 19.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 98,730 shares of the company's stock after buying an additional 16,119 shares during the period. Foster & Motley Inc. owned approximately 0.13% of Boyd Gaming worth $8,114,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Los Angeles Capital Management LLC purchased a new stake in Boyd Gaming during the 4th quarter worth about $25,000. Altshuler Shaham Ltd purchased a new position in Boyd Gaming during the 4th quarter valued at about $25,000. Advisors Asset Management Inc. increased its position 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 period. First Horizon Corp bought a new stake in shares of Boyd Gaming during the fourth quarter valued at about $41,000. Finally, Geneos Wealth Management Inc. lifted its holdings in shares of Boyd Gaming by 139.9% in the second quarter. Geneos Wealth Management Inc. now owns 619 shares of the company's stock worth $48,000 after buying an additional 361 shares in the last quarter. Institutional investors own 76.81% of the company's stock.

Insider Activity at Boyd Gaming

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

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on BYD shares. JPMorgan Chase & Co. lifted their price objective on Boyd Gaming from $89.00 to $90.00 and gave the company a "neutral" rating in a research note on Friday, April 24th. Barclays lowered their price target on Boyd Gaming from $87.00 to $86.00 and set an "equal weight" rating on the stock in a report on Friday, April 24th. Texas Capital upgraded Boyd Gaming to a "strong-buy" rating in a research report on Wednesday, June 3rd. Susquehanna cut their price objective on Boyd Gaming from $89.00 to $87.00 and set a "neutral" rating for the company in a report on Tuesday, April 7th. Finally, Mizuho decreased their price objective on shares of Boyd Gaming from $99.00 to $96.00 and set an "outperform" rating on the stock in a research report on Friday, April 24th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and nine have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $92.69.

Boyd Gaming Trading Up 1.9%

Shares of BYD stock opened at $88.57 on Friday. The business has a 50-day moving average price of $84.69 and a two-hundred day moving average price of $84.44. Boyd Gaming Corporation has a 12-month low of $76.33 and a 12-month high of $90.13. The company has a quick ratio of 0.58, a current ratio of 0.60 and a debt-to-equity ratio of 0.90. The firm has a market cap of $6.58 billion, a P/E ratio of 3.88, a price-to-earnings-growth ratio of 2.03 and a beta of 1.08.

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

Boyd Gaming announced that its board has initiated a stock repurchase plan on Thursday, April 23rd that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to repurchase up to 7.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's leadership believes its stock is undervalued.

Boyd Gaming Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Monday, June 15th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.9%. The ex-dividend date is Monday, June 15th. Boyd Gaming's dividend payout ratio (DPR) is presently 3.51%.

About Boyd Gaming

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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