Gabelli Funds LLC Sells 15,000 Shares of Boyd Gaming Corporation $BYD

Key Points

• Gabelli Funds LLC reduced its Boyd Gaming stake by 14.5% in the fourth quarter, selling 15,000 shares and ending with 88,520 shares valued at about $7.55 million.
• Boyd Gaming missed Wall Street estimates in its latest quarterly results, reporting earnings per share of $1.60 versus $1.76 expected and revenue of $997.36 million versus $1.04 billion expected.
• The company also authorized a $500 million share buyback and declared a quarterly dividend of $0.20 per share, while analysts currently rate the stock a consensus Hold with a $92.08 price target.

Gabelli Funds LLC decreased its position in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) by 14.5% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 88,520 shares of the company's stock after selling 15,000 shares during the quarter. Gabelli Funds LLC owned approximately 0.11% of Boyd Gaming worth $7,545,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Advisors Asset Management Inc. lifted its holdings in Boyd Gaming by 56.8% during the 1st quarter. Advisors Asset Management Inc. now owns 541 shares of the company's stock worth $36,000 after purchasing an additional 196 shares in the last quarter. First Horizon Corp purchased a new stake in Boyd Gaming during the 4th quarter worth about $41,000. Geneos Wealth Management Inc. lifted its holdings in Boyd Gaming by 139.9% during the 2nd quarter. Geneos Wealth Management Inc. now owns 619 shares of the company's stock worth $48,000 after purchasing an additional 361 shares in the last quarter. Employees Retirement System of Texas purchased a new stake in Boyd Gaming during the 3rd quarter worth about $53,000. Finally, Assetmark Inc. lifted its holdings in Boyd Gaming by 3,203.6% during the 3rd quarter. Assetmark Inc. now owns 925 shares of the company's stock worth $80,000 after purchasing an additional 897 shares in the last quarter. Institutional investors own 76.81% of the company's stock.

Boyd Gaming Price Performance

BYD opened at $79.13 on Thursday. The stock's 50 day simple moving average is $83.69 and its 200 day simple moving average is $83.64. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.60 and a quick ratio of 0.58. Boyd Gaming Corporation has a 1 year low of $72.01 and a 1 year high of $89.96. The firm has a market cap of $5.88 billion, a price-to-earnings ratio of 3.47, a PEG ratio of 1.82 and a beta of 1.11.

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

Boyd Gaming announced that its Board of Directors has approved a stock buyback program on Thursday, April 23rd that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to reacquire up to 7.7% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board of directors believes its stock is undervalued.

Boyd Gaming Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Monday, June 15th. Boyd Gaming's dividend payout ratio (DPR) is presently 3.51%.

Insider Activity

In other Boyd Gaming news, CFO Josh Hirsberg sold 23,924 shares of Boyd Gaming stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $85.86, for a total transaction of $2,054,114.64. Following the completion of the transaction, the chief financial officer owned 435,746 shares in the company, valued at approximately $37,413,151.56. The trade was a 5.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Stephen S. Thompson sold 19,530 shares of Boyd Gaming stock in a transaction on Friday, February 27th. The shares were sold at an average price of $83.59, for a total value of $1,632,512.70. Following the transaction, the insider owned 22,009 shares of the company's stock, valued at $1,839,732.31. The trade was a 47.02% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 143,454 shares of company stock worth $12,135,614 in the last quarter. 22.82% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Morgan Stanley reissued a "mixed" rating on shares of Boyd Gaming in a report on Wednesday, April 8th. JPMorgan Chase & Co. raised their price target on Boyd Gaming from $89.00 to $90.00 and gave the company a "neutral" rating in a report on Friday, April 24th. Weiss Ratings cut Boyd Gaming from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday. Stifel Nicolaus lowered their price target on Boyd Gaming from $95.00 to $91.00 and set a "hold" rating on the stock in a report on Friday, April 24th. Finally, Mizuho lowered their price target on Boyd Gaming from $99.00 to $96.00 and set an "outperform" rating on the stock in a report on Friday, April 24th. Five research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat, Boyd Gaming currently has a consensus rating of "Hold" and a consensus price target of $92.08.

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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