Gamco Investors INC. ET AL Trims Stock Position in Boyd Gaming Corporation $BYD

Key Points

• Gamco Investors trimmed its Boyd Gaming stake by 15.2% in the fourth quarter, selling 45,437 shares and ending with 253,900 shares valued at about $21.6 million.
• Boyd Gaming reported Q1 results that missed expectations, posting earnings of $1.60 per share versus the $1.76 consensus and revenue of $997.36 million versus the $1.04 billion estimate.
• The company announced a $500 million share repurchase program and a quarterly dividend of $0.20 per share, while analysts currently rate the stock a consensus Hold with an average target price of $92.08.

Gamco Investors INC. ET AL reduced its stake in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) by 15.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 253,900 shares of the company's stock after selling 45,437 shares during the quarter. Gamco Investors INC. ET AL owned approximately 0.33% of Boyd Gaming worth $21,642,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Citigroup Inc. grew its position in shares of Boyd Gaming by 94.8% in the 3rd quarter. Citigroup Inc. now owns 229,823 shares of the company's stock worth $19,868,000 after buying an additional 111,815 shares during the period. Envestnet Asset Management Inc. grew its position in shares of Boyd Gaming by 78.3% in the 3rd quarter. Envestnet Asset Management Inc. now owns 127,303 shares of the company's stock worth $11,005,000 after buying an additional 55,923 shares during the period. Allianz Asset Management GmbH grew its position in shares of Boyd Gaming by 174.3% in the 3rd quarter. Allianz Asset Management GmbH now owns 274,154 shares of the company's stock worth $23,701,000 after buying an additional 174,214 shares during the period. Caprock Group LLC purchased a new stake in shares of Boyd Gaming in the 3rd quarter worth about $2,073,000. Finally, Capitolis Liquid Global Markets LLC purchased a new stake in shares of Boyd Gaming in the 3rd quarter worth about $13,313,000. 76.81% of the stock is owned by hedge funds and other institutional investors.

Boyd Gaming Stock Performance

Shares of Boyd Gaming stock opened at $79.08 on Tuesday. The stock has a market cap of $5.88 billion, a price-to-earnings ratio of 3.47, a PEG ratio of 1.85 and a beta of 1.11. The firm's 50-day moving average is $83.76 and its 200 day moving average is $83.62. Boyd Gaming Corporation has a 1 year low of $72.01 and a 1 year high of $89.96. 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 (NYSE:BYD - Get Free Report) last announced its quarterly earnings results on Thursday, April 23rd. The company reported $1.60 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.76 by ($0.16). The firm 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%.The business's revenue for the quarter was up .6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.62 EPS. Sell-side analysts anticipate that Boyd Gaming Corporation will post 7.32 EPS for the current fiscal year.

Boyd Gaming Announces Dividend

The company also recently declared 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 is Monday, June 15th. This represents a $0.80 dividend on an annualized basis and a yield of 1.0%. Boyd Gaming's payout ratio is presently 3.51%.

Boyd Gaming declared that its board has initiated a stock buyback plan on Thursday, April 23rd that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 7.7% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on BYD shares. JPMorgan Chase & Co. upped their target price on shares of Boyd Gaming from $89.00 to $90.00 and gave the stock a "neutral" rating in a research report on Friday, April 24th. Stifel Nicolaus reduced their target price on shares of Boyd Gaming from $95.00 to $91.00 and set a "hold" rating on the stock in a research report on Friday, April 24th. Wells Fargo & Company reduced their target price on shares of Boyd Gaming from $84.00 to $83.00 and set an "equal weight" rating on the stock in a research report on Thursday, April 16th. Morgan Stanley reaffirmed a "mixed" rating on shares of Boyd Gaming in a research report on Wednesday, April 8th. Finally, Barclays reduced their target price on shares of Boyd Gaming from $87.00 to $86.00 and set an "equal weight" rating on the stock in a research report on Friday, April 24th. Five investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $92.08.

Insider Activity

In related news, CFO Josh Hirsberg sold 23,924 shares of the company's stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $85.86, for a total value of $2,054,114.64. Following the transaction, the chief financial officer owned 435,746 shares in the company, valued at $37,413,151.56. The trade was a 5.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Stephen S. Thompson sold 19,530 shares of the company's stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $83.59, for a total transaction of $1,632,512.70. Following the completion of the transaction, the insider owned 22,009 shares in the company, valued at approximately $1,839,732.31. The trade was a 47.02% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 173,454 shares of company stock worth $14,680,814. 22.82% of the stock is currently owned by company insiders.

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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