Hodges Capital Management Inc. Buys Shares of 45,825 Boyd Gaming Corporation $BYD

Key Points

• Hodges Capital Management Inc. acquired 45,825 shares of Boyd Gaming Corporation valued at approximately $3.02 million, representing about 0.06% of the company.
• Boyd Gaming reported earnings per share of $1.87, exceeding expectations, and recorded a revenue of $1.03 billion for the last quarter.
• The company announced a quarterly dividend of $0.18 per share, with a yield of 0.8%, to be paid on October 15th.

Hodges Capital Management 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 SEC. The firm purchased 45,825 shares of the company's stock, valued at approximately $3,017,000. Hodges Capital Management Inc. owned 0.06% of Boyd Gaming at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the company. Victory Capital Management Inc. grew its stake in shares of Boyd Gaming by 13.3% in the 1st quarter. Victory Capital Management Inc. now owns 1,048,706 shares of the company's stock valued at $69,036,000 after buying an additional 122,822 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Boyd Gaming by 0.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 983,823 shares of the company's stock valued at $64,765,000 after buying an additional 8,850 shares during the period. Bank of New York Mellon Corp grew 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. Northern Trust Corp grew its stake in shares of Boyd Gaming by 14.2% in the 1st quarter. Northern Trust Corp now owns 682,518 shares of the company's stock valued at $44,930,000 after buying an additional 85,087 shares during the period. Finally, Raymond James Financial Inc. grew its stake in shares of Boyd Gaming by 7.5% in the 1st quarter. Raymond James Financial Inc. now owns 641,104 shares of the company's stock valued at $42,204,000 after buying an additional 44,558 shares during the period. 76.81% of the stock is currently owned by institutional investors and hedge funds.

Boyd Gaming Stock Performance

Shares of Boyd Gaming stock traded up $0.75 during mid-day trading on Wednesday, hitting $82.90. 170,301 shares of the stock were exchanged, compared to its average volume of 1,030,251. The company has a debt-to-equity ratio of 2.53, a quick ratio of 0.82 and a current ratio of 0.86. The company has a market capitalization of $6.65 billion, a P/E ratio of 12.76, a P/E/G ratio of 2.36 and a beta of 1.23. The company has a 50-day simple moving average of $84.17 and a 200 day simple moving average of $75.76. Boyd Gaming Corporation has a 12 month low of $58.94 and a 12 month high of $87.83.

Boyd Gaming (NYSE:BYD - Get Free Report) last posted its quarterly earnings results on Thursday, July 24th. The company reported $1.87 EPS for the quarter, topping analysts' consensus estimates of $1.67 by $0.20. The company had revenue of $1.03 billion for the quarter, compared to analysts' expectations of $976.81 million. Boyd Gaming had a net margin of 14.02% and a return on equity of 40.65%. Boyd Gaming's revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.58 EPS. Sell-side analysts anticipate that Boyd Gaming Corporation will post 6.52 earnings per share for the current fiscal year.

Boyd Gaming Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Monday, September 15th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend is Monday, September 15th. Boyd Gaming's payout ratio is 11.08%.

Insider Buying and Selling

In related news, CFO Josh Hirsberg sold 40,035 shares of Boyd Gaming stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $85.41, for a total value of $3,419,389.35. Following the sale, the chief financial officer owned 420,185 shares of the company's stock, valued at approximately $35,888,000.85. The trade was a 8.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Ted Bogich sold 16,497 shares of Boyd Gaming stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $83.18, for a total transaction of $1,372,220.46. Following the completion of the sale, the chief operating officer directly owned 45,116 shares in the company, valued at $3,752,748.88. This trade represents a 26.78% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 385,438 shares of company stock worth $32,638,085 in the last three months. Insiders own 21.97% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently commented on BYD. Stifel Nicolaus raised their target price on Boyd Gaming from $87.00 to $90.00 and gave the company a "hold" rating in a research note on Friday, July 25th. Macquarie raised their target price on Boyd Gaming from $74.00 to $88.00 and gave the company a "neutral" rating in a research note on Monday, July 28th. Morgan Stanley reiterated a "sell" rating on shares of Boyd Gaming in a research note on Friday, July 11th. Truist Financial lifted their price target on Boyd Gaming from $85.00 to $100.00 and gave the company a "buy" rating in a research note on Wednesday, July 16th. Finally, Mizuho lifted their price target on Boyd Gaming from $86.00 to $89.00 and gave the company an "outperform" rating in a research note on Friday, July 25th. Six equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $87.83.

Boyd Gaming Profile

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.