Intech Investment Management LLC Takes Position in Boyd Gaming Corporation $BYD

Key Points

• Intech Investment Management LLC disclosed a new fourth-quarter stake in Boyd Gaming, buying 42,318 shares valued at about $3.6 million. Institutional investors and hedge funds now own 76.81% of the company.
• Boyd Gaming reported mixed quarterly results, with EPS of $1.60 missing estimates and revenue of $997.36 million also falling short of expectations. Despite that, the company still posted strong profitability metrics, including a 25.63% return on equity.
• The company authorized a $500 million share repurchase plan and announced a quarterly dividend of $0.20 per share, payable July 15. Separately, analyst sentiment remains cautious, with a consensus rating of Hold and a price target of $92.08.

Intech Investment Management LLC purchased a new stake in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 42,318 shares of the company's stock, valued at approximately $3,607,000. Intech Investment Management LLC owned 0.05% of Boyd Gaming at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Alps Advisors Inc. increased its stake in Boyd Gaming by 2.7% in the 3rd quarter. Alps Advisors Inc. now owns 5,384 shares of the company's stock valued at $465,000 after buying an additional 141 shares during the period. TD Private Client Wealth LLC increased its stake in Boyd Gaming by 24.5% in the 4th quarter. TD Private Client Wealth LLC now owns 854 shares of the company's stock valued at $73,000 after buying an additional 168 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in Boyd Gaming by 4.0% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 4,434 shares of the company's stock valued at $371,000 after buying an additional 170 shares during the period. Advisors Asset Management Inc. increased its stake in Boyd Gaming by 56.8% in the 1st 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. Finally, Interchange Capital Partners LLC increased its stake in Boyd Gaming by 9.0% in the 4th quarter. Interchange Capital Partners LLC now owns 2,996 shares of the company's stock valued at $255,000 after buying an additional 247 shares during the period. Institutional investors and hedge funds own 76.81% of the company's stock.

Boyd Gaming Price Performance

NYSE BYD opened at $86.78 on Tuesday. The company has a current ratio of 0.60, a quick ratio of 0.58 and a debt-to-equity ratio of 0.90. The company has a fifty day simple moving average of $83.72 and a 200 day simple moving average of $83.73. The company has a market cap of $6.45 billion, a P/E ratio of 3.80, a P/E/G ratio of 1.93 and a beta of 1.08. Boyd Gaming Corporation has a 1 year low of $72.71 and a 1 year high of $89.96.

Boyd Gaming (NYSE:BYD - Get Free Report) last posted 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). The firm had revenue of $997.36 million for 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% on a year-over-year basis. During the same period in the prior year, the company posted $1.62 earnings per share. On average, sell-side analysts predict that Boyd Gaming Corporation will post 7.32 EPS for the current year.

Boyd Gaming announced that its Board of Directors has authorized a share repurchase plan on Thursday, April 23rd that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the company to purchase up to 7.7% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors 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 issued a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 0.9%. The ex-dividend date of this dividend is Monday, June 15th. Boyd Gaming's dividend payout ratio is currently 3.51%.

Insider Activity

In other Boyd Gaming news, Chairman Marianne Boyd Johnson sold 62,914 shares of the 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 directly owned 1,609,808 shares of the company's stock, valued at $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 available at this link. Corporate insiders own 22.82% of the company's stock.

Analyst Ratings Changes

BYD has been the topic of several research reports. Barclays dropped their price objective on shares of Boyd Gaming from $87.00 to $86.00 and set an "equal weight" rating on the stock in a research note on Friday, April 24th. Weiss Ratings lowered shares of Boyd Gaming from a "buy (b)" rating to a "buy (b-)" rating in a research note on Monday, May 18th. Susquehanna dropped their price objective on shares of Boyd Gaming from $89.00 to $87.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 7th. Mizuho dropped 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 note on Friday, April 24th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Boyd Gaming from $89.00 to $90.00 and gave the company a "neutral" rating in a research note on Friday, April 24th. Five investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $92.08.

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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