Jefferies Financial Group Inc. Purchases Shares of 182,435 Boyd Gaming Corporation $BYD

Key Points

• Jefferies Financial Group bought a new stake in Boyd Gaming in the fourth quarter, acquiring 182,435 shares valued at about $15.55 million. The position represented roughly 0.23% of the company.
• Boyd Gaming’s latest quarterly results missed Wall Street expectations, with EPS of $1.60 versus an expected $1.76 and revenue of $997.36 million versus a $1.04 billion forecast.
• The company announced a quarterly dividend of $0.20 per share and authorized a $500 million share repurchase program, which could support shareholder returns.

Jefferies Financial Group Inc. purchased a new stake in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 182,435 shares of the company's stock, valued at approximately $15,551,000. Jefferies Financial Group Inc. owned about 0.23% of Boyd Gaming at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Citigroup Inc. grew its holdings in shares of Boyd Gaming by 94.8% during the 3rd quarter. Citigroup Inc. now owns 229,823 shares of the company's stock worth $19,868,000 after acquiring an additional 111,815 shares during the period. Envestnet Asset Management Inc. grew its holdings in shares of Boyd Gaming by 78.3% during the 3rd quarter. Envestnet Asset Management Inc. now owns 127,303 shares of the company's stock worth $11,005,000 after acquiring an additional 55,923 shares during the period. Allianz Asset Management GmbH grew its holdings in shares of Boyd Gaming by 174.3% during the 3rd quarter. Allianz Asset Management GmbH now owns 274,154 shares of the company's stock worth $23,701,000 after acquiring an additional 174,214 shares during the period. Caprock Group LLC purchased a new position in shares of Boyd Gaming during the 3rd quarter worth approximately $2,073,000. Finally, Capitolis Liquid Global Markets LLC purchased a new position in shares of Boyd Gaming during the 3rd quarter worth approximately $13,313,000. Institutional investors own 76.81% of the company's stock.

Boyd Gaming Stock Performance

Boyd Gaming stock opened at $79.39 on Monday. 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 company has a market capitalization of $5.90 billion, a P/E ratio of 3.48, a PEG ratio of 1.85 and a beta of 1.11. The stock's 50 day moving average is $83.61 and its 200 day moving average is $83.66. Boyd Gaming Corporation has a twelve month low of $72.01 and a twelve month high of $89.96.

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

Boyd Gaming Dividend Announcement

The business 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 annualized dividend and a dividend yield of 1.0%. Boyd Gaming's dividend payout ratio is presently 3.51%.

Boyd Gaming announced that its board has authorized a stock repurchase program on Thursday, April 23rd that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 7.7% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on BYD shares. JPMorgan Chase & Co. upped their target price on Boyd Gaming from $89.00 to $90.00 and gave the stock a "neutral" rating in a report on Friday, April 24th. Stifel Nicolaus reduced their target price on Boyd Gaming from $95.00 to $91.00 and set a "hold" rating on the stock in a report on Friday, April 24th. Citigroup upped their target price on Boyd Gaming from $86.00 to $90.00 and gave the stock a "neutral" rating in a report on Thursday, April 16th. Susquehanna reduced their target price on Boyd Gaming from $89.00 to $87.00 and set a "neutral" rating on the stock in a report on Tuesday, April 7th. Finally, Wells Fargo & Company reduced their target price on Boyd Gaming from $84.00 to $83.00 and set an "equal weight" rating on the stock in a report on Thursday, April 16th. Five equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $92.08.

Insider Buying and Selling

In related news, insider Stephen S. Thompson sold 19,530 shares of the company's stock in a transaction that occurred on Friday, February 27th. The stock was sold at an average price of $83.59, for a total value of $1,632,512.70. Following the sale, the insider owned 22,009 shares in the company, valued at $1,839,732.31. This represents a 47.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Josh Hirsberg sold 23,924 shares of the company's stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $85.86, for a total value of $2,054,114.64. Following the completion of the sale, 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 143,454 shares of company stock worth $12,135,614 in the last 90 days. Insiders own 22.82% of the company's stock.

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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