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Jefferies Financial Group Inc. Makes New Investment in Boyd Gaming Corporation (NYSE:BYD)

Boyd Gaming logo with Consumer Discretionary background

Key Points

  • Jefferies Financial Group Inc. acquired 6,725 shares of Boyd Gaming Corporation, valued at approximately $443,000, indicating institutional interest in the company.
  • A majority of analysts maintain a consensus rating of “Hold” on Boyd Gaming, with an average target price of $86.62, reflecting varied opinions on its stock performance.
  • Boyd Gaming reported earnings of $1.87 per share for the last quarter, surpassing analysts’ expectations and achieving a 6.9% increase in revenue year-over-year.
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Jefferies Financial Group Inc. purchased a new stake in Boyd Gaming Corporation (NYSE:BYD - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 6,725 shares of the company's stock, valued at approximately $443,000.

Other hedge funds also recently added to or reduced their stakes in the company. Louisiana State Employees Retirement System raised its position in Boyd Gaming by 1.1% in the 1st quarter. Louisiana State Employees Retirement System now owns 18,600 shares of the company's stock valued at $1,224,000 after purchasing an additional 200 shares during the last quarter. State of Alaska Department of Revenue increased its stake in Boyd Gaming by 0.4% in the first quarter. State of Alaska Department of Revenue now owns 47,753 shares of the company's stock valued at $3,143,000 after purchasing an additional 205 shares during the period. Pinnacle Wealth Management Advisory Group LLC increased its stake in Boyd Gaming by 7.1% in the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 4,000 shares of the company's stock valued at $263,000 after purchasing an additional 265 shares during the period. Choreo LLC raised its holdings in shares of Boyd Gaming by 0.9% in the first quarter. Choreo LLC now owns 30,164 shares of the company's stock valued at $1,991,000 after buying an additional 271 shares during the last quarter. Finally, CoreCap Advisors LLC boosted its stake in shares of Boyd Gaming by 91.0% during the fourth quarter. CoreCap Advisors LLC now owns 573 shares of the company's stock worth $42,000 after buying an additional 273 shares during the period. 76.81% of the stock is currently owned by hedge funds and other institutional investors.

Boyd Gaming Trading Down 1.5%

Shares of BYD traded down $1.22 on Thursday, hitting $82.08. 1,464,612 shares of the stock traded hands, compared to its average volume of 1,567,617. The stock's 50 day moving average is $79.75 and its two-hundred day moving average is $74.28. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 2.53. The firm has a market capitalization of $6.58 billion, a P/E ratio of 12.63, a P/E/G ratio of 2.82 and a beta of 1.24. Boyd Gaming Corporation has a 1 year low of $54.83 and a 1 year high of $87.76.

Boyd Gaming (NYSE:BYD - Get Free Report) last posted its quarterly earnings data on Thursday, July 24th. The company reported $1.87 EPS for the quarter, beating analysts' consensus estimates of $1.67 by $0.20. The company had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $976.81 million. Boyd Gaming had a net margin of 14.02% and a return on equity of 40.65%. The company's quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.58 EPS. As a group, sell-side analysts predict that Boyd Gaming Corporation will post 6.52 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Stephen S. Thompson sold 15,906 shares of Boyd Gaming stock in a transaction on Friday, August 1st. The stock was sold at an average price of $83.25, for a total value of $1,324,174.50. Following the transaction, the insider owned 38,609 shares in the company, valued at approximately $3,214,199.25. This trade represents a 29.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Ted Bogich sold 16,497 shares of the 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 sale, the chief operating officer directly owned 45,116 shares of the company's stock, valued at approximately $3,752,748.88. This trade represents a 26.78% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 27.94% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on BYD shares. Macquarie boosted their target price on Boyd Gaming from $74.00 to $88.00 and gave the company a "neutral" rating in a report on Monday, July 28th. Raymond James Financial lifted their price objective on shares of Boyd Gaming from $81.00 to $85.00 and gave the company an "outperform" rating in a research report on Monday, June 30th. Stifel Nicolaus boosted their price objective on shares of Boyd Gaming from $87.00 to $90.00 and gave the company a "hold" rating in a research note on Friday, July 25th. Mizuho raised their price objective on shares of Boyd Gaming from $86.00 to $89.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. Finally, Susquehanna lowered shares of Boyd Gaming from a "positive" rating to a "neutral" rating and boosted their target price for the stock from $76.00 to $86.00 in a research report on Friday, July 11th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $86.62.

Check Out Our Latest Report on BYD

Boyd Gaming Company Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Boyd Gaming (NYSE:BYD)

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