LSV Asset Management Raises Position in Boyd Gaming Corporation $BYD

Key Points

• LSV Asset Management increased its stake in Boyd Gaming by 55.2% in the fourth quarter, ending with 351,870 shares valued at about $30 million.
• Boyd Gaming reported mixed quarterly results, with EPS of $1.60 missing estimates of $1.76 and revenue of $997.36 million falling short of expectations, though revenue still rose slightly year over year.
• The company announced a quarterly dividend of $0.20 per share and authorized a $500 million share buyback program, signaling management’s continued confidence in the stock.

LSV Asset Management lifted its stake in Boyd Gaming Corporation (NYSE:BYD - Free Report) by 55.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 351,870 shares of the company's stock after buying an additional 125,130 shares during the period. LSV Asset Management owned approximately 0.45% of Boyd Gaming worth $29,993,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. First Horizon Corp purchased a new stake in shares of Boyd Gaming in the fourth quarter worth about $41,000. Advisors Asset Management Inc. boosted its position in shares of Boyd Gaming by 56.8% in the first quarter. Advisors Asset Management Inc. now owns 541 shares of the company's stock worth $36,000 after buying an additional 196 shares during the period. Employees Retirement System of Texas purchased a new stake in shares of Boyd Gaming in the third quarter worth about $53,000. Geneos Wealth Management Inc. boosted its position in shares of Boyd Gaming by 139.9% in the second quarter. Geneos Wealth Management Inc. now owns 619 shares of the company's stock worth $48,000 after buying an additional 361 shares during the period. Finally, TD Private Client Wealth LLC boosted its position in shares of Boyd Gaming by 24.5% in the fourth quarter. TD Private Client Wealth LLC now owns 854 shares of the company's stock worth $73,000 after buying an additional 168 shares during the period. Hedge funds and other institutional investors own 76.81% of the company's stock.

Boyd Gaming Trading Up 0.1%

NYSE:BYD 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 business's 50 day moving average is $83.61 and its two-hundred day moving average is $83.66. Boyd Gaming Corporation has a 52 week low of $72.01 and a 52 week high of $89.96. The company has a market cap of $5.90 billion, a PE ratio of 3.48, a P/E/G ratio of 1.85 and a beta of 1.11.

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

Boyd Gaming Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Monday, June 15th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Monday, June 15th. Boyd Gaming's dividend payout ratio (DPR) is currently 3.51%.

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

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Stifel Nicolaus decreased their target price on Boyd Gaming from $95.00 to $91.00 and set a "hold" rating for the company in a research report on Friday, April 24th. Barclays reduced their price target on Boyd Gaming from $87.00 to $86.00 and set an "equal weight" rating for the company in a report on Friday, April 24th. Wells Fargo & Company reduced their price target on Boyd Gaming from $84.00 to $83.00 and set an "equal weight" rating for the company in a report on Thursday, April 16th. Mizuho reduced their price target on Boyd Gaming from $99.00 to $96.00 and set an "outperform" rating for the company in a report on Friday, April 24th. Finally, Weiss Ratings downgraded Boyd Gaming from a "buy (b)" rating to a "buy (b-)" rating in a report on Monday, May 18th. Five analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company's stock. According to data from MarketBeat, Boyd Gaming currently has an average rating of "Hold" and an average price target of $92.08.

Insiders Place Their Bets

In other news, insider Stephen S. Thompson sold 19,530 shares of the stock in a transaction that occurred on 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 sale, the insider directly owned 22,009 shares in the company, valued at approximately $1,839,732.31. This represents a 47.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Josh Hirsberg sold 23,924 shares of the 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 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 143,454 shares of company stock valued at $12,135,614 in the last quarter. Insiders own 22.82% of the company's stock.

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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