Man Group plc Buys New Stake in Boyd Gaming Corporation $BYD

Key Points

• Man Group initiated a new Boyd Gaming position, purchasing 14,562 shares valued at approximately $1.29 million during the second quarter. Institutional investors collectively own 76.81% of BYD’s outstanding stock.
• Boyd Gaming reported quarterly earnings of $1.93 per share, exceeding analyst expectations of $1.89, while revenue reached $1.03 billion. Analysts expect full-year earnings of $7.29 per share.
• The company declared a quarterly dividend of $0.20 per share, equivalent to an annualized $0.80 payout and a 1.0% yield. Despite a consensus “Hold” rating, analysts’ average price target is $94.69 versus the reported share price of $76.67.

Man Group plc purchased a new position in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 14,562 shares of the company's stock, valued at approximately $1,286,000.

A number of other institutional investors have also modified their holdings of the stock. Altshuler Shaham Ltd acquired a new position in shares of Boyd Gaming in the 4th quarter valued at about $25,000. Los Angeles Capital Management LLC purchased a new position in Boyd Gaming during the fourth quarter valued at approximately $25,000. Advisors Asset Management Inc. raised its position in Boyd Gaming by 56.8% during the first quarter. Advisors Asset Management Inc. now owns 541 shares of the company's stock valued at $36,000 after acquiring an additional 196 shares in the last quarter. Bessemer Group Inc. lifted its holdings in Boyd Gaming by 62.8% in the first quarter. Bessemer Group Inc. now owns 526 shares of the company's stock valued at $43,000 after acquiring an additional 203 shares during the period. Finally, Geneos Wealth Management Inc. grew its stake in shares of Boyd Gaming by 139.9% during the 2nd quarter. Geneos Wealth Management Inc. now owns 619 shares of the company's stock worth $48,000 after purchasing an additional 361 shares during the period. Hedge funds and other institutional investors own 76.81% of the company's stock.

Boyd Gaming Stock Up 0.4%

Shares of BYD opened at $76.67 on Thursday. The firm has a market cap of $5.57 billion, a P/E ratio of 3.37, a PEG ratio of 1.36 and a beta of 1.06. Boyd Gaming Corporation has a 12 month low of $76.24 and a 12 month high of $91.41. The stock's 50 day moving average is $85.07 and its two-hundred day moving average is $84.36. The company has a current ratio of 0.77, a quick ratio of 0.74 and a debt-to-equity ratio of 1.05.

Boyd Gaming (NYSE:BYD - Get Free Report) last announced its earnings results on Thursday, July 23rd. The company reported $1.93 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.04. Boyd Gaming had a return on equity of 22.52% and a net margin of 44.34%.The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same period in the prior year, the company posted $1.87 EPS. The business's quarterly revenue was up .0% on a year-over-year basis. Analysts predict that Boyd Gaming Corporation will post 7.29 earnings per share for the current fiscal year.

Boyd Gaming Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Tuesday, September 15th will be given a dividend of $0.20 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.80 dividend on an annualized basis and a yield of 1.0%. Boyd Gaming's dividend payout ratio is currently 3.52%.

Insider Transactions at Boyd Gaming

In other news, CFO Josh Hirsberg sold 12,777 shares of Boyd Gaming stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $89.76, for a total value of $1,146,863.52. Following the sale, the chief financial officer owned 422,969 shares in the company, valued at $37,965,697.44. This trade represents a 2.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 22.82% of the stock is currently owned by insiders.

Analyst Ratings Changes

BYD has been the subject of several recent research reports. Morgan Stanley cut their target price on shares of Boyd Gaming from $90.00 to $89.00 and set an "equal weight" rating for the company in a report on Monday, July 27th. JPMorgan Chase & Co. increased their price target on shares of Boyd Gaming from $90.00 to $93.00 and gave the stock a "neutral" rating in a report on Wednesday, July 15th. Benchmark started coverage on shares of Boyd Gaming in a research report on Monday, June 22nd. They set a "buy" rating and a $100.00 price target on the stock. Susquehanna lifted their price objective on shares of Boyd Gaming from $84.00 to $87.00 and gave the company a "neutral" rating in a report on Friday, July 24th. Finally, Weiss Ratings downgraded shares of Boyd Gaming from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and eleven have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $94.69.

Boyd Gaming 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source