New Age Alpha Advisors LLC Lowers Position in Boyd Gaming Corporation (NYSE:BYD)

Key Points

• New Age Alpha Advisors LLC reduced its stake in Boyd Gaming Corporation by 44.6%, selling 6,600 shares and now holding 8,202 shares worth approximately $540,000.
• Insider sales include Stephen S. Thompson offloading 15,906 shares for about $1.32 million, representing a 29.18% decrease in ownership.
• Boyd Gaming's latest earnings report showed an EPS of $1.87, exceeding estimates, and a 6.9% increase in revenue compared to the previous year.

New Age Alpha Advisors LLC reduced its stake in Boyd Gaming Corporation (NYSE:BYD - Free Report) by 44.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 8,202 shares of the company's stock after selling 6,600 shares during the quarter. New Age Alpha Advisors LLC's holdings in Boyd Gaming were worth $540,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Oppenheimer & Co. Inc. purchased a new stake in Boyd Gaming in the 1st quarter valued at $598,000. Raymond James Financial Inc. purchased a new stake in Boyd Gaming in the 4th quarter valued at $43,273,000. Bank of New York Mellon Corp increased its position in shares of Boyd Gaming by 1.1% during the 1st quarter. Bank of New York Mellon Corp now owns 692,496 shares of the company's stock valued at $45,587,000 after purchasing an additional 7,400 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of Boyd Gaming during the 1st quarter valued at $1,963,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Boyd Gaming during the 1st quarter valued at $805,000. 76.81% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Boyd Gaming news, COO Ted Bogich sold 16,497 shares of the firm's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $83.18, for a total value of $1,372,220.46. Following the completion of the transaction, the chief operating officer owned 45,116 shares in the company, valued at $3,752,748.88. This trade represents a 26.78% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Stephen S. Thompson sold 15,906 shares of the firm's stock in a transaction dated 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 completion of the transaction, the insider owned 38,609 shares of the company's stock, valued at approximately $3,214,199.25. This represents a 29.18% decrease in their position. The disclosure for this sale can be found here. 21.97% of the stock is owned by company insiders.

Boyd Gaming Stock Performance

Shares of BYD stock traded up $0.64 on Wednesday, hitting $84.04. 205,949 shares of the stock were exchanged, compared to its average volume of 1,062,529. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 2.53. The firm has a market capitalization of $6.74 billion, a PE ratio of 12.92, a P/E/G ratio of 2.75 and a beta of 1.24. Boyd Gaming Corporation has a one year low of $55.91 and a one year high of $87.76. The firm's 50 day moving average is $80.20 and its two-hundred day moving average is $74.41.

Boyd Gaming (NYSE:BYD - Get Free Report) last issued its earnings results on Thursday, July 24th. The company reported $1.87 EPS for the quarter, topping the consensus estimate of $1.67 by $0.20. Boyd Gaming had a return on equity of 40.65% and a net margin of 14.02%. The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $976.81 million. During the same quarter last year, the company earned $1.58 EPS. The firm's revenue was up 6.9% compared to the same quarter last year. Sell-side analysts expect that Boyd Gaming Corporation will post 6.52 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on BYD shares. Morgan Stanley reaffirmed a "sell" rating on shares of Boyd Gaming in a research report on Friday, July 11th. Susquehanna lowered Boyd Gaming from a "positive" rating to a "neutral" rating and raised their target price for the company from $76.00 to $86.00 in a research report on Friday, July 11th. Barclays raised their target price on Boyd Gaming from $73.00 to $87.00 and gave the company an "equal weight" rating in a research report on Friday, July 18th. Truist Financial raised their target price on Boyd Gaming from $85.00 to $100.00 and gave the company a "buy" rating in a research report on Wednesday, July 16th. Finally, Raymond James Financial raised their target price on Boyd Gaming from $81.00 to $85.00 and gave the company an "outperform" rating in a research report on Monday, June 30th. One analyst has rated the stock with a sell rating, six have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Boyd Gaming currently has a consensus rating of "Hold" and an average target price of $86.62.

About Boyd Gaming

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.