Boyd Gaming Corporation $BYD is Nitorum Capital L.P.'s 10th Largest Position

Key Points

• Nitorum Capital L.P. reduced its holdings in Boyd Gaming Corporation by 17.1%, owning 408,310 shares after selling 84,138 shares during the first quarter.
• Boyd Gaming reported $1.87 earnings per share for the last quarter, surpassing analysts' expectations of $1.67 and showing a revenue increase of 6.9% year-over-year.
• The company announced a quarterly dividend of $0.18 per share, with the ex-dividend date set for September 15th.

Nitorum Capital L.P. decreased its holdings in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) by 17.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 408,310 shares of the company's stock after selling 84,138 shares during the quarter. Boyd Gaming comprises approximately 3.8% of Nitorum Capital L.P.'s portfolio, making the stock its 10th biggest holding. Nitorum Capital L.P. owned approximately 0.50% of Boyd Gaming worth $26,879,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Advisors Asset Management Inc. raised its holdings in Boyd Gaming by 56.8% during the 1st quarter. Advisors Asset Management Inc. now owns 541 shares of the company's stock valued at $36,000 after acquiring an additional 196 shares during the period. CoreCap Advisors LLC grew its position in shares of Boyd Gaming by 91.0% during the 4th quarter. CoreCap Advisors LLC now owns 573 shares of the company's stock valued at $42,000 after purchasing an additional 273 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Boyd Gaming by 68.0% during the 1st quarter. GAMMA Investing LLC now owns 773 shares of the company's stock valued at $51,000 after purchasing an additional 313 shares in the last quarter. UMB Bank n.a. raised its position in shares of Boyd Gaming by 156.0% in the first quarter. UMB Bank n.a. now owns 1,006 shares of the company's stock worth $66,000 after buying an additional 613 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its position in shares of Boyd Gaming by 28.0% in the first quarter. Caitong International Asset Management Co. Ltd now owns 1,210 shares of the company's stock worth $80,000 after buying an additional 265 shares in the last quarter. Institutional investors own 76.81% of the company's stock.

Boyd Gaming Price Performance

NYSE:BYD traded down $0.08 during midday trading on Friday, hitting $86.40. The company had a trading volume of 592,445 shares, compared to its average volume of 843,801. Boyd Gaming Corporation has a 52-week low of $57.67 and a 52-week high of $87.83. The stock's fifty day moving average price is $83.61 and its 200-day moving average price is $75.33. The company has a market capitalization of $6.93 billion, a PE ratio of 13.29, a P/E/G ratio of 2.44 and a beta of 1.23. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 2.53.

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

Boyd Gaming Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Monday, September 15th will be given a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 0.8%. The ex-dividend date is Monday, September 15th. Boyd Gaming's dividend payout ratio is presently 11.08%.

Insider Buying and Selling at Boyd Gaming

In other Boyd Gaming news, CEO Keith Smith sold 25,000 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $85.21, for a total transaction of $2,130,250.00. Following the completion of the sale, the chief executive officer directly owned 1,046,689 shares in the company, valued at $89,188,369.69. This represents a 2.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Ted Bogich sold 16,497 shares of the company's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $83.18, for a total transaction of $1,372,220.46. Following the sale, the chief operating officer owned 45,116 shares of the company's stock, valued at approximately $3,752,748.88. The trade was a 26.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 385,438 shares of company stock valued at $32,638,085. 21.97% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Stifel Nicolaus increased their price objective on Boyd Gaming from $87.00 to $90.00 and gave the stock a "hold" rating in a research report on Friday, July 25th. Macquarie increased their price objective on Boyd Gaming from $74.00 to $88.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. Raymond James Financial increased their price objective on Boyd Gaming from $81.00 to $85.00 and gave the stock an "outperform" rating in a research report on Monday, June 30th. Truist Financial increased their price objective on Boyd Gaming from $85.00 to $100.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. Finally, JPMorgan Chase & Co. started coverage on Boyd Gaming in a research report on Monday, June 23rd. They issued a "neutral" rating and a $79.00 price objective on the stock. Seven equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $86.62.

Boyd Gaming Company Profile

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.