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. cut its holdings in Boyd Gaming Corporation (NYSE:BYD - Free Report) by 17.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 408,310 shares of the company's stock after selling 84,138 shares during the period. Boyd Gaming accounts for 3.8% of Nitorum Capital L.P.'s holdings, making the stock its 10th biggest holding. Nitorum Capital L.P. owned 0.50% of Boyd Gaming worth $26,879,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BYD. Advisors Asset Management Inc. raised its holdings in shares of Boyd Gaming by 56.8% during the 1st quarter. Advisors Asset Management Inc. now owns 541 shares of the company's stock worth $36,000 after acquiring an additional 196 shares in the last quarter. CoreCap Advisors LLC raised its stake in shares of Boyd Gaming by 91.0% in the fourth quarter. CoreCap Advisors LLC now owns 573 shares of the company's stock valued at $42,000 after acquiring an additional 273 shares during the period. GAMMA Investing LLC raised its stake in shares of Boyd Gaming by 68.0% in the first quarter. GAMMA Investing LLC now owns 773 shares of the company's stock valued at $51,000 after acquiring an additional 313 shares during the period. UMB Bank n.a. raised its stake 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 valued at $66,000 after acquiring an additional 613 shares during the period. Finally, Caitong International Asset Management Co. Ltd raised its stake 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 valued at $80,000 after acquiring an additional 265 shares during the period. Institutional investors own 76.81% of the company's stock.

Insider Activity

In related news, Director William R. Boyd sold 9,774 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $81.61, for a total transaction of $797,656.14. Following the sale, the director directly owned 15,188 shares in the company, valued at approximately $1,239,492.68. This represents a 39.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Keith Smith sold 25,000 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $85.21, for a total transaction of $2,130,250.00. Following the sale, the chief executive officer owned 1,046,689 shares in the company, valued at $89,188,369.69. The trade was a 2.33% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 385,438 shares of company stock valued at $32,638,085. 21.97% of the stock is owned by corporate insiders.

Boyd Gaming Trading Down 0.2%

NYSE BYD traded down $0.21 during trading on Wednesday, hitting $85.14. The stock had a trading volume of 185,383 shares, compared to its average volume of 1,037,540. Boyd Gaming Corporation has a twelve month low of $57.67 and a twelve month high of $87.83. The company has a market capitalization of $6.83 billion, a PE ratio of 13.10, a PEG 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. The firm has a 50 day moving average price of $83.87 and a 200 day moving average price of $75.47.

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

Boyd Gaming Dividend Announcement

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

Analysts Set New Price Targets

A number of analysts have weighed in on BYD shares. JPMorgan Chase & Co. started coverage on Boyd Gaming in a research note on Monday, June 23rd. They issued a "neutral" rating and a $79.00 target price on the stock. Macquarie lifted their target price on Boyd Gaming from $74.00 to $88.00 and gave the stock a "neutral" rating in a report on Monday, July 28th. Susquehanna lowered shares of Boyd Gaming from a "positive" rating to a "neutral" rating and lifted their target price for the company from $76.00 to $86.00 in a report on Friday, July 11th. Morgan Stanley reaffirmed a "sell" rating on shares of Boyd Gaming in a research note on Friday, July 11th. Finally, Barclays upped their target price on Boyd Gaming from $73.00 to $87.00 and gave the company an "equal weight" rating in a report on Friday, July 18th. Seven research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price 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.