Pacer Advisors Inc. Sells 189,885 Shares of Boyd Gaming Corporation $BYD

Key Points

• Pacer Advisors cut its Boyd Gaming stake by 91.1%, selling 189,885 shares in the first quarter and retaining 18,491 shares valued at approximately $1.52 million.
• Boyd Gaming reported quarterly EPS of $1.93, slightly above the $1.89 analyst consensus, while revenue came in at $1.03 billion. The board also authorized a $500 million share-repurchase program, covering up to 7.7% of outstanding shares.
• Despite increased holdings from several major institutions, analyst sentiment remains cautious: Boyd has a consensus “Hold” rating and an average price target of $94.69, compared with a share price of $83.37.

Pacer Advisors Inc. lessened its stake in Boyd Gaming Corporation (NYSE:BYD - Free Report) by 91.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,491 shares of the company's stock after selling 189,885 shares during the period. Pacer Advisors Inc.'s holdings in Boyd Gaming were worth $1,520,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also added to or reduced their stakes in the company. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Boyd Gaming by 18.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,755,659 shares of the company's stock valued at $149,652,000 after buying an additional 277,529 shares in the last quarter. Invesco Ltd. lifted its position in Boyd Gaming by 118.2% during the fourth quarter. Invesco Ltd. now owns 1,427,828 shares of the company's stock valued at $121,708,000 after acquiring an additional 773,394 shares during the last quarter. Franklin Resources Inc. boosted its stake in Boyd Gaming by 11.1% in the fourth quarter. Franklin Resources Inc. now owns 1,357,412 shares of the company's stock valued at $115,706,000 after acquiring an additional 136,129 shares in the last quarter. Geode Capital Management LLC grew its holdings in Boyd Gaming by 26.7% in the fourth quarter. Geode Capital Management LLC now owns 1,355,209 shares of the company's stock worth $115,537,000 after purchasing an additional 285,719 shares during the last quarter. Finally, Nuveen LLC increased its position in shares of Boyd Gaming by 10.6% during the fourth quarter. Nuveen LLC now owns 1,080,331 shares of the company's stock worth $92,087,000 after purchasing an additional 103,684 shares in the last quarter. 76.81% of the stock is currently owned by institutional investors.

Boyd Gaming Trading Down 0.9%

Shares of NYSE:BYD opened at $83.37 on Friday. The company has a quick ratio of 0.74, a current ratio of 0.77 and a debt-to-equity ratio of 1.05. Boyd Gaming Corporation has a 52-week low of $76.33 and a 52-week high of $91.41. The stock has a market cap of $6.06 billion, a price-to-earnings ratio of 3.67, a PEG ratio of 2.04 and a beta of 1.08. The business has a 50-day moving average price of $87.08 and a 200-day moving average price of $84.77.

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

Boyd Gaming announced that its board has approved a stock buyback program on Thursday, April 23rd that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 7.7% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's management believes its stock is undervalued.

Insider Buying and Selling at Boyd Gaming

In other Boyd Gaming news, CFO Josh Hirsberg sold 12,777 shares of the stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $89.76, for a total transaction of $1,146,863.52. Following the sale, the chief financial officer directly owned 422,969 shares of the company's stock, valued at approximately $37,965,697.44. This trade represents a 2.93% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Keith Smith sold 100,000 shares of Boyd Gaming stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $85.90, for a total value of $8,590,000.00. Following the transaction, the chief executive officer owned 996,981 shares of the company's stock, valued at $85,640,667.90. The trade was a 9.12% decrease in their position. The disclosure for this sale is available in the SEC filing. 22.82% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Wells Fargo & Company raised their price objective on Boyd Gaming from $81.00 to $88.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 14th. Morgan Stanley decreased their price target on Boyd Gaming from $90.00 to $89.00 and set an "equal weight" rating for the company in a research note on Monday, July 27th. Citigroup raised their price target on Boyd Gaming from $86.00 to $90.00 and gave the stock a "neutral" rating in a report on Thursday, April 16th. JPMorgan Chase & Co. boosted their price target on Boyd Gaming from $90.00 to $93.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 15th. Finally, Mizuho set a $104.00 price objective on shares of Boyd Gaming in a research report on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and ten have assigned a Hold rating to the company's stock. According to MarketBeat, Boyd Gaming presently has a consensus rating of "Hold" and a consensus target price of $94.69.

About Boyd Gaming

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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