Pinnacle Associates Ltd. Cuts Position in Boyd Gaming Corporation $BYD

Key Points

• Pinnacle Associates Ltd. trimmed its stake in Boyd Gaming by 6.8% in Q3, selling 24,460 shares and ending the period with 333,586 shares valued at about $28.84 million (≈0.43% of the company).
• Significant insider selling has occurred recently — Stephen S. Thompson sold 19,530 shares and CFO Josh Hirsberg sold 23,924 shares — with insiders offloading 73,454 shares over the last 90 days and now owning 21.97% of the stock.
• Boyd beat quarterly estimates (EPS $2.21 vs. $1.88), raised its quarterly dividend to $0.20, and currently carries a consensus analyst rating of Hold with a $92.58 target price.

Pinnacle Associates Ltd. decreased its position in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) by 6.8% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 333,586 shares of the company's stock after selling 24,460 shares during the period. Pinnacle Associates Ltd. owned approximately 0.43% of Boyd Gaming worth $28,839,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in BYD. Alps Advisors Inc. increased its position in shares of Boyd Gaming by 2.7% during the 3rd quarter. Alps Advisors Inc. now owns 5,384 shares of the company's stock valued at $465,000 after purchasing an additional 141 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in Boyd Gaming by 4.0% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 4,434 shares of the company's stock worth $371,000 after buying an additional 170 shares during the last quarter. Advisors Asset Management Inc. lifted its position in Boyd Gaming by 56.8% in the 1st quarter. Advisors Asset Management Inc. now owns 541 shares of the company's stock worth $36,000 after buying an additional 196 shares during the last quarter. Blue Trust Inc. boosted its stake in Boyd Gaming by 61.0% in the third quarter. Blue Trust Inc. now owns 657 shares of the company's stock worth $57,000 after buying an additional 249 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Boyd Gaming by 219.8% during the second quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 371 shares of the company's stock valued at $29,000 after acquiring an additional 255 shares during the last quarter. Institutional investors own 76.81% of the company's stock.

Analyst Ratings Changes

BYD has been the topic of several research reports. Mizuho set a $100.00 price target on shares of Boyd Gaming in a research note on Monday, February 2nd. Morgan Stanley set a $86.00 target price on shares of Boyd Gaming in a report on Wednesday, February 11th. Stifel Nicolaus lifted their target price on shares of Boyd Gaming from $90.00 to $95.00 and gave the stock a "hold" rating in a research report on Friday, February 6th. Citigroup initiated coverage on shares of Boyd Gaming in a research note on Thursday, November 20th. They issued a "neutral" rating and a $86.00 price target for the company. Finally, Jefferies Financial Group reaffirmed a "buy" rating on shares of Boyd Gaming in a research note on Wednesday, December 24th. Five research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $92.58.

Insider Activity

In other news, insider Stephen S. Thompson sold 19,530 shares of the stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $83.59, for a total transaction of $1,632,512.70. Following the completion of the sale, the insider directly owned 22,009 shares in the company, valued at approximately $1,839,732.31. This represents a 47.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Josh Hirsberg sold 23,924 shares of the firm's stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $85.86, for a total value of $2,054,114.64. Following the completion of the sale, the chief financial officer directly owned 435,746 shares in the company, valued at $37,413,151.56. The trade was a 5.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 73,454 shares of company stock valued at $6,231,827. Insiders own 21.97% of the company's stock.

Boyd Gaming Stock Performance

NYSE:BYD opened at $80.16 on Monday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.52 and a current ratio of 0.54. Boyd Gaming Corporation has a fifty-two week low of $58.94 and a fifty-two week high of $89.96. The firm has a market cap of $6.05 billion, a PE ratio of 3.52, a price-to-earnings-growth ratio of 1.69 and a beta of 1.20. The business has a 50 day moving average price of $84.89 and a 200-day moving average price of $83.81.

Boyd Gaming (NYSE:BYD - Get Free Report) last issued its earnings results on Thursday, February 5th. The company reported $2.21 EPS for the quarter, topping the consensus estimate of $1.88 by $0.33. The company had revenue of $1.06 billion for the quarter, compared to the consensus estimate of $1.02 billion. Boyd Gaming had a net margin of 45.05% and a return on equity of 30.14%. The firm's revenue for the quarter was up 2.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.96 earnings per share. Equities research analysts predict that Boyd Gaming Corporation will post 6.52 earnings per share for the current year.

Boyd Gaming Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Monday, March 16th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.0%. This is a positive change from Boyd Gaming's previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Monday, March 16th. Boyd Gaming's payout ratio is currently 3.16%.

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.

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