Pinnacle Associates Ltd. Has $26.95 Million Stake in Boyd Gaming Corporation $BYD

Key Points

• Pinnacle Associates Ltd. reduced its Boyd Gaming stake by 5.2% in the fourth quarter, ending with 316,117 shares valued at about $26.95 million. Institutional investors still own a large majority of the company at 76.81%.
• Insider selling has been notable, with Chairman Marianne Boyd Johnson and another insider selling shares in recent months. Over the last three months, insiders sold 173,454 shares worth about $14.68 million.
• Boyd Gaming reported slightly weaker-than-expected quarterly results, missing EPS and revenue estimates, even as it announced a $500 million stock buyback and a quarterly dividend of $0.20 per share.

Pinnacle Associates Ltd. decreased its holdings in Boyd Gaming Corporation (NYSE:BYD - Free Report) by 5.2% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 316,117 shares of the company's stock after selling 17,469 shares during the quarter. Pinnacle Associates Ltd. owned 0.40% of Boyd Gaming worth $26,946,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Boyd Gaming in the 4th quarter worth about $1,922,000. Versor Investments LP grew its position in Boyd Gaming by 180.4% during the fourth quarter. Versor Investments LP now owns 23,584 shares of the company's stock worth $2,010,000 after buying an additional 15,173 shares in the last quarter. Swiss Life Asset Management Ltd grew its position in Boyd Gaming by 89.1% during the fourth quarter. Swiss Life Asset Management Ltd now owns 4,925 shares of the company's stock worth $420,000 after buying an additional 2,321 shares in the last quarter. NewEdge Wealth LLC acquired a new stake in Boyd Gaming during the fourth quarter worth approximately $205,000. Finally, Crestwood Advisors Group LLC acquired a new stake in Boyd Gaming during the fourth quarter worth approximately $269,000. Institutional investors and hedge funds own 76.81% of the company's stock.

Insiders Place Their Bets

In other Boyd Gaming news, Chairman Marianne Boyd Johnson sold 62,914 shares of Boyd Gaming stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $84.03, for a total value of $5,286,663.42. Following the transaction, the chairman owned 1,609,808 shares in the company, valued at $135,272,166.24. The trade was a 3.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Stephen S. Thompson sold 19,530 shares of Boyd Gaming stock in a transaction that occurred on 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 sale, the insider directly owned 22,009 shares in the company, valued at $1,839,732.31. This trade represents a 47.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 173,454 shares of company stock worth $14,680,814. Insiders own 22.82% of the company's stock.

Wall Street Analyst Weigh In

BYD has been the topic of a number of analyst reports. Morgan Stanley reissued a "mixed" rating on shares of Boyd Gaming in a research report on Wednesday, April 8th. Barclays reduced their price target on Boyd Gaming from $87.00 to $86.00 and set an "equal weight" rating on the stock in a research report on Friday, April 24th. Susquehanna dropped their price target on Boyd Gaming from $89.00 to $87.00 and set a "neutral" rating for the company in a research note on Tuesday, April 7th. Wells Fargo & Company dropped their price target on Boyd Gaming from $84.00 to $83.00 and set an "equal weight" rating for the company in a research note on Thursday, April 16th. Finally, Mizuho dropped their price target on Boyd Gaming from $99.00 to $96.00 and set an "outperform" rating for the company in a research note on Friday, April 24th. Five investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $92.08.

Boyd Gaming Stock Performance

NYSE BYD opened at $80.52 on Thursday. The company has a current ratio of 0.60, a quick ratio of 0.58 and a debt-to-equity ratio of 0.90. The firm has a market capitalization of $5.98 billion, a price-to-earnings ratio of 3.53, a P/E/G ratio of 1.90 and a beta of 1.11. The firm's 50 day simple moving average is $83.91 and its 200 day simple moving average is $83.62. Boyd Gaming Corporation has a 1 year low of $72.01 and a 1 year high of $89.96.

Boyd Gaming (NYSE:BYD - Get Free Report) last posted its quarterly earnings results on Thursday, April 23rd. The company reported $1.60 EPS for the quarter, missing analysts' consensus estimates of $1.76 by ($0.16). Boyd Gaming had a return on equity of 25.63% and a net margin of 44.84%.The business had revenue of $997.36 million for the quarter, compared to analyst estimates of $1.04 billion. During the same period last year, the firm posted $1.62 EPS. Boyd Gaming's quarterly revenue was up .6% on a year-over-year basis. As a group, research analysts expect that Boyd Gaming Corporation will post 7.33 earnings per share for the current fiscal year.

Boyd Gaming announced that its Board of Directors has initiated a stock repurchase plan on Thursday, April 23rd that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to repurchase up to 7.7% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's management believes its stock is undervalued.

Boyd Gaming Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Monday, June 15th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date is Monday, June 15th. Boyd Gaming's payout ratio is currently 3.51%.

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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