Price T Rowe Associates Inc. MD Has $41.58 Million Stock Holdings in Boyd Gaming Corporation $BYD

Key Points

• Price T Rowe Associates Inc. MD reduced its stake in Boyd Gaming Corporation by 2.9%, owning approximately $41.58 million worth of the company's stock after selling 18,767 shares in the first quarter.
• Boyd Gaming reported $1.87 earnings per share for the latest quarter, exceeding analysts' expectations, along with a revenue of $1.03 billion, representing a 6.9% year-over-year increase.
• The company declared a quarterly dividend of $0.18 per share, which will be distributed on October 15th, offering an annualized dividend yield of 0.8%.

Price T Rowe Associates Inc. MD reduced its stake in Boyd Gaming Corporation (NYSE:BYD - Free Report) by 2.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 631,632 shares of the company's stock after selling 18,767 shares during the period. Price T Rowe Associates Inc. MD owned 0.78% of Boyd Gaming worth $41,581,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently made changes to their positions in BYD. Dimensional Fund Advisors LP lifted its stake in shares of Boyd Gaming by 1.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 411,881 shares of the company's stock worth $29,877,000 after acquiring an additional 4,925 shares during the period. Tower Research Capital LLC TRC lifted its stake in shares of Boyd Gaming by 252.6% in the 4th quarter. Tower Research Capital LLC TRC now owns 4,199 shares of the company's stock worth $305,000 after acquiring an additional 3,008 shares during the period. Stifel Financial Corp lifted its stake in shares of Boyd Gaming by 58.2% in the 4th quarter. Stifel Financial Corp now owns 31,169 shares of the company's stock worth $2,261,000 after acquiring an additional 11,470 shares during the period. Quarry LP lifted its stake in shares of Boyd Gaming by 94.5% in the 4th quarter. Quarry LP now owns 1,698 shares of the company's stock worth $123,000 after acquiring an additional 825 shares during the period. Finally, Northern Trust Corp lifted its stake in shares of Boyd Gaming by 14.9% in the 4th quarter. Northern Trust Corp now owns 597,431 shares of the company's stock worth $43,338,000 after acquiring an additional 77,619 shares during the period. 76.81% of the stock is owned by institutional investors and hedge funds.

Boyd Gaming Price Performance

NYSE:BYD traded down $0.51 during trading hours on Tuesday, reaching $85.36. 95,299 shares of the company's stock were exchanged, compared to its average volume of 1,045,646. The company has a market capitalization of $6.84 billion, a P/E ratio of 13.12, a price-to-earnings-growth ratio of 2.43 and a beta of 1.23. Boyd Gaming Corporation has a 12 month low of $57.67 and a 12 month high of $87.83. 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 business's 50-day simple moving average is $83.00 and its two-hundred day simple moving average is $75.15.

Boyd Gaming (NYSE:BYD - Get Free Report) last issued 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. The firm had revenue of $1.03 billion during the quarter, compared to analysts' expectations of $976.81 million. Boyd Gaming had a net margin of 14.02% and a return on equity of 40.65%. The firm's revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period last year, the firm posted $1.58 earnings per share. Sell-side analysts expect that Boyd Gaming Corporation will post 6.52 EPS for the current fiscal year.

Boyd Gaming Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Morgan Stanley reaffirmed a "sell" rating on shares of Boyd Gaming in a research note on Friday, July 11th. Mizuho upped their price target on shares of Boyd Gaming from $86.00 to $89.00 and gave the stock an "outperform" rating in a research note on Friday, July 25th. Susquehanna cut shares of Boyd Gaming from a "positive" rating to a "neutral" rating and raised their target price for the stock from $76.00 to $86.00 in a report on Friday, July 11th. Truist Financial raised their target price on shares of Boyd Gaming from $85.00 to $100.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Finally, Barclays raised their target price on shares of Boyd Gaming from $73.00 to $87.00 and gave the stock an "equal weight" rating in a report on Friday, July 18th. Seven equities 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 stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $86.62.

Insiders Place Their Bets

In related news, CEO Keith Smith sold 25,000 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $85.21, for a total value of $2,130,250.00. Following the completion of the sale, the chief executive officer owned 1,046,689 shares in the company, valued at approximately $89,188,369.69. This represents a 2.33% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 completion of the sale, the director owned 15,188 shares of the company's stock, valued at approximately $1,239,492.68. This trade represents a 39.16% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 285,438 shares of company stock worth $23,976,085 in the last quarter. Corporate insiders own 21.97% of the company's stock.

About Boyd Gaming

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.