Public Employees Retirement System of Ohio Reduces Holdings in Boyd Gaming Corporation $BYD

Key Points

• The Public Employees Retirement System of Ohio reduced its stake in Boyd Gaming Corporation by 13.9% during the second quarter, bringing its total shares to 18,036, valued at approximately $1.41 million.
• Insider transactions showed significant activity, with both the COO and CEO selling shares, indicating a potential shift in confidence among company leaders.
• Boyd Gaming announced a quarterly dividend of $0.18 per share, reflecting an annualized dividend yield of 0.8% and a dividend payout ratio of 11.08%.

Public Employees Retirement System of Ohio trimmed its stake in Boyd Gaming Corporation (NYSE:BYD - Free Report) by 13.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,036 shares of the company's stock after selling 2,916 shares during the period. Public Employees Retirement System of Ohio's holdings in Boyd Gaming were worth $1,411,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Counterpoint Mutual Funds LLC acquired a new stake in Boyd Gaming during the 2nd quarter worth $402,000. EP Wealth Advisors LLC acquired a new stake in Boyd Gaming during the 1st quarter worth $206,000. Strs Ohio acquired a new stake in Boyd Gaming during the 1st quarter worth $1,939,000. Oppenheimer & Co. Inc. acquired a new stake in Boyd Gaming during the 1st quarter worth $598,000. Finally, Redwood Investment Management LLC lifted its stake in shares of Boyd Gaming by 7.0% in the 1st quarter. Redwood Investment Management LLC now owns 75,792 shares of the company's stock worth $4,989,000 after acquiring an additional 4,977 shares during the period. Institutional investors and hedge funds own 76.81% of the company's stock.

Analyst Ratings Changes

Several research firms have recently commented on BYD. JPMorgan Chase & Co. began coverage on shares of Boyd Gaming in a research note on Monday, June 23rd. They issued a "neutral" rating and a $79.00 target price for the company. Morgan Stanley restated a "sell" rating on shares of Boyd Gaming in a research note 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 research note on Wednesday, July 16th. Macquarie raised their target price on shares of Boyd Gaming from $74.00 to $88.00 and gave the stock a "neutral" rating in a research note on Monday, July 28th. Finally, Weiss Ratings reiterated a "buy (b)" rating on shares of Boyd Gaming in a research note on Saturday, September 27th. Seven analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $87.83.

Insider Activity

In other news, COO Ted Bogich sold 16,497 shares of Boyd Gaming stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $83.18, for a total transaction of $1,372,220.46. Following the completion of the sale, the chief operating officer directly owned 45,116 shares in the company, valued at $3,752,748.88. The trade was a 26.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Keith Smith sold 50,000 shares of Boyd Gaming stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $83.09, for a total transaction of $4,154,500.00. Following the sale, the chief executive officer owned 1,096,689 shares of the company's stock, valued at approximately $91,123,889.01. This trade represents a 4.36% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 385,438 shares of company stock worth $32,638,085 in the last three months. Company insiders own 27.94% of the company's stock.

Boyd Gaming Stock Performance

NYSE:BYD opened at $86.45 on Friday. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 2.53. The firm has a 50-day moving average price of $84.78 and a two-hundred day moving average price of $77.13. Boyd Gaming Corporation has a twelve month low of $58.94 and a twelve month high of $88.49. The company has a market capitalization of $6.93 billion, a P/E ratio of 13.30, a price-to-earnings-growth ratio of 2.45 and a beta of 1.30.

Boyd Gaming (NYSE:BYD - Get Free Report) last posted its earnings results on Thursday, July 24th. The company reported $1.87 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $976.81 million. During the same period last year, the firm posted $1.58 EPS. The firm's revenue for the quarter was up 6.9% on a year-over-year basis. As a group, research analysts expect that Boyd Gaming Corporation will post 6.52 earnings per share for the current fiscal year.

Boyd Gaming Announces Dividend

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

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.

Want to see what other hedge funds are holding BYD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Boyd Gaming Corporation (NYSE:BYD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.