Redwood Investment Management LLC Makes New Investment in Boyd Gaming Corporation $BYD

Key Points

• Redwood Investment Management purchased 25,543 Boyd Gaming shares worth approximately $2.26 million during the second quarter. Institutional investors collectively own 76.81% of the company, with BlackRock also establishing a sizable new position.
• Analysts maintain a consensus “Hold” rating on BYD, with an average price target of $94.69. Boyd Gaming recently beat quarterly EPS estimates, reporting $1.93 versus the $1.89 consensus.
• Company insiders sold 112,789 shares worth approximately $9.74 million over the past 90 days. Boyd Gaming also declared a quarterly dividend of $0.20 per share, representing a 1.0% annualized yield.

Redwood Investment Management LLC purchased a new stake in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 25,543 shares of the company's stock, valued at approximately $2,256,000.

Several other large investors have also made changes to their positions in the business. BlackRock Inc. bought a new position in shares of Boyd Gaming in the second quarter worth about $486,737,000. Arrowstreet Capital Limited Partnership raised its stake in Boyd Gaming by 18.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,755,659 shares of the company's stock valued at $149,652,000 after purchasing an additional 277,529 shares during the period. Invesco Ltd. lifted its holdings in Boyd Gaming by 118.2% in the 4th quarter. Invesco Ltd. now owns 1,427,828 shares of the company's stock worth $121,708,000 after purchasing an additional 773,394 shares in the last quarter. Franklin Resources Inc. lifted its holdings in Boyd Gaming by 11.1% in the 4th quarter. Franklin Resources Inc. now owns 1,357,412 shares of the company's stock worth $115,706,000 after purchasing an additional 136,129 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Boyd Gaming by 26.7% in the 4th 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 in the last quarter. 76.81% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BYD has been the subject of a number of research analyst reports. JPMorgan Chase & Co. increased their price objective on shares of Boyd Gaming from $90.00 to $93.00 and gave the company a "neutral" rating in a report on Wednesday, July 15th. Mizuho set a $104.00 target price on shares of Boyd Gaming in a report on Friday, July 24th. Wells Fargo & Company upped their target price on shares of Boyd Gaming from $81.00 to $88.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 14th. Stifel Nicolaus raised their target price on shares of Boyd Gaming from $91.00 to $92.00 and gave the company a "hold" rating in a research note on Friday, July 24th. Finally, The Goldman Sachs Group assumed coverage on shares of Boyd Gaming in a report on Friday, June 26th. They issued a "neutral" rating and a $91.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $94.69.

Insider Buying and Selling at Boyd Gaming

In related news, CFO Josh Hirsberg sold 12,777 shares of the company's stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $89.76, for a total transaction of $1,146,863.52. Following the sale, the chief financial officer owned 422,969 shares of the company's stock, valued at $37,965,697.44. This represents a 2.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Keith Smith sold 100,000 shares of the stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $85.90, for a total transaction 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. This trade represents a 9.12% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 112,789 shares of company stock worth $9,737,848 in the last 90 days. 22.82% of the stock is currently owned by company insiders.

Boyd Gaming Stock Performance

NYSE BYD opened at $80.66 on Thursday. The stock has a market capitalization of $5.86 billion, a PE ratio of 3.55, a P/E/G ratio of 2.00 and a beta of 1.08. The business has a 50 day simple moving average of $85.86 and a two-hundred day simple moving average of $84.55. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.77 and a quick ratio of 0.74. Boyd Gaming Corporation has a 1-year low of $76.33 and a 1-year high of $91.41.

Boyd Gaming (NYSE:BYD - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The company reported $1.93 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.89 by $0.04. The business had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.04 billion. Boyd Gaming had a return on equity of 22.52% and a net margin of 44.34%.The company's revenue was up .0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.87 EPS. On average, research analysts predict that Boyd Gaming Corporation will post 7.29 EPS for the current fiscal year.

Boyd Gaming Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Tuesday, September 15th will be given a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 1.0%. The ex-dividend date is Tuesday, September 15th. Boyd Gaming's payout ratio is currently 3.52%.

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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