Ruffer LLP Makes New $6.47 Million Investment in Boyd Gaming Corporation $BYD

Key Points

• Ruffer LLP has invested approximately $6.47 million in Boyd Gaming Corporation by acquiring 82,717 shares, which represents about 0.10% of the company's total shares outstanding.
• Boyd Gaming recently posted earnings of $1.87 per share, exceeding analysts' estimates, and reported a quarterly revenue increase of 6.9% year-over-year.
• The company announced a quarterly dividend of $0.18 per share, with a dividend yield of 0.9%, reflecting a payout ratio of 11.08% for shareholders of record on September 15th.

Ruffer LLP acquired a new position in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 82,717 shares of the company's stock, valued at approximately $6,471,000. Ruffer LLP owned approximately 0.10% of Boyd Gaming as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. EP Wealth Advisors LLC bought a new stake in Boyd Gaming during the 1st quarter worth approximately $206,000. Oppenheimer & Co. Inc. bought a new stake in Boyd Gaming during the 1st quarter worth approximately $598,000. Strs Ohio bought a new stake in Boyd Gaming during the 1st quarter worth approximately $1,939,000. Redwood Investment Management LLC increased its holdings in Boyd Gaming by 7.0% during the 1st quarter. Redwood Investment Management LLC now owns 75,792 shares of the company's stock worth $4,989,000 after purchasing an additional 4,977 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in Boyd Gaming by 1.1% during the 1st quarter. Bank of New York Mellon Corp now owns 692,496 shares of the company's stock worth $45,587,000 after purchasing an additional 7,400 shares in the last quarter. 76.81% of the stock is owned by institutional investors.

Boyd Gaming Price Performance

Boyd Gaming stock opened at $84.44 on Thursday. The company has a market cap of $6.77 billion, a price-to-earnings ratio of 12.99, a PEG ratio of 2.40 and a beta of 1.23. The business's 50 day simple moving average is $84.31 and its 200 day simple moving average is $76.22. Boyd Gaming Corporation has a 12 month low of $58.94 and a 12 month high of $87.83. The company has a current ratio of 0.86, a quick ratio of 0.82 and a debt-to-equity ratio of 2.53.

Boyd Gaming (NYSE:BYD - Get Free Report) last posted its earnings results on Thursday, July 24th. The company reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.67 by $0.20. The firm had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $976.81 million. Boyd Gaming had a return on equity of 40.65% and a net margin of 14.02%.The business's quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.58 earnings per share. Sell-side analysts forecast that Boyd Gaming Corporation will post 6.52 EPS for the current year.

Boyd Gaming Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Monday, September 15th will be given a dividend of $0.18 per share. The ex-dividend date is Monday, September 15th. This represents a $0.72 annualized dividend and a dividend yield of 0.9%. Boyd Gaming's dividend payout ratio is currently 11.08%.

Insider Activity

In other Boyd Gaming news, Chairman Marianne Boyd Johnson sold 100,000 shares of the stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $86.62, for a total transaction of $8,662,000.00. Following the sale, the chairman owned 1,704,379 shares in the company, valued at $147,633,308.98. This represents a 5.54% 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, CEO Keith Smith sold 25,000 shares of the stock in a transaction on Friday, August 22nd. The stock was 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 $89,188,369.69. This trade represents a 2.33% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 385,438 shares of company stock valued at $32,638,085. 27.94% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

BYD has been the subject of a number of recent research reports. Macquarie boosted their price objective on Boyd Gaming from $74.00 to $88.00 and gave the stock a "neutral" rating in a report on Monday, July 28th. Susquehanna lowered Boyd Gaming from a "positive" rating to a "neutral" rating and upped their target price for the company from $76.00 to $86.00 in a report on Friday, July 11th. JPMorgan Chase & Co. assumed coverage on Boyd Gaming in a report on Monday, June 23rd. They issued a "neutral" rating and a $79.00 target price for the company. Stifel Nicolaus upped their target price on Boyd Gaming from $87.00 to $90.00 and gave the company a "hold" rating in a report on Friday, July 25th. Finally, Mizuho upped their target price on Boyd Gaming from $86.00 to $89.00 and gave the company an "outperform" rating in a report on Friday, July 25th. Six equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $87.83.

Boyd Gaming Company Profile

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.

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