Seven Six Capital Management LLC Increases Position in Boyd Gaming Corporation $BYD

Key Points

• Seven Six Capital Management LLC increased its holdings in Boyd Gaming Corporation by 5.5%, now owning approximately $8.77 million worth of shares, making Boyd Gaming its third largest investment.
• Boyd Gaming reported strong quarterly earnings, with earnings per share of $1.87, exceeding analyst estimates, and a year-over-year revenue increase of 6.9% to $1.03 billion.
• The company declared a quarterly dividend of $0.18 per share, with a payout ratio of 11.08%, indicating consistent returns to shareholders.

Seven Six Capital Management LLC grew its position in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) by 5.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 133,200 shares of the company's stock after acquiring an additional 6,900 shares during the quarter. Boyd Gaming comprises 7.9% of Seven Six Capital Management LLC's portfolio, making the stock its 3rd biggest position. Seven Six Capital Management LLC owned about 0.16% of Boyd Gaming worth $8,769,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Advisors Asset Management Inc. lifted its position in Boyd Gaming by 56.8% during the 1st quarter. Advisors Asset Management Inc. now owns 541 shares of the company's stock worth $36,000 after acquiring an additional 196 shares in the last quarter. CoreCap Advisors LLC boosted its holdings in Boyd Gaming by 91.0% in the 4th quarter. CoreCap Advisors LLC now owns 573 shares of the company's stock worth $42,000 after acquiring an additional 273 shares during the period. GAMMA Investing LLC boosted its holdings in Boyd Gaming by 68.0% in the 1st quarter. GAMMA Investing LLC now owns 773 shares of the company's stock worth $51,000 after acquiring an additional 313 shares during the period. UMB Bank n.a. boosted its holdings in Boyd Gaming by 156.0% in the 1st quarter. UMB Bank n.a. now owns 1,006 shares of the company's stock worth $66,000 after acquiring an additional 613 shares during the period. Finally, Caitong International Asset Management Co. Ltd boosted its holdings in Boyd Gaming by 28.0% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,210 shares of the company's stock worth $80,000 after acquiring an additional 265 shares during the period. 76.81% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have weighed in on BYD shares. Stifel Nicolaus upped their price target on Boyd Gaming from $87.00 to $90.00 and gave the stock a "hold" rating in a report on Friday, July 25th. Raymond James Financial restated an "outperform" rating on shares of Boyd Gaming in a research note on Monday. Susquehanna lowered Boyd Gaming from a "positive" rating to a "neutral" rating and raised their price objective for the company from $76.00 to $86.00 in a research note on Friday, July 11th. Macquarie raised their price objective on Boyd Gaming from $74.00 to $88.00 and gave the company a "neutral" rating in a research note on Monday, July 28th. Finally, Barclays raised their price objective on Boyd Gaming from $73.00 to $87.00 and gave the company an "equal weight" rating in a research note on Friday, July 18th. Seven investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $86.62.

Insider Activity at Boyd Gaming

In other Boyd Gaming news, CFO Josh Hirsberg sold 40,035 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $85.41, for a total transaction of $3,419,389.35. Following the transaction, the chief financial officer owned 420,185 shares of the company's stock, valued at $35,888,000.85. This trade represents a 8.70% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Keith Smith sold 50,000 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $83.09, for a total value of $4,154,500.00. Following the completion of the sale, the chief executive officer directly owned 1,096,689 shares in the company, valued at approximately $91,123,889.01. This trade represents a 4.36% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 385,438 shares of company stock worth $32,638,085 over the last quarter. 27.94% of the stock is owned by corporate insiders.

Boyd Gaming Stock Performance

NYSE:BYD traded down $0.38 during trading hours on Friday, reaching $85.61. 104,548 shares of the stock were exchanged, compared to its average volume of 1,033,062. 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 firm has a 50 day simple moving average of $84.03 and a 200-day simple moving average of $75.60. Boyd Gaming Corporation has a 52 week low of $58.94 and a 52 week high of $87.83. The stock has a market capitalization of $6.86 billion, a P/E ratio of 13.17, a P/E/G ratio of 2.41 and a beta of 1.23.

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

Boyd Gaming Dividend Announcement

The company 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 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Monday, September 15th. Boyd Gaming's dividend payout ratio (DPR) is currently 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.