Shellback Capital LP Makes New $3.29 Million Investment in Boyd Gaming Corporation $BYD

Key Points

• Shellback Capital LP has acquired a new $3.3 million stake in Boyd Gaming Corporation by purchasing 50,000 shares, amounting to approximately 0.06% of the company's total stock.
• Boyd Gaming recently reported a quarterly earnings per share (EPS) of $1.87, exceeding analysts' estimates, and had a year-over-year revenue increase of 6.9%.
• The company announced a $0.18 quarterly dividend, which will be paid to shareholders on October 15th, reflecting an annualized dividend yield of 0.8% and a payout ratio of 11.08%.

Shellback Capital LP acquired a new stake in Boyd Gaming Corporation (NYSE:BYD - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 50,000 shares of the company's stock, valued at approximately $3,292,000. Shellback Capital LP owned about 0.06% of Boyd Gaming at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in BYD. Advisors Asset Management Inc. increased its position in shares of Boyd Gaming by 56.8% in the first 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 increased its position in shares of Boyd Gaming by 91.0% in the fourth quarter. CoreCap Advisors LLC now owns 573 shares of the company's stock worth $42,000 after acquiring an additional 273 shares in the last quarter. GAMMA Investing LLC increased its position in shares of Boyd Gaming by 68.0% in the first quarter. GAMMA Investing LLC now owns 773 shares of the company's stock worth $51,000 after acquiring an additional 313 shares in the last quarter. UMB Bank n.a. increased its position in shares of Boyd Gaming by 156.0% in the first quarter. UMB Bank n.a. now owns 1,006 shares of the company's stock worth $66,000 after acquiring an additional 613 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its position in shares of Boyd Gaming by 28.0% in the first 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 in the last quarter. Institutional investors and hedge funds own 76.81% of the company's stock.

Insider Activity at Boyd Gaming

In other Boyd Gaming news, Chairman Marianne Boyd Johnson sold 100,000 shares of the business's stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $86.62, for a total transaction of $8,662,000.00. Following the sale, the chairman directly owned 1,704,379 shares in the company, valued at approximately $147,633,308.98. The trade was a 5.54% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Ted Bogich sold 16,497 shares of the business's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $83.18, for a total transaction of $1,372,220.46. Following the sale, the chief operating officer owned 45,116 shares in the company, valued at $3,752,748.88. This trade represents a 26.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 385,438 shares of company stock worth $32,638,085 in the last three months. Insiders own 27.94% of the company's stock.

Analyst Ratings Changes

BYD has been the subject of a number of recent analyst reports. Susquehanna lowered shares of Boyd Gaming from a "positive" rating to a "neutral" rating and raised their price target for the company from $76.00 to $86.00 in a report on Friday, July 11th. Stifel Nicolaus raised their price target on shares of Boyd Gaming from $87.00 to $90.00 and gave the stock a "hold" rating in a research report on Friday, July 25th. Morgan Stanley restated a "sell" rating on shares of Boyd Gaming in a research report on Friday, July 11th. Mizuho raised their price target on shares of Boyd Gaming from $86.00 to $89.00 and gave the stock an "outperform" rating in a research report on Friday, July 25th. Finally, Truist Financial raised their price target on shares of Boyd Gaming from $85.00 to $100.00 and gave the stock a "buy" rating in a research report on Wednesday, July 16th. Seven equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Boyd Gaming presently has a consensus rating of "Hold" and an average target price of $86.62.

Boyd Gaming Stock Performance

NYSE:BYD traded down $0.38 during mid-day trading on Friday, hitting $85.61. The stock had a trading volume of 104,548 shares, compared to its average volume of 1,033,062. The stock has a market capitalization of $6.86 billion, a price-to-earnings ratio of 13.17, a P/E/G ratio of 2.41 and a beta of 1.23. The company 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 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 issued its quarterly earnings data 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. The firm had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $976.81 million. Boyd Gaming had a net margin of 14.02% and a return on equity of 40.65%. Boyd Gaming's quarterly revenue was up 6.9% compared to the same quarter last year. During the same period last year, the firm posted $1.58 EPS. On average, research analysts expect that Boyd Gaming Corporation will post 6.52 earnings per share for the current fiscal year.

Boyd Gaming Dividend Announcement

The business also recently declared 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. This represents a $0.72 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Monday, September 15th. Boyd Gaming's payout ratio is 11.08%.

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.