Shellback Capital LP Acquires Shares of 50,000 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 purchased a new stake in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 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.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Advisors Asset Management Inc. boosted its holdings in Boyd Gaming by 56.8% during the 1st quarter. Advisors Asset Management Inc. now owns 541 shares of the company's stock valued at $36,000 after acquiring an additional 196 shares during the period. Louisiana State Employees Retirement System boosted its stake in shares of Boyd Gaming by 1.1% in the first quarter. Louisiana State Employees Retirement System now owns 18,600 shares of the company's stock valued at $1,224,000 after purchasing an additional 200 shares during the period. State of Alaska Department of Revenue grew its holdings in shares of Boyd Gaming by 0.4% in the first quarter. State of Alaska Department of Revenue now owns 47,753 shares of the company's stock valued at $3,143,000 after purchasing an additional 205 shares in the last quarter. Pinnacle Wealth Management Advisory Group LLC increased its stake in Boyd Gaming by 7.1% during the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 4,000 shares of the company's stock worth $263,000 after buying an additional 265 shares during the period. Finally, Caitong International Asset Management Co. Ltd increased its stake in Boyd Gaming by 28.0% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 1,210 shares of the company's stock worth $80,000 after buying an additional 265 shares during the period. Hedge funds and other institutional investors own 76.81% of the company's stock.

Insider Buying and Selling at Boyd Gaming

In related news, COO Ted Bogich sold 16,497 shares of the company's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $83.18, for a total value of $1,372,220.46. Following the completion of the sale, the chief operating officer owned 45,116 shares in the company, valued at $3,752,748.88. This represents a 26.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Keith Smith sold 50,000 shares of the stock in a transaction on 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 represents a 4.36% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 385,438 shares of company stock valued at $32,638,085. 21.97% of the stock is owned by company insiders.

Analysts Set New Price Targets

BYD has been the subject of several research reports. JPMorgan Chase & Co. assumed coverage on shares of Boyd Gaming in a research note on Monday, June 23rd. They issued a "neutral" rating and a $79.00 price target for the company. Truist Financial boosted their target price on Boyd Gaming from $85.00 to $100.00 and gave the stock a "buy" rating in a research note on Wednesday, July 16th. Morgan Stanley restated a "sell" rating on shares of Boyd Gaming in a report on Friday, July 11th. Mizuho lifted their price objective on Boyd Gaming from $86.00 to $89.00 and gave the company an "outperform" rating in a research note on Friday, July 25th. Finally, Macquarie boosted their price objective on Boyd Gaming from $74.00 to $88.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. Seven equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $86.62.

Boyd Gaming Stock Performance

BYD traded down $0.11 on Wednesday, reaching $85.23. The company had a trading volume of 577,267 shares, compared to its average volume of 1,039,914. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 2.53. Boyd Gaming Corporation has a 1 year low of $57.67 and a 1 year high of $87.83. The stock has a market capitalization of $6.83 billion, a PE ratio of 13.11, a P/E/G ratio of 2.44 and a beta of 1.23. The stock has a 50-day moving average price of $83.87 and a 200-day moving average price of $75.47.

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 (EPS) for the quarter, topping the consensus estimate of $1.67 by $0.20. The company had revenue of $1.03 billion for the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter last year, the company posted $1.58 earnings per share. As a group, research analysts forecast that Boyd Gaming Corporation will post 6.52 EPS for the current fiscal year.

Boyd Gaming Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Monday, September 15th will be issued a $0.18 dividend. This represents a $0.72 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend is Monday, September 15th. Boyd Gaming's dividend payout ratio is presently 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.