Stonehearth Capital Management LLC Makes New $235,000 Investment in Boyd Gaming Corporation $BYD

Key Points

• Stonehearth Capital Management LLC acquired 2,999 shares of Boyd Gaming Corporation, valued at approximately $235,000, in Q2 as per their Form 13F filing.
• Boyd Gaming's stock price targets have been adjusted by analysts, with Macquarie raising their target from $74.00 to $88.00, while Stifel Nicolaus increased theirs from $87.00 to $90.00, indicating a generally positive outlook.
• The company reported quarterly earnings of $1.87 EPS, beating estimates and showcasing a 6.9% year-over-year revenue increase, signaling strong financial performance.

Stonehearth Capital Management LLC acquired a new position in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 2,999 shares of the company's stock, valued at approximately $235,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in BYD. Advisors Asset Management Inc. raised its holdings in shares of Boyd Gaming by 56.8% during 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 during the period. GAMMA Investing LLC increased its stake in Boyd Gaming by 68.0% in the 1st quarter. GAMMA Investing LLC now owns 773 shares of the company's stock valued at $51,000 after buying an additional 313 shares during the last quarter. UMB Bank n.a. increased its stake in Boyd Gaming by 156.0% in the 1st quarter. UMB Bank n.a. now owns 1,006 shares of the company's stock valued at $66,000 after buying an additional 613 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its stake 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 valued at $80,000 after buying an additional 265 shares during the last quarter. Finally, Golden State Wealth Management LLC increased its stake in Boyd Gaming by 76.9% in the 1st quarter. Golden State Wealth Management LLC now owns 1,636 shares of the company's stock valued at $108,000 after buying an additional 711 shares during the last quarter. 76.81% of the stock is currently owned by institutional investors and hedge funds.

Boyd Gaming Trading Up 0.5%

NYSE BYD traded up $0.44 on Thursday, hitting $83.28. The company's stock had a trading volume of 573,440 shares, compared to its average volume of 1,030,908. 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 $58.94 and a 1-year high of $87.83. The company's 50-day moving average is $84.14 and its 200 day moving average is $75.81. The firm has a market cap of $6.68 billion, a PE ratio of 12.82, a PEG ratio of 2.32 and a beta of 1.23.

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

Boyd Gaming Announces Dividend

The firm 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 $0.18 dividend. This represents a $0.72 annualized dividend and a yield of 0.9%. The ex-dividend date is Monday, September 15th. Boyd Gaming's dividend payout ratio is 11.08%.

Analysts Set New Price Targets

BYD has been the subject of a number of analyst reports. Susquehanna downgraded shares of Boyd Gaming from a "positive" rating to a "neutral" rating and lifted their price objective for the company from $76.00 to $86.00 in a research report on Friday, July 11th. Mizuho lifted their price objective on shares of Boyd Gaming from $86.00 to $89.00 and gave the company an "outperform" rating in a research report on Friday, July 25th. Stifel Nicolaus lifted their target price on shares of 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 reissued an "outperform" rating on shares of Boyd Gaming in a report on Monday, September 8th. Finally, Morgan Stanley reissued a "sell" rating on shares of Boyd Gaming in a report on Friday, July 11th. Six equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Boyd Gaming currently has a consensus rating of "Hold" and an average target price of $87.83.

Insider Buying and Selling

In other news, CEO Keith Smith sold 25,000 shares of the company's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $85.21, for a total value of $2,130,250.00. Following the sale, the chief executive officer directly owned 1,046,689 shares of the company's stock, valued at approximately $89,188,369.69. This represents a 2.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director William R. Boyd sold 9,774 shares of the company's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $81.61, for a total transaction of $797,656.14. Following the completion of the sale, the director directly owned 15,188 shares in the company, valued at approximately $1,239,492.68. This represents a 39.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 385,438 shares of company stock worth $32,638,085. Corporate insiders own 27.94% of the company's stock.

Boyd Gaming 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.