Teza Capital Management LLC Purchases New Stake in Boyd Gaming Corporation $BYD

Key Points

• Teza Capital Management LLC purchased 4,913 shares of Boyd Gaming Corporation, valued at approximately $323,000, as disclosed in their Form 13F filing.
• In the first quarter, multiple hedge funds acquired or increased their stakes in Boyd Gaming, leading to 76.81% of the company's stock being owned by institutional investors.
• Boyd Gaming recently announced a quarterly dividend of $0.18 per share, with the ex-dividend date set for September 15th, representing a 0.8% annualized yield.

Teza Capital Management LLC acquired a new position in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 4,913 shares of the company's stock, valued at approximately $323,000.

Other large investors have also recently bought and sold shares of the company. Oppenheimer & Co. Inc. acquired a new stake in Boyd Gaming during the first quarter worth about $598,000. Redwood Investment Management LLC grew its stake in Boyd Gaming by 7.0% during the first quarter. Redwood Investment Management LLC now owns 75,792 shares of the company's stock worth $4,989,000 after buying an additional 4,977 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Boyd Gaming by 1.1% during the first quarter. Bank of New York Mellon Corp now owns 692,496 shares of the company's stock worth $45,587,000 after buying an additional 7,400 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in Boyd Gaming during the first quarter worth about $1,963,000. Finally, Jump Financial LLC bought a new position in shares of Boyd Gaming in the first quarter worth about $764,000. 76.81% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on BYD. Raymond James Financial reissued an "outperform" rating on shares of Boyd Gaming in a report on Monday, September 8th. Stifel Nicolaus raised their price objective on shares of Boyd Gaming from $87.00 to $90.00 and gave the company a "hold" rating in a report on Friday, July 25th. Susquehanna lowered shares of 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 report on Friday, July 11th. Morgan Stanley reiterated a "sell" rating on shares of Boyd Gaming in a report on Friday, July 11th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Boyd Gaming in a report on Monday, June 23rd. They issued a "neutral" rating and a $79.00 price objective for the company. Seven 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. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $86.62.

Insider Activity

In other news, Chairman Marianne Boyd Johnson sold 100,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 13th. The shares were sold at an average price of $84.17, for a total transaction of $8,417,000.00. Following the completion of the sale, the chairman owned 1,504,379 shares of the company's stock, valued at $126,623,580.43. This trade represents a 6.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 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 transaction of $4,154,500.00. Following the sale, the chief executive officer directly owned 1,096,689 shares of the company's stock, 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. In the last quarter, insiders have sold 385,438 shares of company stock worth $32,638,085. 21.97% of the stock is owned by insiders.

Boyd Gaming Trading Down 1.4%

Boyd Gaming stock traded down $1.23 during mid-day trading on Friday, hitting $84.76. 540,478 shares of the stock were exchanged, compared to its average volume of 736,414. 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 12 month low of $58.94 and a 12 month high of $87.83. The firm's fifty day simple moving average is $84.10 and its two-hundred day simple moving average is $75.66. The stock has a market capitalization of $6.80 billion, a price-to-earnings ratio of 13.04, a PEG ratio of 2.39 and a beta of 1.23.

Boyd Gaming (NYSE:BYD - Get Free Report) last released its quarterly 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. 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 analyst estimates of $976.81 million. During the same quarter last year, the business earned $1.58 EPS. The company's revenue was up 6.9% compared to the same quarter last year. Analysts forecast that Boyd Gaming Corporation will post 6.52 EPS for the current year.

Boyd Gaming Announces Dividend

The company also recently declared 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. The ex-dividend date is Monday, September 15th. This represents a $0.72 annualized dividend and a yield of 0.8%. Boyd Gaming's dividend payout ratio (DPR) 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.