Trexquant Investment LP Has $788,000 Stake in Boyd Gaming Corporation $BYD

Key Points

• Trexquant Investment LP significantly reduced its stake in Boyd Gaming Corporation by selling 73,421 shares, decreasing its holdings by 86%, leaving it with 11,967 shares valued at $788,000.
• Boyd Gaming's recent quarterly earnings surpassed expectations, reporting $1.87 EPS and revenue of $1.03 billion, up 6.9% year-over-year.
• Recent analyst reports show varied outlooks for Boyd Gaming, with target prices ranging from $76 to $90, reflecting a mix of ratings including 7 Buy, 6 Hold, and 1 Sell.

Trexquant Investment LP decreased its position in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) by 86.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 11,967 shares of the company's stock after selling 73,421 shares during the quarter. Trexquant Investment LP's holdings in Boyd Gaming were worth $788,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Louisiana State Employees Retirement System lifted its position in Boyd Gaming by 1.1% during the first quarter. Louisiana State Employees Retirement System now owns 18,600 shares of the company's stock worth $1,224,000 after purchasing an additional 200 shares during the period. State of Alaska Department of Revenue lifted its position in Boyd Gaming by 0.4% during the first quarter. State of Alaska Department of Revenue now owns 47,753 shares of the company's stock worth $3,143,000 after purchasing an additional 205 shares during the period. Pinnacle Wealth Management Advisory Group LLC lifted its position in Boyd Gaming by 7.1% during the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 4,000 shares of the company's stock worth $263,000 after purchasing an additional 265 shares during the period. Caitong International Asset Management Co. Ltd lifted its position in Boyd Gaming by 28.0% during the first quarter. Caitong International Asset Management Co. Ltd now owns 1,210 shares of the company's stock worth $80,000 after purchasing an additional 265 shares during the period. Finally, Choreo LLC lifted its position in Boyd Gaming by 0.9% during the first quarter. Choreo LLC now owns 30,164 shares of the company's stock worth $1,991,000 after purchasing an additional 271 shares during the period. Institutional investors own 76.81% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on BYD shares. Stifel Nicolaus upped their price objective 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. Mizuho increased their target price on shares of Boyd Gaming from $86.00 to $89.00 and gave the stock an "outperform" rating in a report on Friday, July 25th. Macquarie increased their target price on shares of Boyd Gaming from $74.00 to $88.00 and gave the stock a "neutral" rating in a report on Monday, July 28th. Truist Financial increased their target price on shares of Boyd Gaming from $85.00 to $100.00 and gave the stock a "buy" rating in a report on Wednesday, July 16th. Finally, Barclays increased their target price on shares of Boyd Gaming from $73.00 to $87.00 and gave the stock an "equal weight" rating in a report 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, Boyd Gaming currently has a consensus rating of "Hold" and a consensus price target of $86.62.

Insider Buying and Selling at Boyd Gaming

In other Boyd Gaming news, Director William R. Boyd sold 9,774 shares of the stock in a transaction that occurred 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 owned 15,188 shares of the company's stock, valued at approximately $1,239,492.68. This represents a 39.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Keith Smith sold 25,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $85.21, for a total transaction 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 $89,188,369.69. This represents a 2.33% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 385,438 shares of company stock worth $32,638,085. Company insiders own 27.94% of the company's stock.

Boyd Gaming Trading Down 1.4%

Shares of Boyd Gaming stock traded down $1.23 on Friday, hitting $84.76. The stock had a trading volume of 540,478 shares, compared to its average volume of 758,352. The stock has a 50 day moving average of $84.10 and a 200 day moving average of $75.67. Boyd Gaming Corporation has a twelve month low of $58.94 and a twelve month high of $87.83. The company has a debt-to-equity ratio of 2.53, a quick ratio of 0.82 and a current ratio of 0.86. The firm has a market capitalization of $6.80 billion, a P/E ratio of 13.04, a PEG ratio of 2.43 and a beta of 1.23.

Boyd Gaming (NYSE:BYD - Get Free Report) last released its quarterly earnings data 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 return on equity of 40.65% and a net margin of 14.02%.The company had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $976.81 million. During the same quarter in the prior year, the firm posted $1.58 earnings per share. The firm's revenue was up 6.9% compared to the same quarter last year. Sell-side analysts expect 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 given 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 is currently 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.