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

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. CoreCap Advisors LLC boosted its position in Boyd Gaming by 91.0% in the 4th quarter. CoreCap Advisors LLC now owns 573 shares of the company's stock valued at $42,000 after buying an additional 273 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Boyd Gaming by 68.0% during the first quarter. GAMMA Investing LLC now owns 773 shares of the company's stock worth $51,000 after purchasing an additional 313 shares during the last quarter. UMB Bank n.a. lifted its position in shares of Boyd Gaming by 156.0% during the first quarter. UMB Bank n.a. now owns 1,006 shares of the company's stock worth $66,000 after purchasing an additional 613 shares during the last quarter. Caitong International Asset Management Co. Ltd increased its stake 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 valued at $80,000 after purchasing an additional 265 shares during the period. Finally, Golden State Wealth Management LLC boosted its holdings in Boyd Gaming by 76.9% during the first quarter. Golden State Wealth Management LLC now owns 1,636 shares of the company's stock worth $108,000 after buying an additional 711 shares in the last quarter. 76.81% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Boyd Gaming

In other news, Director William R. Boyd sold 9,774 shares of the company's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $81.61, for a total transaction of $797,656.14. Following the sale, the director directly owned 15,188 shares in the company, valued at $1,239,492.68. This represents a 39.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Chairman Marianne Boyd Johnson sold 100,000 shares of the company's stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $86.62, for a total transaction of $8,662,000.00. Following the completion of the transaction, the chairman owned 1,704,379 shares in the company, valued at approximately $147,633,308.98. This trade represents a 5.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 385,438 shares of company stock valued at $32,638,085. Insiders own 27.94% of the company's stock.

Boyd Gaming Price Performance

Shares of BYD traded up $0.83 during mid-day trading on Thursday, reaching $86.10. The company had a trading volume of 301,092 shares, compared to its average volume of 1,035,404. The company's 50 day simple moving average is $83.95 and its 200 day simple moving average is $75.54. The company has a debt-to-equity ratio of 2.53, a quick ratio of 0.82 and a current ratio of 0.86. Boyd Gaming Corporation has a 1-year low of $58.71 and a 1-year high of $87.83. The company has a market capitalization of $6.90 billion, a price-to-earnings ratio of 13.25, a P/E/G ratio of 2.41 and a beta of 1.23.

Boyd Gaming (NYSE:BYD - Get Free Report) last issued its quarterly earnings results on Thursday, July 24th. The company reported $1.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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%. The company's revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.58 EPS. Analysts expect that Boyd Gaming Corporation will post 6.52 EPS for the current year.

Boyd Gaming Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Monday, September 15th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend is Monday, September 15th. Boyd Gaming's payout ratio is 11.08%.

Analysts Set New Price Targets

A number of research firms have recently weighed in on BYD. Truist Financial raised their price target on shares of Boyd Gaming from $85.00 to $100.00 and gave the company a "buy" rating in a report on Wednesday, July 16th. Raymond James Financial reiterated an "outperform" rating on shares of Boyd Gaming in a research report on Monday. Susquehanna lowered shares of Boyd Gaming from a "positive" rating to a "neutral" rating and boosted their price target for the company from $76.00 to $86.00 in a research report on Friday, July 11th. Macquarie boosted their target price on shares of Boyd Gaming from $74.00 to $88.00 and gave the stock a "neutral" rating in a research note on Monday, July 28th. Finally, Stifel Nicolaus increased 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. Seven 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. Based on data from MarketBeat, Boyd Gaming presently has a consensus rating of "Hold" and an average price target of $86.62.

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.