Arrowstreet Capital Limited Partnership Raises Position in Boyd Gaming Co. (NYSE:BYD)

Arrowstreet Capital Limited Partnership raised its holdings in shares of Boyd Gaming Co. (NYSE:BYD) by 51.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,296,863 shares of the company’s stock after buying an additional 441,963 shares during the quarter. Arrowstreet Capital Limited Partnership owned about 1.47% of Boyd Gaming worth $94,074,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in BYD. UMB Bank n.a. grew its holdings in shares of Boyd Gaming by 80.3% during the fourth quarter. UMB Bank n.a. now owns 393 shares of the company’s stock worth $29,000 after purchasing an additional 175 shares in the last quarter. GAMMA Investing LLC grew its stake in Boyd Gaming by 47.4% in the 4th quarter. GAMMA Investing LLC now owns 460 shares of the company’s stock worth $33,000 after buying an additional 148 shares in the last quarter. Quarry LP increased its holdings in shares of Boyd Gaming by 150.1% in the 3rd quarter. Quarry LP now owns 873 shares of the company’s stock worth $56,000 after buying an additional 524 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Boyd Gaming during the 3rd quarter valued at $64,000. Finally, Golden State Wealth Management LLC bought a new stake in shares of Boyd Gaming during the 4th quarter worth $67,000. 76.81% of the stock is currently owned by institutional investors.

Boyd Gaming Trading Down 0.7 %

BYD opened at $65.76 on Tuesday. The firm has a market capitalization of $5.43 billion, a price-to-earnings ratio of 10.57, a PEG ratio of 4.46 and a beta of 1.55. Boyd Gaming Co. has a one year low of $49.34 and a one year high of $80.50. The business has a 50 day simple moving average of $73.55 and a two-hundred day simple moving average of $71.10. The company has a debt-to-equity ratio of 1.85, a current ratio of 0.82 and a quick ratio of 0.79.

Boyd Gaming (NYSE:BYD) last announced its quarterly earnings results on Thursday, February 6th. The company reported $1.96 EPS for the quarter, topping analysts’ consensus estimates of $1.75 by $0.21. Boyd Gaming had a return on equity of 35.97% and a net margin of 14.70%. Analysts predict that Boyd Gaming Co. will post 6.52 EPS for the current year.

Boyd Gaming Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 17th will be given a dividend of $0.18 per share. The ex-dividend date is Monday, March 17th. This represents a $0.72 annualized dividend and a dividend yield of 1.09%. This is a boost from Boyd Gaming’s previous quarterly dividend of $0.17. Boyd Gaming’s payout ratio is currently 11.58%.

Boyd Gaming announced that its Board of Directors has approved a share repurchase program on Thursday, December 5th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 7.6% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on BYD shares. JMP Securities restated a “market perform” rating on shares of Boyd Gaming in a research report on Friday, February 7th. Argus upgraded Boyd Gaming from a “hold” rating to a “buy” rating and set a $90.00 target price for the company in a research report on Tuesday, December 17th. Morgan Stanley downgraded shares of Boyd Gaming from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $82.00 to $81.00 in a research note on Monday, February 24th. Barclays boosted their price objective on shares of Boyd Gaming from $74.00 to $78.00 and gave the stock an “equal weight” rating in a report on Friday, February 7th. Finally, Truist Financial increased their target price on shares of Boyd Gaming from $85.00 to $88.00 and gave the company a “buy” rating in a report on Tuesday, February 4th. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $95.20.

Insider Buying and Selling

In other Boyd Gaming news, Director Christine J. Spadafor sold 1,125 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $75.28, for a total transaction of $84,690.00. Following the completion of the transaction, the director now owns 4,852 shares of the company’s stock, valued at approximately $365,258.56. This trade represents a 18.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director William R. Boyd sold 15,000 shares of the company’s stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $79.32, for a total transaction of $1,189,800.00. Following the completion of the sale, the director now directly owns 1,472,970 shares in the company, valued at $116,835,980.40. This represents a 1.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,125 shares of company stock valued at $5,158,490 over the last three months. Corporate insiders own 27.94% of the company’s stock.

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.