Insider Selling: Boyd Gaming Corporation (BYD) Director Sells 40,000 Shares of Stock
Boyd Gaming Corporation (NYSE:BYD) Director Robert L. Boughner sold 40,000 shares of the firm’s stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $26.70, for a total value of $1,068,000.00. Following the completion of the transaction, the director now owns 40,000 shares of the company’s stock, valued at approximately $1,068,000. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.
Boyd Gaming Corporation (BYD) traded down 0.64% during midday trading on Thursday, hitting $26.20. The stock had a trading volume of 1,022,545 shares. The stock has a market cap of $2.96 billion, a price-to-earnings ratio of 6.92 and a beta of 1.92. Boyd Gaming Corporation has a 12 month low of $16.77 and a 12 month high of $27.00. The stock has a 50 day moving average of $26.16 and a 200 day moving average of $24.12.
Boyd Gaming Corporation (NYSE:BYD) last posted its quarterly earnings results on Thursday, July 27th. The company reported $0.26 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.04). The firm had revenue of $599.87 million for the quarter, compared to analysts’ expectations of $602.39 million. Boyd Gaming Corporation had a return on equity of 13.31% and a net margin of 19.15%. The company’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.16 earnings per share. Analysts expect that Boyd Gaming Corporation will post $1.12 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Sunday, October 15th. Investors of record on Monday, September 18th will be issued a dividend of $0.05 per share. The ex-dividend date is Friday, September 15th. This represents a $0.20 annualized dividend and a yield of 0.76%. Boyd Gaming Corporation’s dividend payout ratio is currently 5.25%.
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A number of equities analysts recently issued reports on BYD shares. Bank of America Corporation restated a “neutral” rating and issued a $27.00 target price (up previously from $25.00) on shares of Boyd Gaming Corporation in a research note on Monday, June 5th. Instinet restated a “buy” rating and issued a $30.00 target price (up previously from $27.00) on shares of Boyd Gaming Corporation in a research note on Monday, June 19th. Wells Fargo & Company restated a “market perform” rating and issued a $25.00 target price (up previously from $22.00) on shares of Boyd Gaming Corporation in a research note on Monday, June 19th. Morgan Stanley lowered Boyd Gaming Corporation from an “overweight” rating to an “equal weight” rating and set a $26.00 target price for the company. in a research note on Tuesday, June 20th. They noted that the move was a valuation call. Finally, BidaskClub lowered Boyd Gaming Corporation from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 23rd. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $26.87.
A number of hedge funds and other institutional investors have recently bought and sold shares of BYD. BlackRock Inc. raised its holdings in Boyd Gaming Corporation by 105,482.6% during the first quarter. BlackRock Inc. now owns 10,413,612 shares of the company’s stock worth $229,205,000 after purchasing an additional 10,403,749 shares in the last quarter. FMR LLC raised its holdings in Boyd Gaming Corporation by 531.0% during the second quarter. FMR LLC now owns 1,418,700 shares of the company’s stock worth $35,199,000 after purchasing an additional 1,193,874 shares in the last quarter. Bank of America Corp DE raised its holdings in Boyd Gaming Corporation by 373.3% during the first quarter. Bank of America Corp DE now owns 1,482,567 shares of the company’s stock worth $32,631,000 after purchasing an additional 1,169,330 shares in the last quarter. Point72 Asset Management L.P. raised its holdings in Boyd Gaming Corporation by 1,386.9% during the first quarter. Point72 Asset Management L.P. now owns 1,238,594 shares of the company’s stock worth $27,261,000 after purchasing an additional 1,155,294 shares in the last quarter. Finally, Westfield Capital Management Co. LP purchased a new position in Boyd Gaming Corporation during the second quarter worth about $26,973,000. 74.66% of the stock is owned by hedge funds and other institutional investors.
About Boyd Gaming Corporation
Boyd Gaming Corporation is a multi-jurisdictional gaming company. The Company operated 24 wholly owned gaming entertainment properties in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana and Mississippi, as of December 31, 2016. It operates through three segments: Las Vegas Locals, Downtown Las Vegas, and Midwest and South.
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