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Boyd Gaming Co. (BYD) Holdings Boosted by Sound Point Capital Management LP

Sound Point Capital Management LP lifted its holdings in shares of Boyd Gaming Co. (NYSE:BYD) by 26.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 541,209 shares of the company’s stock after purchasing an additional 111,900 shares during the quarter. Boyd Gaming accounts for about 3.2% of Sound Point Capital Management LP’s portfolio, making the stock its 3rd biggest position. Sound Point Capital Management LP owned about 0.48% of Boyd Gaming worth $18,758,000 as of its most recent SEC filing.

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Several other hedge funds and other institutional investors have also added to or reduced their stakes in BYD. PointState Capital LP acquired a new stake in shares of Boyd Gaming during the first quarter worth about $29,611,000. BlackRock Inc. raised its position in Boyd Gaming by 7.7% in the 2nd quarter. BlackRock Inc. now owns 9,407,833 shares of the company’s stock valued at $326,077,000 after buying an additional 670,588 shares during the last quarter. Northern Trust Corp raised its position in Boyd Gaming by 23.7% in the 1st quarter. Northern Trust Corp now owns 1,286,118 shares of the company’s stock valued at $40,976,000 after buying an additional 246,426 shares during the last quarter. American International Group Inc. raised its position in Boyd Gaming by 227.0% in the 1st quarter. American International Group Inc. now owns 215,721 shares of the company’s stock valued at $6,873,000 after buying an additional 149,760 shares during the last quarter. Finally, Interval Partners LP acquired a new stake in Boyd Gaming in the 1st quarter valued at approximately $4,460,000. 72.53% of the stock is currently owned by institutional investors.

A number of brokerages recently issued reports on BYD. Zacks Investment Research lowered Boyd Gaming from a “buy” rating to a “hold” rating in a research report on Tuesday, July 17th. JPMorgan Chase & Co. lifted their target price on Boyd Gaming from $40.00 to $42.00 and gave the company an “overweight” rating in a research report on Friday, July 27th. Jefferies Financial Group set a $42.00 target price on Boyd Gaming and gave the company a “hold” rating in a research report on Friday, July 27th. ValuEngine lowered Boyd Gaming from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, August 8th. Finally, Morgan Stanley lifted their target price on Boyd Gaming from $35.00 to $37.00 and gave the company an “equal weight” rating in a research report on Tuesday, June 26th. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Boyd Gaming presently has a consensus rating of “Buy” and a consensus price target of $40.75.

In other Boyd Gaming news, insider Marianne Boyd Johnson sold 26,493 shares of the business’s stock in a transaction that occurred on Friday, August 31st. The stock was sold at an average price of $36.41, for a total transaction of $964,610.13. Following the transaction, the insider now owns 231,173 shares of the company’s stock, valued at approximately $8,417,008.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP William R. Boyd sold 7,000 shares of the business’s stock in a transaction that occurred on Friday, August 24th. The stock was sold at an average price of $37.00, for a total value of $259,000.00. Following the transaction, the vice president now directly owns 21,903 shares in the company, valued at approximately $810,411. The disclosure for this sale can be found here. Insiders have sold a total of 67,000 shares of company stock worth $2,428,514 in the last ninety days. Insiders own 28.88% of the company’s stock.

NYSE:BYD opened at $32.84 on Monday. The company has a market cap of $3.69 billion, a price-to-earnings ratio of 31.88, a P/E/G ratio of 1.68 and a beta of 1.62. Boyd Gaming Co. has a twelve month low of $24.52 and a twelve month high of $40.44. The company has a current ratio of 2.03, a quick ratio of 1.99 and a debt-to-equity ratio of 3.05.

Boyd Gaming (NYSE:BYD) last posted its quarterly earnings results on Thursday, July 26th. The company reported $0.38 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.36 by $0.02. The firm had revenue of $616.80 million for the quarter, compared to analyst estimates of $608.94 million. Boyd Gaming had a return on equity of 12.73% and a net margin of 7.72%. The business’s quarterly revenue was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.26 EPS. research analysts forecast that Boyd Gaming Co. will post 1.3 EPS for the current fiscal year.

Boyd Gaming Profile

Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company. It operates through three segments: Las Vegas Locals, Downtown Las Vegas, and Midwest and South. As of December 31, 2017, the company owned and operated 24 gaming entertainment properties offering a total of 1,358,856 square feet of casino space, 30,267 slot machines, 632 table games, and 9,372 hotel rooms located in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, and Mississippi.

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