BlackRock Inc. raised its stake in Boyd Gaming Co. (NYSE:BYD) by 7.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 9,407,833 shares of the company’s stock after purchasing an additional 670,588 shares during the quarter. BlackRock Inc. owned 8.38% of Boyd Gaming worth $326,077,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently modified their holdings of the company. First Mercantile Trust Co. bought a new position in shares of Boyd Gaming in the first quarter valued at approximately $115,000. Contravisory Investment Management Inc. bought a new position in shares of Boyd Gaming in the second quarter valued at approximately $151,000. LS Investment Advisors LLC grew its holdings in shares of Boyd Gaming by 100.9% in the first quarter. LS Investment Advisors LLC now owns 4,453 shares of the company’s stock valued at $142,000 after acquiring an additional 2,237 shares in the last quarter. Silvant Capital Management LLC bought a new position in shares of Boyd Gaming in the first quarter valued at approximately $188,000. Finally, Eqis Capital Management Inc. bought a new position in shares of Boyd Gaming in the second quarter valued at approximately $207,000. 72.53% of the stock is owned by hedge funds and other institutional investors.
In other news, insider Marianne Boyd Johnson sold 2,907 shares of the firm’s stock in a transaction on Friday, August 24th. The stock was sold at an average price of $37.01, for a total value of $107,588.07. Following the completion of the transaction, the insider now directly owns 231,173 shares of the company’s stock, valued at $8,555,712.73. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP William R. Boyd sold 7,000 shares of the firm’s stock in a transaction 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 completion of the transaction, the vice president now directly owns 21,903 shares of the company’s stock, valued at $810,411. The disclosure for this sale can be found here. Over the last three months, insiders have sold 67,000 shares of company stock valued at $2,428,514. 28.88% of the stock is owned by corporate insiders.
Shares of NYSE BYD opened at $33.57 on Friday. Boyd Gaming Co. has a 1-year low of $24.52 and a 1-year high of $40.44. The firm has a market cap of $3.87 billion, a price-to-earnings ratio of 32.59, a PEG ratio of 1.76 and a beta of 1.62. The company has a debt-to-equity ratio of 3.05, a current ratio of 2.03 and a quick ratio of 1.99.
Boyd Gaming (NYSE:BYD) last announced its quarterly earnings data on Thursday, July 26th. The company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.02. Boyd Gaming had a return on equity of 12.73% and a net margin of 7.72%. The business had revenue of $616.80 million during the quarter, compared to analyst estimates of $608.94 million. During the same period in the prior year, the company earned $0.26 earnings per share. Boyd Gaming’s revenue was up 2.1% compared to the same quarter last year. analysts anticipate that Boyd Gaming Co. will post 1.3 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Friday, September 28th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.71%. Boyd Gaming’s dividend payout ratio (DPR) is 23.30%.
BYD has been the subject of several recent analyst reports. Morgan Stanley upped their target price on Boyd Gaming from $35.00 to $37.00 and gave the company an “equal weight” rating in a report on Tuesday, June 26th. Zacks Investment Research raised Boyd Gaming from a “hold” rating to a “buy” rating and set a $43.00 target price for the company in a report on Monday, July 16th. JPMorgan Chase & Co. upped their target price on Boyd Gaming from $40.00 to $42.00 and gave the company an “overweight” rating in a 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 report on Friday, July 27th. Finally, ValuEngine lowered Boyd Gaming from a “strong-buy” rating to a “buy” rating in a report on Wednesday, August 8th. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $40.75.
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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