Bank of Montreal Can raised its stake in Boyd Gaming Co. (NYSE:BYD) by 28.4% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 69,497 shares of the company’s stock after buying an additional 15,371 shares during the quarter. Bank of Montreal Can owned approximately 0.06% of Boyd Gaming worth $1,444,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of the business. First Hawaiian Bank bought a new stake in shares of Boyd Gaming during the third quarter valued at about $100,000. Oakbrook Investments LLC bought a new stake in shares of Boyd Gaming during the third quarter valued at about $213,000. Commonwealth Bank of Australia bought a new stake in shares of Boyd Gaming during the third quarter valued at about $250,000. Cerebellum GP LLC raised its stake in shares of Boyd Gaming by 119.2% during the fourth quarter. Cerebellum GP LLC now owns 12,309 shares of the company’s stock valued at $256,000 after purchasing an additional 6,693 shares in the last quarter. Finally, Pitcairn Co. bought a new stake in shares of Boyd Gaming during the third quarter valued at about $287,000. Institutional investors own 71.98% of the company’s stock.
BYD has been the topic of a number of recent analyst reports. ValuEngine cut shares of Boyd Gaming from a “hold” rating to a “sell” rating in a research note on Thursday, December 20th. Barclays cut their price objective on shares of Boyd Gaming from $40.00 to $38.00 and set an “overweight” rating on the stock in a research note on Thursday, November 1st. Zacks Investment Research restated a “hold” rating and set a $28.00 price objective on shares of Boyd Gaming in a research note on Monday, November 12th. TheStreet cut shares of Boyd Gaming from a “b” rating to a “c+” rating in a research note on Monday, November 26th. Finally, Stifel Nicolaus upgraded shares of Boyd Gaming from a “hold” rating to a “buy” rating and cut their price objective for the company from $37.00 to $33.00 in a research note on Friday, January 11th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Boyd Gaming currently has an average rating of “Buy” and an average target price of $34.89.
In other Boyd Gaming news, VP William R. Boyd sold 100,000 shares of the business’s stock in a transaction dated Thursday, December 13th. The shares were sold at an average price of $24.19, for a total value of $2,419,000.00. Following the sale, the vice president now directly owns 23,505 shares in the company, valued at $568,585.95. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 28.88% of the stock is currently owned by insiders.
Shares of Boyd Gaming stock opened at $27.56 on Thursday. The company has a current ratio of 1.37, a quick ratio of 1.33 and a debt-to-equity ratio of 3.09. Boyd Gaming Co. has a 52 week low of $18.98 and a 52 week high of $39.35. The stock has a market capitalization of $3.08 billion, a price-to-earnings ratio of 26.76, a price-to-earnings-growth ratio of 0.71 and a beta of 2.13.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, January 15th. Shareholders of record on Friday, December 28th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.87%. The ex-dividend date was Thursday, December 27th. Boyd Gaming’s dividend payout ratio (DPR) is presently 23.30%.
Boyd Gaming announced that its Board of Directors has approved a stock repurchase program on Wednesday, December 12th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 3.7% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s management believes its shares are undervalued.
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About Boyd Gaming
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 October 15, 2018, the company operated 29 gaming entertainment properties offering a total of 1.76 million square feet of casino space, approximately 38,000 gaming machines, 900 table games, 11,000 hotel rooms, and 320 food and beverage outlets located in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania.
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