QRG Capital Management Inc. Boosts Holdings in Boyd Gaming Corporation $BYD

QRG Capital Management Inc. lifted its position in shares of Boyd Gaming Corporation (NYSE:BYD) by 95.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 47,719 shares of the company’s stock after purchasing an additional 23,310 shares during the period. QRG Capital Management Inc. owned about 0.06% of Boyd Gaming worth $3,922,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Invesco Ltd. grew its holdings in Boyd Gaming by 118.2% during the 4th quarter. Invesco Ltd. now owns 1,427,828 shares of the company’s stock valued at $121,708,000 after purchasing an additional 773,394 shares in the last quarter. Norges Bank acquired a new position in Boyd Gaming in the 4th quarter worth $58,763,000. Clark Capital Management Group Inc. purchased a new position in Boyd Gaming in the 3rd quarter valued at about $50,295,000. UBS Group AG boosted its position in Boyd Gaming by 196.9% in the 4th quarter. UBS Group AG now owns 611,207 shares of the company’s stock valued at $52,099,000 after buying an additional 405,340 shares during the last quarter. Finally, Arbejdsmarkedets Tillaegspension acquired a new stake in shares of Boyd Gaming during the fourth quarter valued at about $24,675,000. 76.81% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

BYD has been the topic of several recent analyst reports. Mizuho cut their price target on Boyd Gaming from $99.00 to $96.00 and set an “outperform” rating on the stock in a research note on Friday, April 24th. Morgan Stanley restated a “mixed” rating on shares of Boyd Gaming in a research note on Wednesday, April 8th. Citigroup lifted their price objective on Boyd Gaming from $86.00 to $90.00 and gave the stock a “neutral” rating in a report on Thursday, April 16th. JPMorgan Chase & Co. upped their target price on Boyd Gaming from $89.00 to $90.00 and gave the company a “neutral” rating in a research report on Friday, April 24th. Finally, Susquehanna cut their target price on Boyd Gaming from $89.00 to $87.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 7th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and ten have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Boyd Gaming has an average rating of “Hold” and a consensus price target of $93.15.

Insider Buying and Selling

In other news, CEO Keith Smith sold 100,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $85.90, for a total value of $8,590,000.00. Following the completion of the sale, the chief executive officer directly owned 996,981 shares in the company, valued at approximately $85,640,667.90. The trade was a 9.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Marianne Boyd Johnson sold 62,914 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $84.03, for a total value of $5,286,663.42. Following the completion of the sale, the chairman owned 1,609,808 shares of the company’s stock, valued at $135,272,166.24. This trade represents a 3.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 200,000 shares of company stock worth $17,038,987. 22.82% of the stock is currently owned by company insiders.

Boyd Gaming Price Performance

BYD opened at $87.77 on Monday. The company has a 50-day moving average of $84.90 and a 200-day moving average of $84.68. The company has a market capitalization of $6.52 billion, a P/E ratio of 3.85, a PEG ratio of 2.05 and a beta of 1.07. Boyd Gaming Corporation has a 1-year low of $76.33 and a 1-year high of $91.00. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.58 and a current ratio of 0.60.

Boyd Gaming (NYSE:BYD) last issued its quarterly earnings results on Thursday, April 23rd. The company reported $1.60 EPS for the quarter, missing the consensus estimate of $1.76 by ($0.16). The company had revenue of $997.36 million for the quarter, compared to the consensus estimate of $1.04 billion. Boyd Gaming had a return on equity of 25.63% and a net margin of 44.84%.The business’s revenue for the quarter was up .6% on a year-over-year basis. During the same period in the previous year, the business posted $1.62 EPS. Equities analysts expect that Boyd Gaming Corporation will post 7.32 EPS for the current fiscal year.

Boyd Gaming Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Monday, June 15th will be paid a dividend of $0.20 per share. The ex-dividend date is Monday, June 15th. This represents a $0.80 annualized dividend and a yield of 0.9%. Boyd Gaming’s dividend payout ratio is presently 3.51%.

Boyd Gaming announced that its board has authorized a stock repurchase plan on Thursday, April 23rd that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to reacquire up to 7.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

About Boyd Gaming

Boyd Gaming Corporation (NYSE: BYD) is a diversified hospitality and gaming company headquartered in Las Vegas, Nevada. The company develops, owns and operates a portfolio of branded gaming and entertainment properties, including casinos, hotels, restaurants and meeting facilities. Boyd Gaming’s offerings range from slot machines and table games to live entertainment, dining concepts and convention space, designed to appeal to both regional and destination visitors.

Founded in 1975 by its namesake, William S.