Keith Smith Sells 100,000 Shares of Boyd Gaming (NYSE:BYD) Stock

Boyd Gaming Corporation (NYSE:BYD) CEO Keith Smith sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The shares were sold at an average price of $85.90, for a total transaction of $8,590,000.00. Following the completion of the sale, the chief executive officer owned 996,981 shares of the company’s stock, valued at $85,640,667.90. This trade represents a 9.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Boyd Gaming Trading Down 0.7%

Shares of NYSE:BYD opened at $87.78 on Friday. Boyd Gaming Corporation has a 52-week low of $73.00 and a 52-week high of $89.96. The company has a market capitalization of $6.52 billion, a P/E ratio of 3.85, a price-to-earnings-growth ratio of 2.06 and a beta of 1.08. The company has a 50-day simple moving average of $84.03 and a 200 day simple moving average of $83.89. 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 earnings results on Thursday, April 23rd. The company reported $1.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.76 by ($0.16). Boyd Gaming had a net margin of 44.84% and a return on equity of 25.63%. The firm had revenue of $997.36 million during the quarter, compared to analyst estimates of $1.04 billion. During the same quarter last year, the business posted $1.62 earnings per share. The company’s revenue for the quarter was up .6% on a year-over-year basis. Sell-side analysts forecast that Boyd Gaming Corporation will post 7.32 earnings per share for the current year.

Boyd Gaming announced that its Board of Directors has initiated a stock buyback plan on Thursday, April 23rd that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to purchase up to 7.7% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Boyd Gaming Announces Dividend

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

Institutional Investors Weigh In On Boyd Gaming

Several hedge funds have recently bought and sold shares of BYD. Invesco Ltd. lifted its position in Boyd Gaming by 118.2% during the fourth quarter. Invesco Ltd. now owns 1,427,828 shares of the company’s stock worth $121,708,000 after acquiring an additional 773,394 shares during the last quarter. Norges Bank acquired a new stake in Boyd Gaming during the fourth quarter worth approximately $58,763,000. Clark Capital Management Group Inc. acquired a new stake in Boyd Gaming during the third quarter worth approximately $50,295,000. UBS Group AG lifted its position in Boyd Gaming by 196.9% during the fourth quarter. UBS Group AG now owns 611,207 shares of the company’s stock worth $52,099,000 after acquiring an additional 405,340 shares during the last quarter. Finally, Arbejdsmarkedets Tillaegspension bought a new position in shares of Boyd Gaming during the fourth quarter worth approximately $24,675,000. 76.81% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on BYD. Citigroup raised their target price on shares of Boyd Gaming from $86.00 to $90.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. Susquehanna cut their target price on shares of Boyd Gaming from $89.00 to $87.00 and set a “neutral” rating for the company in a research note on Tuesday, April 7th. Barclays cut their target price on shares of Boyd Gaming from $87.00 to $86.00 and set an “equal weight” rating for the company in a research note on Friday, April 24th. Mizuho cut their price objective on shares of Boyd Gaming from $99.00 to $96.00 and set an “outperform” rating for the company in a research report on Friday, April 24th. Finally, Wells Fargo & Company cut their price objective on shares of Boyd Gaming from $84.00 to $83.00 and set an “equal weight” rating for the company in a research report on Thursday, April 16th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $92.08.

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.