By otakuyassine3@gmail.com 
New Mexico Educational Retirement Board trimmed its holdings in Boyd Gaming Co. (NYSE:BYD – Free Report) by 16.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,600 shares of the company’s stock after selling 2,600 shares during the quarter. New Mexico Educational Retirement Board’s holdings in Boyd Gaming were worth $987,000 as of its most recent SEC filing.
Several other large investors have also recently made changes to their positions in the company. Sanctuary Advisors LLC boosted its stake in Boyd Gaming by 25.3% during the third quarter. Sanctuary Advisors LLC now owns 47,369 shares of the company’s stock worth $3,062,000 after buying an additional 9,565 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in shares of Boyd Gaming by 11,891.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 62,117 shares of the company’s stock worth $4,016,000 after buying an additional 61,599 shares during the period. Weiss Asset Management LP bought a new position in Boyd Gaming in the 3rd quarter valued at $7,101,000. Quadrature Capital Ltd increased its stake in Boyd Gaming by 201.3% in the third quarter. Quadrature Capital Ltd now owns 49,951 shares of the company’s stock worth $3,229,000 after purchasing an additional 33,374 shares during the period. Finally, GAMMA Investing LLC lifted its position in shares of Boyd Gaming by 47.4% during the fourth quarter. GAMMA Investing LLC now owns 460 shares of the company’s stock worth $33,000 after purchasing an additional 148 shares during the last quarter. 76.81% of the stock is owned by institutional investors.
Insiders Place Their Bets
In other news, CEO Keith Smith sold 30,000 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $72.15, for a total transaction of $2,164,500.00. Following the transaction, the chief executive officer now owns 1,101,202 shares in the company, valued at $79,451,724.30. This trade represents a 2.65 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Marianne Boyd Johnson sold 50,000 shares of the business’s stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $77.68, for a total transaction of $3,884,000.00. Following the completion of the sale, the chairman now directly owns 1,346,628 shares of the company’s stock, valued at approximately $104,606,063.04. The trade was a 3.58 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 80,660 shares of company stock worth $6,098,449. Company insiders own 27.94% of the company’s stock.
Analyst Ratings Changes
Several brokerages have weighed in on BYD. Morgan Stanley upped their target price on Boyd Gaming from $74.00 to $78.00 and gave the stock an “overweight” rating in a report on Tuesday, October 22nd. Truist Financial increased their target price on Boyd Gaming from $85.00 to $88.00 and gave the company a “buy” rating in a research report on Tuesday, February 4th. Jefferies Financial Group upgraded Boyd Gaming from a “hold” rating to a “buy” rating and upped their price objective for the stock from $73.00 to $92.00 in a research note on Friday, January 3rd. StockNews.com lowered Boyd Gaming from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, February 11th. Finally, Susquehanna increased their price target on shares of Boyd Gaming from $69.00 to $77.00 and gave the company a “neutral” rating in a research report on Tuesday, February 4th. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, Boyd Gaming has an average rating of “Moderate Buy” and an average price target of $95.00.
Check Out Our Latest Stock Report on BYD
Boyd Gaming Stock Performance
NYSE BYD opened at $78.57 on Tuesday. The firm has a market capitalization of $6.95 billion, a P/E ratio of 12.63, a PEG ratio of 4.38 and a beta of 1.54. The stock has a 50-day simple moving average of $74.47 and a two-hundred day simple moving average of $68.37. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.79 and a current ratio of 0.82. Boyd Gaming Co. has a fifty-two week low of $49.34 and a fifty-two week high of $80.50.
Boyd Gaming (NYSE:BYD – Get Free Report) last announced its quarterly earnings results on Thursday, February 6th. The company reported $1.96 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.75 by $0.21. Boyd Gaming had a return on equity of 35.97% and a net margin of 14.70%. On average, equities analysts forecast that Boyd Gaming Co. will post 6.57 earnings per share for the current year.
Boyd Gaming announced that its board has approved a stock buyback program on Thursday, December 5th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to repurchase up to 7.6% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.
Boyd Gaming Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Monday, December 16th were issued a $0.17 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $0.68 dividend on an annualized basis and a yield of 0.87%. Boyd Gaming’s payout ratio is 10.93%.
About Boyd Gaming
Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. The company operates through Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online segments.
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