By otakuyassine3@gmail.com 
Franklin Resources Inc. reduced its stake in shares of Boyd Gaming Co. (NYSE:BYD – Free Report) by 13.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 702,608 shares of the company’s stock after selling 105,294 shares during the quarter. Franklin Resources Inc. owned approximately 0.79% of Boyd Gaming worth $45,058,000 as of its most recent filing with the SEC.
Several other institutional investors have also made changes to their positions in BYD. Victory Capital Management Inc. boosted its holdings in shares of Boyd Gaming by 6,158.8% during the third quarter. Victory Capital Management Inc. now owns 908,905 shares of the company’s stock worth $58,761,000 after purchasing an additional 894,383 shares during the period. Long Pond Capital LP bought a new position in Boyd Gaming during the second quarter valued at approximately $20,440,000. Ariel Investments LLC raised its position in Boyd Gaming by 12.5% during the second quarter. Ariel Investments LLC now owns 3,031,691 shares of the company’s stock valued at $167,046,000 after acquiring an additional 335,984 shares in the last quarter. American Century Companies Inc. raised its position in Boyd Gaming by 19.7% during the second quarter. American Century Companies Inc. now owns 1,149,701 shares of the company’s stock valued at $63,349,000 after acquiring an additional 189,226 shares in the last quarter. Finally, International Assets Investment Management LLC raised its position in Boyd Gaming by 4,816.4% during the third quarter. International Assets Investment Management LLC now owns 184,560 shares of the company’s stock valued at $119,320,000 after acquiring an additional 180,806 shares in the last quarter. 76.81% of the stock is currently owned by institutional investors and hedge funds.
Boyd Gaming Stock Up 0.1 %
BYD opened at $73.87 on Wednesday. Boyd Gaming Co. has a fifty-two week low of $49.34 and a fifty-two week high of $76.73. The company has a debt-to-equity ratio of 1.85, a current ratio of 0.82 and a quick ratio of 0.79. The firm’s fifty day moving average price is $70.69 and its two-hundred day moving average price is $62.59. The company has a market capitalization of $6.53 billion, a P/E ratio of 14.10, a P/E/G ratio of 9.93 and a beta of 1.54.
Boyd Gaming Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Monday, December 16th will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $0.68 dividend on an annualized basis and a yield of 0.92%. Boyd Gaming’s dividend payout ratio is currently 12.98%.
Boyd Gaming declared that its board has approved a share buyback plan on Thursday, December 5th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 7.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
Analysts Set New Price Targets
Several brokerages recently weighed in on BYD. Truist Financial raised their price objective on shares of Boyd Gaming from $75.00 to $77.00 and gave the company a “buy” rating in a research report on Wednesday, October 23rd. Barclays raised their price objective on shares of Boyd Gaming from $70.00 to $71.00 and gave the company an “equal weight” rating in a research report on Friday, October 25th. Stifel Nicolaus raised their price objective on shares of Boyd Gaming from $67.00 to $74.00 and gave the company a “hold” rating in a research report on Friday, October 25th. Bank of America lifted their price target on shares of Boyd Gaming from $68.00 to $72.00 and gave the company a “buy” rating in a research report on Tuesday, September 17th. Finally, Wells Fargo & Company lifted their price target on shares of Boyd Gaming from $75.00 to $79.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Six equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $91.64.
Check Out Our Latest Report on Boyd Gaming
Insiders Place Their Bets
In other Boyd Gaming news, Director William R. Boyd sold 25,155 shares of Boyd Gaming stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $69.35, for a total transaction of $1,744,499.25. Following the sale, the director now owns 1,487,970 shares in the company, valued at $103,190,719.50. The trade was a 1.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Christine J. Spadafor sold 660 shares of Boyd Gaming stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $75.68, for a total transaction of $49,948.80. Following the sale, the director now owns 5,977 shares in the company, valued at $452,339.36. This represents a 9.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 147,364 shares of company stock worth $10,590,893 over the last 90 days. Corporate insiders own 27.94% of the company’s stock.
Boyd Gaming Profile
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.
See Also
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