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

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

Boyd Gaming Stock Performance

NYSE BYD opened at $88.24 on Friday. The company has a current ratio of 0.60, a quick ratio of 0.58 and a debt-to-equity ratio of 0.90. The firm’s fifty day moving average price is $83.98 and its two-hundred day moving average price is $83.86. Boyd Gaming Corporation has a 1 year low of $72.71 and a 1 year high of $89.96. The firm has a market capitalization of $6.56 billion, a P/E ratio of 3.87, a price-to-earnings-growth ratio of 2.03 and a beta of 1.08.

Boyd Gaming (NYSE:BYD) last released its quarterly earnings data on Thursday, April 23rd. The company reported $1.60 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 company had revenue of $997.36 million during the quarter, compared to analyst estimates of $1.04 billion. During the same quarter in the prior year, the firm earned $1.62 earnings per share. Boyd Gaming’s revenue for the quarter was up .6% on a year-over-year basis. As a group, research analysts anticipate that Boyd Gaming Corporation will post 7.32 EPS for the current year.

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

Boyd Gaming Announces Dividend

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

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Barclays decreased their price objective on shares of Boyd Gaming from $87.00 to $86.00 and set an “equal weight” rating on the stock in a report on Friday, April 24th. Morgan Stanley restated a “mixed” rating on shares of Boyd Gaming in a research note on Wednesday, April 8th. Wells Fargo & Company decreased their price target on shares of Boyd Gaming from $84.00 to $83.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 16th. Stifel Nicolaus decreased their price target on shares of Boyd Gaming from $95.00 to $91.00 and set a “hold” rating on the stock in a research note on Friday, April 24th. Finally, Susquehanna decreased their price target on shares of Boyd Gaming from $89.00 to $87.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 7th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, Boyd Gaming presently has an average rating of “Hold” and an average target price of $92.08.

Hedge Funds Weigh In On Boyd Gaming

Several institutional investors and hedge funds have recently added to or reduced their stakes in BYD. Citigroup Inc. increased its position in Boyd Gaming by 94.8% during the 3rd quarter. Citigroup Inc. now owns 229,823 shares of the company’s stock valued at $19,868,000 after purchasing an additional 111,815 shares during the period. Allianz Asset Management GmbH increased its position in Boyd Gaming by 174.3% during the 3rd quarter. Allianz Asset Management GmbH now owns 274,154 shares of the company’s stock valued at $23,701,000 after purchasing an additional 174,214 shares during the period. Envestnet Asset Management Inc. increased its position in Boyd Gaming by 78.3% during the 3rd quarter. Envestnet Asset Management Inc. now owns 127,303 shares of the company’s stock valued at $11,005,000 after purchasing an additional 55,923 shares during the period. Caprock Group LLC acquired a new stake in Boyd Gaming during the 3rd quarter valued at approximately $2,073,000. Finally, Capitolis Liquid Global Markets LLC acquired a new stake in Boyd Gaming during the 3rd quarter valued at approximately $13,313,000. 76.81% of the stock is currently owned by institutional investors and hedge funds.

Boyd Gaming Company Profile

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.