Franklin Resources Inc. Acquires 136,129 Shares of Boyd Gaming Corporation $BYD

Franklin Resources Inc. raised its holdings in Boyd Gaming Corporation (NYSE:BYD) by 11.1% in the 4th quarter, HoldingsChannel reports. The firm owned 1,357,412 shares of the company’s stock after purchasing an additional 136,129 shares during the quarter. Franklin Resources Inc.’s holdings in Boyd Gaming were worth $115,706,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Los Angeles Capital Management LLC bought a new stake in shares of Boyd Gaming during the fourth quarter worth $25,000. Advisors Asset Management Inc. grew its stake in shares of Boyd Gaming by 56.8% during the first quarter. Advisors Asset Management Inc. now owns 541 shares of the company’s stock worth $36,000 after purchasing an additional 196 shares during the period. First Horizon Corp acquired a new stake in shares of Boyd Gaming during the fourth quarter worth $41,000. Geneos Wealth Management Inc. grew its stake in shares of Boyd Gaming by 139.9% during the second quarter. Geneos Wealth Management Inc. now owns 619 shares of the company’s stock worth $48,000 after purchasing an additional 361 shares during the period. Finally, Employees Retirement System of Texas acquired a new stake in shares of Boyd Gaming during the third quarter worth $53,000. Institutional investors own 76.81% of the company’s stock.

Insider Buying and Selling at Boyd Gaming

In other news, CEO Keith Smith sold 100,000 shares of the stock in a transaction 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 transaction, the chief executive officer directly owned 996,981 shares in the company, valued at approximately $85,640,667.90. This represents a 9.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Marianne Boyd Johnson sold 62,914 shares of the stock in a transaction 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 transaction, the chairman owned 1,609,808 shares of the company’s stock, valued at $135,272,166.24. The trade was a 3.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 200,000 shares of company stock valued at $17,038,987. 22.82% of the stock is owned by corporate insiders.

Boyd Gaming Price Performance

Boyd Gaming stock opened at $86.80 on Thursday. Boyd Gaming Corporation has a 12 month low of $73.00 and a 12 month high of $89.96. The stock’s 50 day moving average is $84.39 and its 200-day moving average is $84.11. 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 company has a market capitalization of $6.45 billion, a price-to-earnings ratio of 3.81, a PEG ratio of 2.05 and a beta of 1.08.

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

Boyd Gaming declared that its Board of Directors has initiated a stock buyback program on Thursday, April 23rd that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to repurchase up to 7.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Boyd Gaming Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Monday, June 15th will be given a dividend of $0.20 per share. 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 dividend payout ratio is currently 3.51%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Morgan Stanley reissued a “mixed” rating on shares of Boyd Gaming in a research note on Wednesday, April 8th. Weiss Ratings raised Boyd Gaming from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, June 4th. JPMorgan Chase & Co. upped their target price on Boyd Gaming from $89.00 to $90.00 and gave the stock a “neutral” rating in a report on Friday, April 24th. Citigroup upped their target price on Boyd Gaming from $86.00 to $90.00 and gave the stock a “neutral” rating in a report on Thursday, April 16th. Finally, Susquehanna dropped their target price on Boyd Gaming from $89.00 to $87.00 and set a “neutral” rating on the stock in a report 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’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $92.08.

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.