Signet Financial Management LLC Increases Stock Position in Boyd Gaming Co. (NYSE:BYD)

Signet Financial Management LLC boosted its stake in Boyd Gaming Co. (NYSE:BYD) by 2.5% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 28,709 shares of the company’s stock after purchasing an additional 707 shares during the quarter. Signet Financial Management LLC’s holdings in Boyd Gaming were worth $1,933,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. Cohen & Steers Inc. increased its holdings in shares of Boyd Gaming by 34.4% in the 4th quarter. Cohen & Steers Inc. now owns 4,747,662 shares of the company’s stock worth $297,270,000 after buying an additional 1,216,121 shares during the last quarter. Norges Bank bought a new stake in shares of Boyd Gaming in the 4th quarter worth about $44,773,000. Boston Partners increased its holdings in shares of Boyd Gaming by 29.5% in the 4th quarter. Boston Partners now owns 2,756,215 shares of the company’s stock worth $172,638,000 after buying an additional 628,512 shares during the last quarter. Scout Investments Inc. bought a new stake in shares of Boyd Gaming in the 4th quarter worth about $18,091,000. Finally, HG Vora Capital Management LLC increased its holdings in shares of Boyd Gaming by 12.5% in the 3rd quarter. HG Vora Capital Management LLC now owns 2,250,000 shares of the company’s stock worth $136,868,000 after buying an additional 250,000 shares during the last quarter. Hedge funds and other institutional investors own 76.81% of the company’s stock.

Insider Activity at Boyd Gaming

In related news, Director Christine J. Spadafor sold 1,874 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $53.38, for a total transaction of $100,034.12. Following the completion of the sale, the director now owns 2,338 shares of the company’s stock, valued at $124,802.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 27.94% of the stock is currently owned by corporate insiders.

Boyd Gaming Price Performance

Shares of BYD opened at $55.31 on Friday. The company has a 50 day moving average price of $54.61 and a 200-day moving average price of $60.55. Boyd Gaming Co. has a fifty-two week low of $49.34 and a fifty-two week high of $73.00. The stock has a market capitalization of $5.25 billion, a PE ratio of 9.93 and a beta of 1.59. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.77 and a current ratio of 0.80.

Boyd Gaming (NYSE:BYD) last announced its quarterly earnings results on Thursday, April 25th. The company reported $1.51 earnings per share for the quarter, missing the consensus estimate of $1.57 by ($0.06). Boyd Gaming had a return on equity of 34.76% and a net margin of 14.91%. The business had revenue of $960.52 million during the quarter, compared to analysts’ expectations of $947.26 million. Equities analysts predict that Boyd Gaming Co. will post 6.06 earnings per share for the current fiscal year.

Boyd Gaming announced that its board has approved a share buyback plan on Monday, May 13th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to reacquire up to 9.5% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Boyd Gaming Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Saturday, June 15th will be given a $0.17 dividend. The ex-dividend date is Friday, June 14th. This represents a $0.68 annualized dividend and a dividend yield of 1.23%. Boyd Gaming’s payout ratio is presently 12.21%.

Analyst Ratings Changes

A number of analysts have recently weighed in on BYD shares. Wells Fargo & Company reduced their target price on shares of Boyd Gaming from $82.00 to $71.00 and set an “overweight” rating on the stock in a report on Friday, April 26th. Barclays cut their price target on shares of Boyd Gaming from $70.00 to $68.00 and set an “equal weight” rating on the stock in a report on Friday, April 26th. Royal Bank of Canada cut their price target on shares of Boyd Gaming from $337.00 to $308.00 and set an “outperform” rating on the stock in a report on Thursday, May 16th. Stifel Nicolaus cut their price target on shares of Boyd Gaming from $71.00 to $65.00 and set a “hold” rating on the stock in a report on Friday, April 26th. Finally, StockNews.com downgraded shares of Boyd Gaming from a “buy” rating to a “hold” rating in a report on Tuesday, June 4th. Eight investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $91.42.

Boyd Gaming Company 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.