Boyd Gaming Co. (NYSE:BYD) Shares Sold by Louisiana State Employees Retirement System

Louisiana State Employees Retirement System trimmed its position in Boyd Gaming Co. (NYSE:BYD) by 4.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,100 shares of the company’s stock after selling 900 shares during the period. Louisiana State Employees Retirement System’s holdings in Boyd Gaming were worth $1,052,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC grew its stake in Boyd Gaming by 57.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 518 shares of the company’s stock valued at $35,000 after purchasing an additional 189 shares during the last quarter. Blue Trust Inc. boosted its position in Boyd Gaming by 58.2% in the second quarter. Blue Trust Inc. now owns 783 shares of the company’s stock valued at $43,000 after buying an additional 288 shares during the last quarter. Principal Securities Inc. acquired a new position in Boyd Gaming in the 4th quarter worth approximately $50,000. EntryPoint Capital LLC acquired a new position in Boyd Gaming in the 1st quarter worth approximately $90,000. Finally, Covestor Ltd raised its position in Boyd Gaming by 132.6% during the 1st quarter. Covestor Ltd now owns 1,742 shares of the company’s stock worth $117,000 after buying an additional 993 shares during the last quarter. Hedge funds and other institutional investors own 76.81% of the company’s stock.

Boyd Gaming Stock Performance

Shares of NYSE:BYD opened at $59.92 on Wednesday. The business’s 50 day moving average price is $56.86 and its 200-day moving average price is $58.80. Boyd Gaming Co. has a 1 year low of $49.34 and a 1 year high of $68.46. The firm has a market capitalization of $5.69 billion, a price-to-earnings ratio of 10.76, a price-to-earnings-growth ratio of 8.51 and a beta of 1.58. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.80 and a quick ratio of 0.77.

Boyd Gaming (NYSE:BYD) last announced its earnings results on Thursday, July 25th. The company reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.49 by $0.09. Boyd Gaming had a net margin of 13.32% and a return on equity of 34.08%. The business had revenue of $967.50 million for the quarter, compared to analyst estimates of $909.49 million. During the same quarter last year, the business earned $1.58 earnings per share. The company’s revenue for the quarter was up 5.5% compared to the same quarter last year. On average, equities research analysts forecast that Boyd Gaming Co. will post 6.17 earnings per share for the current fiscal year.

Boyd Gaming announced that its Board of Directors has approved a stock buyback program on Monday, May 13th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to purchase up to 9.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Boyd Gaming Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Sunday, September 15th will be paid a dividend of $0.17 per share. The ex-dividend date is Friday, September 13th. This represents a $0.68 annualized dividend and a yield of 1.13%. Boyd Gaming’s dividend payout ratio (DPR) is currently 12.21%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on BYD. Raymond James initiated coverage on shares of Boyd Gaming in a report on Tuesday, May 21st. They issued an “outperform” rating and a $67.00 price objective on the stock. Argus lowered shares of Boyd Gaming from a “buy” rating to a “hold” rating in a report on Wednesday, May 1st. Royal Bank of Canada reduced their price objective on Boyd Gaming from $337.00 to $308.00 and set an “outperform” rating for the company in a research note on Thursday, May 16th. Macquarie lowered their target price on Boyd Gaming from $72.00 to $68.00 and set a “neutral” rating on the stock in a research note on Friday, July 26th. Finally, Stifel Nicolaus raised their target price on Boyd Gaming from $65.00 to $67.00 and gave the stock a “hold” rating in a report on Friday, July 26th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $90.08.

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.