State Street Corp Boosts Holdings in Boyd Gaming Co. (NYSE:BYD)

State Street Corp increased its position in shares of Boyd Gaming Co. (NYSE:BYD) by 0.8% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,108,672 shares of the company’s stock after buying an additional 17,591 shares during the quarter. State Street Corp owned about 2.39% of Boyd Gaming worth $136,680,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Stifel Financial Corp increased its stake in Boyd Gaming by 2.1% during the third quarter. Stifel Financial Corp now owns 19,699 shares of the company’s stock worth $1,274,000 after acquiring an additional 414 shares during the last quarter. Quadrature Capital Ltd grew its holdings in shares of Boyd Gaming by 201.3% during the 3rd quarter. Quadrature Capital Ltd now owns 49,951 shares of the company’s stock worth $3,229,000 after purchasing an additional 33,374 shares during the period. Quantinno Capital Management LP increased its position in shares of Boyd Gaming by 53.3% during the 3rd quarter. Quantinno Capital Management LP now owns 106,651 shares of the company’s stock worth $6,895,000 after purchasing an additional 37,059 shares during the last quarter. Quarry LP raised its holdings in Boyd Gaming by 150.1% in the 3rd quarter. Quarry LP now owns 873 shares of the company’s stock valued at $56,000 after buying an additional 524 shares during the period. Finally, Petrus Trust Company LTA acquired a new position in Boyd Gaming in the third quarter valued at about $762,000. 76.81% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Boyd Gaming

In other news, CEO Keith Smith sold 40,000 shares of the company’s stock in a transaction dated Wednesday, November 13th. The stock was sold at an average price of $73.49, for a total transaction of $2,939,600.00. Following the completion of the transaction, the chief executive officer now directly owns 1,161,202 shares of the company’s stock, valued at approximately $85,336,734.98. This represents a 3.33 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director William R. Boyd sold 25,155 shares of the firm’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $69.35, for a total value of $1,744,499.25. Following the sale, the director now directly owns 1,487,970 shares in the company, valued at $103,190,719.50. This trade represents a 1.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 146,704 shares of company stock valued at $10,540,944 over the last quarter. 27.94% of the stock is owned by insiders.

Boyd Gaming Stock Up 0.7 %

Shares of Boyd Gaming stock opened at $74.95 on Friday. Boyd Gaming Co. has a 52-week low of $49.34 and a 52-week high of $76.73. The company has a 50 day moving average of $70.30 and a 200 day moving average of $62.21. The company has a quick ratio of 0.79, a current ratio of 0.82 and a debt-to-equity ratio of 1.85. The company has a market capitalization of $6.62 billion, a P/E ratio of 14.30, a P/E/G ratio of 9.93 and a beta of 1.54.

Boyd Gaming declared that its board has approved a share buyback plan on Thursday, December 5th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 7.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Boyd Gaming Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Monday, December 16th will be paid a dividend of $0.17 per share. The ex-dividend date is Monday, December 16th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 0.91%. Boyd Gaming’s payout ratio is currently 12.98%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Mizuho reiterated an “outperform” rating and set a $79.00 price target (up from $78.00) on shares of Boyd Gaming in a research report on Friday, October 25th. Stifel Nicolaus boosted their target price on Boyd Gaming from $67.00 to $74.00 and gave the company a “hold” rating in a research report on Friday, October 25th. StockNews.com upgraded Boyd Gaming from a “buy” rating to a “strong-buy” rating in a research report on Monday, October 28th. Barclays boosted their price objective on Boyd Gaming from $70.00 to $71.00 and gave the company an “equal weight” rating in a report on Friday, October 25th. Finally, Truist Financial raised their target price on Boyd Gaming from $75.00 to $77.00 and gave the company a “buy” rating in a report on Wednesday, October 23rd. Seven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $91.77.

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.