Vanguard Group Inc. Acquires 227,769 Shares of Boyd Gaming Corporation (NYSE:BYD)

Vanguard Group Inc. increased its position in shares of Boyd Gaming Corporation (NYSE:BYD) by 2.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,726,723 shares of the company’s stock after buying an additional 227,769 shares during the period. Vanguard Group Inc. owned approximately 8.60% of Boyd Gaming Corporation worth $214,085,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in BYD. Capital One National Association increased its position in Boyd Gaming Corporation by 1.0% in the first quarter. Capital One National Association now owns 18,194 shares of the company’s stock worth $400,000 after buying an additional 178 shares in the last quarter. State of Alaska Department of Revenue increased its position in Boyd Gaming Corporation by 2.7% in the first quarter. State of Alaska Department of Revenue now owns 9,110 shares of the company’s stock worth $200,000 after buying an additional 240 shares in the last quarter. Wedge Capital Management L L P NC increased its position in Boyd Gaming Corporation by 2.6% in the first quarter. Wedge Capital Management L L P NC now owns 15,558 shares of the company’s stock worth $342,000 after buying an additional 397 shares in the last quarter. Legal & General Group Plc increased its position in Boyd Gaming Corporation by 0.4% in the first quarter. Legal & General Group Plc now owns 148,018 shares of the company’s stock worth $3,255,000 after buying an additional 517 shares in the last quarter. Finally, Louisiana State Employees Retirement System increased its position in Boyd Gaming Corporation by 1.8% in the first quarter. Louisiana State Employees Retirement System now owns 33,600 shares of the company’s stock worth $740,000 after buying an additional 600 shares in the last quarter. 71.00% of the stock is owned by hedge funds and other institutional investors.

Boyd Gaming Corporation (NYSE:BYD) traded down 1.39% during mid-day trading on Tuesday, hitting $26.30. 1,281,395 shares of the stock traded hands. The company has a market cap of $2.98 billion, a P/E ratio of 6.95 and a beta of 1.93. Boyd Gaming Corporation has a 12 month low of $16.77 and a 12 month high of $26.72. The company’s 50 day moving average is $25.35 and its 200 day moving average is $22.92.

Boyd Gaming Corporation (NYSE:BYD) last released its quarterly earnings results on Thursday, July 27th. The company reported $0.26 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.30 by $0.04. The business had revenue of $599.87 million for the quarter, compared to analysts’ expectations of $602.39 million. Boyd Gaming Corporation had a net margin of 19.15% and a return on equity of 13.31%. Boyd Gaming Corporation’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.16 EPS. On average, analysts expect that Boyd Gaming Corporation will post $1.10 earnings per share for the current fiscal year.

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A number of research analysts have recently weighed in on the stock. Morgan Stanley downgraded shares of Boyd Gaming Corporation from an “overweight” rating to an “equal weight” rating and set a $26.00 target price for the company. in a research report on Tuesday, June 20th. They noted that the move was a valuation call. Instinet reissued a “buy” rating and set a $30.00 target price (up from $27.00) on shares of Boyd Gaming Corporation in a research report on Monday, June 19th. Zacks Investment Research raised shares of Boyd Gaming Corporation from a “sell” rating to a “buy” rating and set a $28.00 target price for the company in a research report on Friday, July 14th. Wells Fargo & Company reaffirmed a “market perform” rating and issued a $25.00 price objective (up from $22.00) on shares of Boyd Gaming Corporation in a report on Monday, June 19th. Finally, Bank of America Corporation reaffirmed a “neutral” rating and issued a $27.00 price objective (up from $25.00) on shares of Boyd Gaming Corporation in a report on Monday, June 5th. Six investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $26.87.

In related news, insider William S. Boyd sold 76,531 shares of the company’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $25.18, for a total transaction of $1,927,050.58. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director John Robert Bailey purchased 10,000 shares of the firm’s stock in a transaction that occurred on Monday, July 31st. The shares were acquired at an average cost of $25.33 per share, for a total transaction of $253,300.00. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 173,816 shares of company stock worth $4,407,340. 29.16% of the stock is owned by insiders.

About Boyd Gaming Corporation

Boyd Gaming Corporation is a multi-jurisdictional gaming company. The Company operated 24 wholly owned gaming entertainment properties in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana and Mississippi, as of December 31, 2016. It operates through three segments: Las Vegas Locals, Downtown Las Vegas, and Midwest and South.

Institutional Ownership by Quarter for Boyd Gaming Corporation (NYSE:BYD)

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