Norges Bank Buys Shares of 689,379 Boyd Gaming Corporation $BYD

Norges Bank purchased a new stake in shares of Boyd Gaming Corporation (NYSE:BYD) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 689,379 shares of the company’s stock, valued at approximately $58,763,000. Norges Bank owned approximately 0.88% of Boyd Gaming at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Intech Investment Management LLC acquired a new stake in Boyd Gaming during the 4th quarter worth approximately $3,607,000. Baker Avenue Asset Management LP increased its position in Boyd Gaming by 11.8% in the 4th quarter. Baker Avenue Asset Management LP now owns 7,653 shares of the company’s stock valued at $652,000 after acquiring an additional 808 shares during the period. Geode Capital Management LLC increased its position in Boyd Gaming by 26.7% in the 4th quarter. Geode Capital Management LLC now owns 1,355,209 shares of the company’s stock valued at $115,537,000 after acquiring an additional 285,719 shares during the period. Royce & Associates LP bought a new position in shares of Boyd Gaming during the fourth quarter valued at $6,465,000. Finally, New Age Alpha Advisors LLC lifted its holdings in shares of Boyd Gaming by 60.8% during the fourth quarter. New Age Alpha Advisors LLC now owns 12,538 shares of the company’s stock worth $1,069,000 after purchasing an additional 4,741 shares during the period. 76.81% of the stock is currently owned by institutional investors.

Boyd Gaming Stock Performance

NYSE BYD opened at $87.78 on Monday. The company has a market cap of $6.52 billion, a P/E ratio of 3.85, a PEG ratio of 2.05 and a beta of 1.08. The company has a fifty day simple moving average of $84.03 and a 200 day simple moving average of $83.93. Boyd Gaming Corporation has a 12-month low of $73.00 and a 12-month high of $89.96. The company has a current ratio of 0.60, a quick ratio of 0.58 and a debt-to-equity ratio of 0.90.

Boyd Gaming (NYSE:BYD) last posted its earnings results on Thursday, April 23rd. The company reported $1.60 EPS for the quarter, missing the consensus estimate of $1.76 by ($0.16). Boyd Gaming had a return on equity of 25.63% and a net margin of 44.84%.The business had revenue of $997.36 million for the quarter, compared to the consensus estimate of $1.04 billion. During the same period in the previous year, the firm earned $1.62 earnings per share. The company’s revenue was up .6% on a year-over-year basis. Sell-side analysts predict that Boyd Gaming Corporation will post 7.32 earnings per share for the current fiscal year.

Boyd Gaming declared that its board has authorized a share repurchase plan on Thursday, April 23rd that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 7.7% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Boyd Gaming Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th will be paid a $0.20 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.80 annualized dividend and a dividend yield of 0.9%. Boyd Gaming’s dividend payout ratio is 3.51%.

Insider Buying and Selling

In related news, CEO Keith Smith sold 100,000 shares of Boyd Gaming stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $85.90, for a total transaction of $8,590,000.00. Following the transaction, the chief executive officer owned 996,981 shares of the company’s stock, valued at $85,640,667.90. The trade was a 9.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Chairman Marianne Boyd Johnson sold 62,914 shares of the company’s stock in a transaction on Tuesday, May 5th. The stock was sold at an average price of $84.03, for a total value of $5,286,663.42. Following the sale, the chairman owned 1,609,808 shares of the company’s stock, valued at $135,272,166.24. This trade represents a 3.76% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 200,000 shares of company stock worth $17,038,987 in the last 90 days. Corporate insiders own 22.82% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on BYD. Morgan Stanley restated a “mixed” rating on shares of Boyd Gaming in a report on Wednesday, April 8th. Citigroup upped their price target on Boyd Gaming from $86.00 to $90.00 and gave the company a “neutral” rating in a research report on Thursday, April 16th. JPMorgan Chase & Co. raised their price objective on Boyd Gaming from $89.00 to $90.00 and gave the stock a “neutral” rating in a research report on Friday, April 24th. Wells Fargo & Company cut their price objective on Boyd Gaming from $84.00 to $83.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 16th. Finally, Barclays decreased their target price on shares of Boyd Gaming from $87.00 to $86.00 and set an “equal weight” rating for the company in a research report on Friday, April 24th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target 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.