III Capital Management Takes $4.18 Million Position in Boyd Gaming Corporation $BYD

III Capital Management purchased a new stake in Boyd Gaming Corporation (NYSE:BYD) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 49,000 shares of the company’s stock, valued at approximately $4,177,000. Boyd Gaming comprises approximately 0.6% of III Capital Management’s investment portfolio, making the stock its 16th largest position.

Several other large investors have also modified their holdings of the business. Arrowstreet Capital Limited Partnership lifted its stake in shares of Boyd Gaming by 18.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,755,659 shares of the company’s stock valued at $149,652,000 after purchasing an additional 277,529 shares during the last quarter. Franklin Resources Inc. lifted its stake in shares of Boyd Gaming by 11.1% in the 4th quarter. Franklin Resources Inc. now owns 1,357,412 shares of the company’s stock valued at $115,706,000 after purchasing an additional 136,129 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of 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 purchasing an additional 285,719 shares during the last quarter. Nuveen LLC lifted its stake in Boyd Gaming by 10.6% during the 4th quarter. Nuveen LLC now owns 1,080,331 shares of the company’s stock worth $92,087,000 after acquiring an additional 103,684 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its stake in Boyd Gaming by 12.4% during the 4th quarter. Victory Capital Management Inc. now owns 969,264 shares of the company’s stock worth $82,620,000 after acquiring an additional 106,638 shares in the last quarter. Institutional investors and hedge funds own 76.81% of the company’s stock.

Boyd Gaming Price Performance

BYD stock opened at $83.86 on Thursday. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.60 and a quick ratio of 0.58. The firm has a market capitalization of $6.23 billion, a P/E ratio of 3.68, a P/E/G ratio of 2.02 and a beta of 1.08. The business’s 50-day moving average is $84.67 and its two-hundred day moving average is $84.26. Boyd Gaming Corporation has a 1 year low of $75.13 and a 1 year high of $89.96.

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

Boyd Gaming announced that its Board of Directors has authorized a stock repurchase program on Thursday, April 23rd that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 7.7% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Boyd Gaming Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Monday, June 15th will be given a $0.20 dividend. The ex-dividend date of this dividend is Monday, June 15th. This represents a $0.80 dividend on an annualized basis and a yield of 1.0%. Boyd Gaming’s dividend payout ratio (DPR) is currently 3.51%.

Insider Transactions at Boyd Gaming

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

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Barclays decreased their target price on Boyd Gaming from $87.00 to $86.00 and set an “equal weight” rating on the stock in a research note on Friday, April 24th. Mizuho decreased their target price on Boyd Gaming from $99.00 to $96.00 and set an “outperform” rating on the stock in a research note on Friday, April 24th. Stifel Nicolaus decreased their target price on Boyd Gaming from $95.00 to $91.00 and set a “hold” rating on the stock in a research note on Friday, April 24th. Morgan Stanley reissued a “mixed” rating on shares of Boyd Gaming in a research note on Wednesday, April 8th. Finally, JPMorgan Chase & Co. increased their target price on Boyd Gaming from $89.00 to $90.00 and gave the stock a “neutral” rating in a research note on Friday, April 24th. One investment 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 stock. According to data from MarketBeat.com, Boyd Gaming currently has a consensus rating of “Hold” and a consensus price target of $92.08.

About Boyd Gaming

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.