Boyd Gaming Corporation $BYD Shares Bought by Renaissance Technologies LLC

Renaissance Technologies LLC boosted its holdings in shares of Boyd Gaming Corporation (NYSE:BYD) by 22.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 47,200 shares of the company’s stock after purchasing an additional 8,800 shares during the quarter. Renaissance Technologies LLC owned approximately 0.06% of Boyd Gaming worth $3,879,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Advisors Asset Management Inc. raised its stake in shares of Boyd Gaming by 56.8% during the 1st quarter. Advisors Asset Management Inc. now owns 541 shares of the company’s stock worth $36,000 after buying an additional 196 shares during the period. AQR Capital Management LLC grew its stake in Boyd Gaming by 13.9% in the 1st quarter. AQR Capital Management LLC now owns 9,623 shares of the company’s stock valued at $628,000 after acquiring an additional 1,172 shares during the period. Caxton Associates LLP purchased a new stake in Boyd Gaming in the 1st quarter worth $207,000. M&T Bank Corp purchased a new stake in Boyd Gaming in the 2nd quarter worth $229,000. Finally, Amundi raised its position in Boyd Gaming by 14,719.0% during the second quarter. Amundi now owns 3,112 shares of the company’s stock worth $253,000 after acquiring an additional 3,091 shares during the period. 76.81% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Keith Smith sold 100,000 shares of the stock in a transaction that occurred on 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 completion of the sale, the chief executive officer owned 996,981 shares of the company’s stock, valued at approximately $85,640,667.90. This trade represents a 9.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Josh Hirsberg sold 12,777 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $89.76, for a total value of $1,146,863.52. Following the completion of the sale, the chief financial officer directly owned 422,969 shares of the company’s stock, valued at approximately $37,965,697.44. This represents a 2.93% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 22.82% of the company’s stock.

Wall Street Analyst Weigh In

BYD has been the topic of several recent analyst reports. Morgan Stanley decreased their price objective on shares of Boyd Gaming from $90.00 to $89.00 and set an “equal weight” rating on the stock in a report on Monday, July 27th. Texas Capital upgraded shares of Boyd Gaming to a “strong-buy” rating in a research report on Wednesday, June 3rd. JPMorgan Chase & Co. raised their price target on shares of Boyd Gaming from $90.00 to $93.00 and gave the company a “neutral” rating in a research note on Wednesday, July 15th. Citigroup lifted their price objective on Boyd Gaming from $86.00 to $90.00 and gave the stock a “neutral” rating in a report on Thursday, April 16th. Finally, Wells Fargo & Company boosted their price objective on Boyd Gaming from $81.00 to $88.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $94.69.

Boyd Gaming Price Performance

Shares of NYSE BYD opened at $83.37 on Friday. The firm has a 50-day simple moving average of $87.08 and a 200-day simple moving average of $84.77. The stock has a market capitalization of $6.06 billion, a price-to-earnings ratio of 3.67, a price-to-earnings-growth ratio of 2.06 and a beta of 1.08. The company has a quick ratio of 0.74, a current ratio of 0.77 and a debt-to-equity ratio of 1.05. Boyd Gaming Corporation has a 52 week low of $76.33 and a 52 week high of $91.41.

Boyd Gaming (NYSE:BYD) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $1.93 earnings per share for the quarter, topping analysts’ consensus estimates of $1.89 by $0.04. Boyd Gaming had a net margin of 44.34% and a return on equity of 22.52%. The firm had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same period in the previous year, the business posted $1.87 earnings per share. Boyd Gaming’s quarterly revenue was up .0% on a year-over-year basis. On average, equities analysts predict that Boyd Gaming Corporation will post 7.29 earnings per share for the current fiscal year.

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

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.