Y Intercept Hong Kong Ltd Invests $1.10 Million in Boyd Gaming Co. (NYSE:BYD)

Y Intercept Hong Kong Ltd bought a new position in Boyd Gaming Co. (NYSE:BYD - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 16,958 shares of the company's stock, valued at approximately $1,096,000.

A number of other hedge funds also recently bought and sold shares of the business. Victory Capital Management Inc. raised its holdings in Boyd Gaming by 6,158.8% in the 3rd quarter. Victory Capital Management Inc. now owns 908,905 shares of the company's stock worth $58,761,000 after purchasing an additional 894,383 shares in the last quarter. Long Pond Capital LP bought a new stake in shares of Boyd Gaming during the 2nd quarter valued at about $20,440,000. Ariel Investments LLC increased its position in shares of Boyd Gaming by 12.5% during the second quarter. Ariel Investments LLC now owns 3,031,691 shares of the company's stock valued at $167,046,000 after buying an additional 335,984 shares during the period. American Century Companies Inc. raised its stake in Boyd Gaming by 19.7% in the second quarter. American Century Companies Inc. now owns 1,149,701 shares of the company's stock worth $63,349,000 after buying an additional 189,226 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its holdings in Boyd Gaming by 4,816.4% in the third quarter. International Assets Investment Management LLC now owns 184,560 shares of the company's stock worth $119,320,000 after buying an additional 180,806 shares during the period. Hedge funds and other institutional investors own 76.81% of the company's stock.

Boyd Gaming Stock Down 1.6 %

Shares of NYSE:BYD traded down $1.20 during trading on Thursday, reaching $74.44. 548,781 shares of the stock traded hands, compared to its average volume of 905,130. Boyd Gaming Co. has a 52-week low of $49.34 and a 52-week high of $76.73. The stock has a market cap of $6.58 billion, a P/E ratio of 14.44, a price-to-earnings-growth ratio of 9.91 and a beta of 1.54. The stock has a 50-day moving average of $69.89 and a two-hundred day moving average of $61.88. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.79 and a current ratio of 0.82.

Boyd Gaming declared that its board has initiated a share buyback program on Thursday, December 5th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 7.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board of directors believes its stock is undervalued.

Boyd Gaming Dividend Announcement

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

Insiders Place Their Bets

In other news, CEO Keith Smith sold 30,000 shares of the firm's stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $72.15, for a total transaction of $2,164,500.00. Following the sale, the chief executive officer now owns 1,101,202 shares of the company's stock, valued at $79,451,724.30. This trade represents a 2.65 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Josh Hirsberg sold 21,549 shares of the business's stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $71.43, for a total transaction of $1,539,245.07. Following the transaction, the chief financial officer now directly owns 438,615 shares of the company's stock, valued at $31,330,269.45. The trade was a 4.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 146,704 shares of company stock valued at $10,540,944. Corporate insiders own 27.94% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on BYD shares. Morgan Stanley upped their target price on Boyd Gaming from $74.00 to $78.00 and gave the stock an "overweight" rating in a report on Tuesday, October 22nd. JPMorgan Chase & Co. upped their price target on Boyd Gaming from $68.00 to $69.00 and gave the stock a "neutral" rating in a research note on Friday, October 25th. Bank of America raised their price objective on Boyd Gaming from $68.00 to $72.00 and gave the company a "buy" rating in a research report on Tuesday, September 17th. Wells Fargo & Company upped their target price on shares of Boyd Gaming from $75.00 to $79.00 and gave the stock an "overweight" rating in a research report on Friday, October 25th. Finally, Mizuho reissued 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. Seven research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $91.38.

About Boyd Gaming

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.