Brandywine Global Investment Management LLC Makes New $4.29 Million Investment in Boyd Gaming Co. (NYSE:BYD)

Brandywine Global Investment Management LLC bought a new stake in Boyd Gaming Co. (NYSE:BYD - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 59,151 shares of the company's stock, valued at approximately $4,291,000. Brandywine Global Investment Management LLC owned about 0.07% of Boyd Gaming at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. UMB Bank n.a. increased its stake in Boyd Gaming by 80.3% in the 4th quarter. UMB Bank n.a. now owns 393 shares of the company's stock valued at $29,000 after buying an additional 175 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Boyd Gaming by 47.4% in the fourth quarter. GAMMA Investing LLC now owns 460 shares of the company's stock valued at $33,000 after acquiring an additional 148 shares in the last quarter. Quarry LP increased its position in shares of Boyd Gaming by 150.1% during the third quarter. Quarry LP now owns 873 shares of the company's stock valued at $56,000 after acquiring an additional 524 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Boyd Gaming during the third quarter worth $64,000. Finally, Golden State Wealth Management LLC purchased a new position in Boyd Gaming in the fourth quarter worth $67,000. 76.81% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on BYD. Morgan Stanley cut Boyd Gaming from an "overweight" rating to an "equal weight" rating and lowered their target price for the stock from $82.00 to $81.00 in a research note on Monday, February 24th. Jefferies Financial Group upgraded shares of Boyd Gaming from a "hold" rating to a "buy" rating and boosted their target price for the company from $73.00 to $92.00 in a research note on Friday, January 3rd. JMP Securities restated a "market perform" rating on shares of Boyd Gaming in a research note on Friday, February 7th. Argus upgraded Boyd Gaming from a "hold" rating to a "buy" rating and set a $90.00 price objective on the stock in a research note on Tuesday, December 17th. Finally, Wells Fargo & Company raised their target price on Boyd Gaming from $82.00 to $88.00 and gave the stock an "overweight" rating in a research report on Friday, February 7th. Seven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $95.00.

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Insider Activity

In related news, Director Christine J. Spadafor sold 1,125 shares of the company's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $75.28, for a total transaction of $84,690.00. Following the completion of the sale, the director now directly owns 4,852 shares in the company, valued at $365,258.56. This represents a 18.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Marianne Boyd Johnson sold 50,000 shares of the stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $77.68, for a total transaction of $3,884,000.00. Following the sale, the chairman now directly owns 1,346,628 shares of the company's stock, valued at $104,606,063.04. The trade was a 3.58 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,125 shares of company stock valued at $5,158,490. Insiders own 21.97% of the company's stock.

Boyd Gaming Price Performance

BYD stock traded down $4.17 during midday trading on Thursday, reaching $63.41. The company had a trading volume of 982,523 shares, compared to its average volume of 955,855. The company has a market capitalization of $5.23 billion, a P/E ratio of 10.19, a P/E/G ratio of 4.46 and a beta of 1.55. The company has a debt-to-equity ratio of 1.85, a current ratio of 0.82 and a quick ratio of 0.79. Boyd Gaming Co. has a 1 year low of $49.34 and a 1 year high of $80.50. The firm has a 50-day moving average price of $72.94 and a 200-day moving average price of $71.05.

Boyd Gaming (NYSE:BYD - Get Free Report) last announced its quarterly earnings data on Thursday, February 6th. The company reported $1.96 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.75 by $0.21. Boyd Gaming had a net margin of 14.70% and a return on equity of 35.97%. On average, research analysts anticipate that Boyd Gaming Co. will post 6.52 earnings per share for the current fiscal year.

Boyd Gaming Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 17th will be issued a $0.18 dividend. The ex-dividend date is Monday, March 17th. This represents a $0.72 annualized dividend and a dividend yield of 1.14%. This is an increase from Boyd Gaming's previous quarterly dividend of $0.17. Boyd Gaming's payout ratio is currently 11.58%.

Boyd Gaming announced that its board has authorized a stock repurchase program on Thursday, December 5th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the company to reacquire up to 7.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its stock is undervalued.

Boyd Gaming Profile

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.