Channing Capital Management LLC Cuts Stake in Boyd Gaming Co. (NYSE:BYD)

Channing Capital Management LLC lessened its stake in shares of Boyd Gaming Co. (NYSE:BYD - Free Report) by 2.2% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,050,837 shares of the company's stock after selling 24,036 shares during the period. Boyd Gaming comprises approximately 2.0% of Channing Capital Management LLC's investment portfolio, making the stock its 22nd biggest holding. Channing Capital Management LLC owned approximately 1.19% of Boyd Gaming worth $76,228,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Rhumbline Advisers increased its holdings in Boyd Gaming by 1.0% during the fourth quarter. Rhumbline Advisers now owns 185,714 shares of the company's stock valued at $13,472,000 after buying an additional 1,797 shares during the period. Sanctuary Advisors LLC increased its holdings in Boyd Gaming by 25.3% during the third quarter. Sanctuary Advisors LLC now owns 47,369 shares of the company's stock valued at $3,062,000 after buying an additional 9,565 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in Boyd Gaming by 226.5% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 202,824 shares of the company's stock valued at $14,569,000 after buying an additional 140,707 shares during the period. Weiss Asset Management LP purchased a new position in Boyd Gaming during the third quarter valued at approximately $7,101,000. Finally, Quadrature Capital Ltd increased its holdings in Boyd Gaming by 201.3% during the third quarter. Quadrature Capital Ltd now owns 49,951 shares of the company's stock valued at $3,229,000 after buying an additional 33,374 shares during the period. Institutional investors own 76.81% of the company's stock.

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Analysts Set New Price Targets

Several brokerages recently issued reports on BYD. StockNews.com lowered shares of Boyd Gaming from a "strong-buy" rating to a "buy" rating in a report on Thursday, February 27th. Mizuho lifted their price target on shares of Boyd Gaming from $79.00 to $86.00 and gave the stock an "outperform" rating in a report on Friday, February 7th. Wells Fargo & Company lifted their price target on shares of Boyd Gaming from $82.00 to $88.00 and gave the stock an "overweight" rating in a report on Friday, February 7th. Barclays lifted their price target on shares of Boyd Gaming from $74.00 to $78.00 and gave the stock an "equal weight" rating in a report on Friday, February 7th. Finally, Susquehanna raised shares of Boyd Gaming from a "neutral" rating to a "positive" rating and cut their price target for the stock from $79.00 to $77.00 in a report on Wednesday. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $95.20.

Insider Activity at Boyd Gaming

In other Boyd Gaming news, Director Christine J. Spadafor sold 1,125 shares of the company's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $75.28, for a total value of $84,690.00. Following the completion of the transaction, the director now owns 4,852 shares in the company, valued at approximately $365,258.56. This represents a 18.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director William R. Boyd sold 15,000 shares of the company's stock in a transaction dated Wednesday, February 19th. The stock was sold at an average price of $79.32, for a total transaction of $1,189,800.00. Following the completion of the transaction, the director now owns 1,472,970 shares of the company's stock, valued at approximately $116,835,980.40. This trade represents a 1.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,125 shares of company stock worth $5,158,490 over the last three months. Company insiders own 27.94% of the company's stock.

Boyd Gaming Stock Performance

NYSE BYD traded up $2.49 on Friday, reaching $68.48. 1,272,398 shares of the company's stock traded hands, compared to its average volume of 975,794. The firm has a market cap of $5.73 billion, a price-to-earnings ratio of 11.01, a P/E/G ratio of 4.46 and a beta of 1.55. The stock has a 50 day moving average price of $74.85 and a 200-day moving average price of $70.30. Boyd Gaming Co. has a fifty-two week low of $49.34 and a fifty-two week high of $80.50. 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 (NYSE:BYD - Get Free Report) last posted its earnings results 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%. Equities research analysts predict that Boyd Gaming Co. will post 6.52 EPS for the current fiscal year.

Boyd Gaming Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 17th will be given a dividend of $0.18 per share. The ex-dividend date is Monday, March 17th. This is an increase from Boyd Gaming's previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a yield of 1.05%. Boyd Gaming's payout ratio is currently 11.58%.

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

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.