Maridea Wealth Management LLC Buys New Shares in Boyd Gaming Co. (NYSE:BYD)

Maridea Wealth Management LLC acquired a new stake in Boyd Gaming Co. (NYSE:BYD - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 6,499 shares of the company's stock, valued at approximately $471,000.

A number of other hedge funds have also recently modified their holdings of the company. Boston Partners increased its holdings in Boyd Gaming by 36.9% during the 4th quarter. Boston Partners now owns 3,955,544 shares of the company's stock valued at $287,185,000 after purchasing an additional 1,065,887 shares during the period. Norges Bank bought a new stake in shares of Boyd Gaming in the 4th quarter worth approximately $55,553,000. Raymond James Financial Inc. purchased a new position in shares of Boyd Gaming during the fourth quarter valued at approximately $43,273,000. Goldentree Asset Management LP bought a new position in shares of Boyd Gaming during the third quarter valued at approximately $11,490,000. Finally, Allspring Global Investments Holdings LLC lifted its stake in Boyd Gaming by 226.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 202,824 shares of the company's stock worth $14,569,000 after acquiring an additional 140,707 shares during the period. Hedge funds and other institutional investors own 76.81% of the company's stock.

Analyst Ratings Changes

A number of brokerages have issued reports on BYD. Morgan Stanley downgraded shares of Boyd Gaming from an "overweight" rating to an "equal weight" rating and reduced their price objective for the company from $82.00 to $81.00 in a research report on Monday, February 24th. Barclays raised their price objective 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. Susquehanna upgraded Boyd Gaming from a "neutral" rating to a "positive" rating and reduced their target price for the stock from $79.00 to $77.00 in a report on Wednesday, March 12th. StockNews.com lowered Boyd Gaming from a "strong-buy" rating to a "buy" rating in a research report on Thursday, February 27th. Finally, JMP Securities restated a "market perform" rating on shares of Boyd Gaming in a research report on Friday, February 7th. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, Boyd Gaming presently has a consensus rating of "Moderate Buy" and an average price target of $95.00.

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Boyd Gaming Stock Up 3.3 %

BYD stock traded up $2.17 during midday trading on Wednesday, hitting $67.88. The company's stock had a trading volume of 292,032 shares, compared to its average volume of 952,476. Boyd Gaming Co. has a 12 month low of $49.34 and a 12 month high of $80.50. The firm's 50-day moving average is $73.34 and its 200-day moving average is $71.13. The company has a current ratio of 0.82, a quick ratio of 0.79 and a debt-to-equity ratio of 1.85. The company has a market cap of $5.60 billion, a PE ratio of 10.91, a P/E/G ratio of 4.46 and a beta of 1.55.

Boyd Gaming (NYSE:BYD - Get Free Report) last announced its quarterly 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%. On average, equities research analysts forecast that Boyd Gaming Co. will post 6.52 earnings per share for the current fiscal year.

Boyd Gaming Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 17th will be paid a dividend of $0.18 per share. The ex-dividend date is Monday, March 17th. This is a positive change from Boyd Gaming's previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a yield of 1.06%. Boyd Gaming's payout ratio is currently 11.58%.

Boyd Gaming declared that its board has authorized a share buyback plan on Thursday, December 5th that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 7.6% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

Insider Activity

In other Boyd Gaming news, Director William R. Boyd sold 15,000 shares of the stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $79.32, for a total value of $1,189,800.00. Following the transaction, the director now directly owns 1,472,970 shares in the company, valued at approximately $116,835,980.40. This trade represents a 1.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Christine J. Spadafor sold 1,125 shares of the business'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 sale, the director now directly owns 4,852 shares of the company's stock, valued at approximately $365,258.56. The trade was a 18.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,125 shares of company stock valued at $5,158,490 in the last ninety days. 21.97% of the stock is currently owned by company insiders.

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.