Norges Bank Makes New $44.77 Million Investment in Boyd Gaming Co. (NYSE:BYD)

Norges Bank bought a new position in shares of Boyd Gaming Co. (NYSE:BYD - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 715,110 shares of the company's stock, valued at approximately $44,773,000. Norges Bank owned about 0.73% of Boyd Gaming at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of BYD. Parkside Financial Bank & Trust increased its holdings in shares of Boyd Gaming by 105.5% in the third quarter. Parkside Financial Bank & Trust now owns 411 shares of the company's stock valued at $25,000 after purchasing an additional 211 shares during the period. Great Lakes Advisors LLC increased its stake in Boyd Gaming by 3.7% in the 3rd quarter. Great Lakes Advisors LLC now owns 5,971 shares of the company's stock valued at $363,000 after buying an additional 213 shares during the period. Kestra Advisory Services LLC raised its position in Boyd Gaming by 4.9% during the 3rd quarter. Kestra Advisory Services LLC now owns 6,654 shares of the company's stock worth $405,000 after buying an additional 308 shares during the last quarter. QRG Capital Management Inc. lifted its stake in shares of Boyd Gaming by 3.0% in the 4th quarter. QRG Capital Management Inc. now owns 11,363 shares of the company's stock worth $711,000 after acquiring an additional 327 shares during the period. Finally, Signet Financial Management LLC boosted its holdings in shares of Boyd Gaming by 1.4% in the fourth quarter. Signet Financial Management LLC now owns 28,002 shares of the company's stock valued at $1,753,000 after acquiring an additional 390 shares in the last quarter. Hedge funds and other institutional investors own 76.81% of the company's stock.

Boyd Gaming Price Performance

NYSE:BYD traded up $0.69 during mid-day trading on Thursday, hitting $51.27. 1,151,992 shares of the company's stock traded hands, compared to its average volume of 885,884. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.77 and a current ratio of 0.80. The company has a market cap of $4.86 billion, a PE ratio of 9.22 and a beta of 1.64. The firm's 50 day simple moving average is $59.53 and its 200 day simple moving average is $61.36. Boyd Gaming Co. has a 1 year low of $49.34 and a 1 year high of $73.00.

Boyd Gaming (NYSE:BYD - Get Free Report) last released its quarterly earnings results on Thursday, April 25th. The company reported $1.51 EPS for the quarter, missing the consensus estimate of $1.57 by ($0.06). Boyd Gaming had a net margin of 14.91% and a return on equity of 34.76%. The business had revenue of $960.52 million during the quarter, compared to analyst estimates of $947.26 million. Sell-side analysts expect that Boyd Gaming Co. will post 6.06 EPS for the current year.

Boyd Gaming Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Saturday, June 15th will be given a dividend of $0.17 per share. This represents a $0.68 dividend on an annualized basis and a yield of 1.33%. The ex-dividend date of this dividend is Friday, June 14th. Boyd Gaming's dividend payout ratio is presently 12.21%.

Boyd Gaming declared that its Board of Directors has approved a stock repurchase program on Monday, May 13th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to buy up to 9.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

Analysts Set New Price Targets

BYD has been the subject of a number of recent analyst reports. Susquehanna restated a "neutral" rating and issued a $75.00 price objective (down previously from $84.00) on shares of Boyd Gaming in a research report on Monday, February 12th. Truist Financial reduced their price target on Boyd Gaming from $80.00 to $75.00 and set a "buy" rating for the company in a report on Friday, April 26th. Morgan Stanley upped their price objective on Boyd Gaming from $71.00 to $72.00 and gave the stock an "equal weight" rating in a report on Tuesday, April 9th. Wells Fargo & Company reduced their target price on Boyd Gaming from $82.00 to $71.00 and set an "overweight" rating for the company in a report on Friday, April 26th. Finally, JPMorgan Chase & Co. cut shares of Boyd Gaming from an "overweight" rating to a "neutral" rating and lowered their price target for the stock from $80.00 to $67.00 in a research note on Friday, April 26th. Seven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Boyd Gaming has a consensus rating of "Hold" and a consensus target price of $91.42.

Insider Activity at Boyd Gaming

In related news, Director Christine J. Spadafor sold 1,874 shares of the company's stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $53.38, for a total transaction of $100,034.12. Following the transaction, the director now owns 2,338 shares of the company's stock, valued at $124,802.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director A. Randall Thoman sold 2,500 shares of the firm's stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $63.75, for a total transaction of $159,375.00. Following the sale, the director now owns 4,017 shares in the company, valued at $256,083.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Christine J. Spadafor sold 1,874 shares of the company's stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $53.38, for a total value of $100,034.12. Following the completion of the transaction, the director now owns 2,338 shares of the company's stock, valued at $124,802.44. The disclosure for this sale can be found here. In the last quarter, insiders sold 317,838 shares of company stock valued at $20,201,507. 27.94% of the stock is owned by insiders.

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.