Treasurer of the State of North Carolina Sells 26,379 Shares of Boyd Gaming Co. (NYSE:BYD)

Treasurer of the State of North Carolina cut its stake in Boyd Gaming Co. (NYSE:BYD - Free Report) by 44.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 33,015 shares of the company's stock after selling 26,379 shares during the quarter. Treasurer of the State of North Carolina's holdings in Boyd Gaming were worth $2,067,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of BYD. Parkside Financial Bank & Trust raised its stake in Boyd Gaming by 105.5% during the 3rd quarter. Parkside Financial Bank & Trust now owns 411 shares of the company's stock worth $25,000 after buying an additional 211 shares during the period. Rakuten Securities Inc. bought a new position in shares of Boyd Gaming during the 4th quarter valued at about $30,000. Principal Securities Inc. bought a new position in shares of Boyd Gaming during the 4th quarter valued at about $50,000. Allworth Financial LP grew its position in shares of Boyd Gaming by 3,333.3% in the 4th quarter. Allworth Financial LP now owns 1,030 shares of the company's stock valued at $64,000 after purchasing an additional 1,000 shares during the period. Finally, Blue Trust Inc. increased its stake in Boyd Gaming by 20,342.9% during the 4th quarter. Blue Trust Inc. now owns 1,431 shares of the company's stock worth $87,000 after purchasing an additional 1,424 shares in the last quarter. 76.81% of the stock is currently owned by institutional investors and hedge funds.

Boyd Gaming Stock Performance

Shares of BYD traded down $0.34 during trading hours on Friday, hitting $53.01. The company had a trading volume of 829,707 shares, compared to its average volume of 896,997. The business has a fifty day moving average of $58.13 and a 200-day moving average of $61.11. The company has a quick ratio of 0.77, a current ratio of 0.80 and a debt-to-equity ratio of 1.61. The firm has a market cap of $5.03 billion, a price-to-earnings ratio of 9.48 and a beta of 1.59. Boyd Gaming Co. has a 12 month low of $49.34 and a 12 month high of $73.00.

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

Boyd Gaming declared that its board has approved a stock repurchase plan on Monday, May 13th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 9.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

Boyd Gaming Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Saturday, June 15th will be paid a $0.17 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.68 annualized dividend and a yield of 1.28%. Boyd Gaming's dividend payout ratio (DPR) is presently 12.21%.

Insider Buying and Selling at Boyd Gaming

In related news, Director Christine J. Spadafor sold 1,874 shares of the firm's stock in a transaction dated 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 directly owns 2,338 shares of the company's stock, valued at $124,802.44. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Boyd Gaming news, major shareholder William S. Boyd sold 63,464 shares of Boyd Gaming stock in a transaction on Wednesday, March 13th. The stock was sold at an average price of $63.12, for a total value of $4,005,847.68. Following the completion of the transaction, the insider now directly owns 8,795,449 shares of the company's stock, valued at approximately $555,168,740.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Christine J. Spadafor sold 1,874 shares of the stock in a transaction on Wednesday, May 22nd. The stock was sold at an average price of $53.38, for a total value of $100,034.12. Following the sale, the director now directly owns 2,338 shares in the company, valued at $124,802.44. The disclosure for this sale can be found here. Insiders own 27.94% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Barclays reduced their price target on shares of Boyd Gaming from $70.00 to $68.00 and set an "equal weight" rating for the company in a report on Friday, April 26th. Argus cut shares of Boyd Gaming from a "buy" rating to a "hold" rating in a research report on Wednesday, May 1st. Stifel Nicolaus decreased their price target on Boyd Gaming from $71.00 to $65.00 and set a "hold" rating for the company in a research note on Friday, April 26th. Susquehanna reiterated a "neutral" rating and set a $75.00 price objective (down previously from $84.00) on shares of Boyd Gaming in a research note on Monday, February 12th. Finally, Morgan Stanley increased their price objective on Boyd Gaming from $71.00 to $72.00 and gave the company an "equal weight" rating in a report on Tuesday, April 9th. Eight research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, Boyd Gaming has an average rating of "Hold" and a consensus target price of $91.42.

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.