III Capital Management Grows Position in Boyd Gaming Co. (NYSE:BYD)

III Capital Management lifted its holdings in shares of Boyd Gaming Co. (NYSE:BYD - Free Report) by 27.5% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 53,947 shares of the company's stock after acquiring an additional 11,651 shares during the period. III Capital Management owned 0.06% of Boyd Gaming worth $2,972,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in BYD. Altshuler Shaham Ltd purchased a new stake in Boyd Gaming in the second quarter valued at $29,000. Allspring Global Investments Holdings LLC grew its stake in Boyd Gaming by 57.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 518 shares of the company's stock worth $35,000 after buying an additional 189 shares during the last quarter. Blue Trust Inc. increased its position in Boyd Gaming by 58.2% during the second quarter. Blue Trust Inc. now owns 783 shares of the company's stock worth $43,000 after buying an additional 288 shares during the period. EntryPoint Capital LLC acquired a new position in Boyd Gaming during the first quarter worth approximately $90,000. Finally, Covestor Ltd lifted its stake in Boyd Gaming by 132.6% in the first quarter. Covestor Ltd now owns 1,742 shares of the company's stock valued at $117,000 after buying an additional 993 shares during the last quarter. Hedge funds and other institutional investors own 76.81% of the company's stock.

Boyd Gaming Price Performance

Shares of NYSE:BYD traded down $0.10 on Wednesday, reaching $63.96. 722,712 shares of the company were exchanged, compared to its average volume of 942,855. The company has a current ratio of 0.83, a quick ratio of 0.79 and a debt-to-equity ratio of 1.70. Boyd Gaming Co. has a 1-year low of $49.34 and a 1-year high of $68.46. The company has a 50-day moving average of $59.37 and a 200-day moving average of $58.40. The firm has a market cap of $5.87 billion, a price-to-earnings ratio of 11.49 and a beta of 1.57.

Boyd Gaming (NYSE:BYD - Get Free Report) last posted its quarterly earnings results on Thursday, July 25th. The company reported $1.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.49 by $0.09. Boyd Gaming had a net margin of 13.32% and a return on equity of 34.29%. The company had revenue of $967.50 million during the quarter, compared to the consensus estimate of $909.49 million. During the same period last year, the firm earned $1.58 EPS. The company's revenue for the quarter was up 5.5% on a year-over-year basis. Equities analysts forecast that Boyd Gaming Co. will post 6.25 earnings per share for the current fiscal year.

Boyd Gaming Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Sunday, September 15th will be issued a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 1.06%. The ex-dividend date is Friday, September 13th. Boyd Gaming's dividend payout ratio (DPR) is 12.21%.

Wall Street Analyst Weigh In

BYD has been the topic of a number of recent research reports. Morgan Stanley raised shares of Boyd Gaming from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from $66.00 to $74.00 in a report on Wednesday, September 4th. StockNews.com raised shares of Boyd Gaming from a "hold" rating to a "buy" rating in a report on Monday, July 22nd. Bank of America raised their price target on Boyd Gaming from $68.00 to $72.00 and gave the stock a "buy" rating in a report on Tuesday, September 17th. Macquarie reduced their price objective on Boyd Gaming from $72.00 to $68.00 and set a "neutral" rating for the company in a research note on Friday, July 26th. Finally, Stifel Nicolaus lifted their target price on Boyd Gaming from $65.00 to $67.00 and gave the company a "hold" rating in a research note on Friday, July 26th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $89.31.

Insider Activity

In other Boyd Gaming news, Director Christine J. Spadafor sold 1,242 shares of Boyd Gaming stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $60.36, for a total transaction of $74,967.12. Following the completion of the transaction, the director now owns 1,096 shares in the company, valued at $66,154.56. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, Director Christine J. Spadafor sold 1,242 shares of the business's stock in a transaction on Monday, August 26th. The stock was sold at an average price of $60.36, for a total value of $74,967.12. Following the completion of the transaction, the director now directly owns 1,096 shares of the company's stock, valued at $66,154.56. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Chairman Marianne Boyd Johnson sold 73,130 shares of the stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $60.23, for a total value of $4,404,619.90. Following the sale, the chairman now directly owns 1,423,498 shares in the company, valued at approximately $85,737,284.54. The disclosure for this sale can be found here. Company insiders own 27.94% of the company's stock.

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.