Pinnacle Associates Ltd. Raises Position in Boyd Gaming Co. (NYSE:BYD)

Pinnacle Associates Ltd. increased its stake in shares of Boyd Gaming Co. (NYSE:BYD - Free Report) by 2.4% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 679,178 shares of the company's stock after purchasing an additional 16,159 shares during the period. Pinnacle Associates Ltd. owned 0.72% of Boyd Gaming worth $42,523,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. State of Alaska Department of Revenue grew its holdings in shares of Boyd Gaming by 1.1% during the third quarter. State of Alaska Department of Revenue now owns 48,033 shares of the company's stock worth $3,105,000 after purchasing an additional 540 shares in the last quarter. Wealth Enhancement Advisory Services LLC bought a new position in Boyd Gaming during the 3rd quarter worth approximately $241,000. Mount Yale Investment Advisors LLC bought a new position in shares of Boyd Gaming in the third quarter worth approximately $245,000. International Assets Investment Management LLC increased its position in shares of Boyd Gaming by 4,816.4% in the third quarter. International Assets Investment Management LLC now owns 184,560 shares of the company's stock valued at $119,320,000 after acquiring an additional 180,806 shares during the period. Finally, Lecap Asset Management Ltd. bought a new position in Boyd Gaming during the 3rd quarter valued at approximately $399,000. 76.81% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Boyd Gaming

In other Boyd Gaming news, Director Christine J. Spadafor sold 1,242 shares of Boyd Gaming stock in a transaction on Monday, August 26th. The shares were sold at an average price of $60.36, for a total value of $74,967.12. Following the sale, the director now directly owns 1,096 shares in the company, valued at approximately $66,154.56. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Chairman Marianne Boyd Johnson sold 73,130 shares of the company's stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $60.23, for a total transaction of $4,404,619.90. Following the sale, the chairman now directly owns 1,423,498 shares of the company's stock, valued at $85,737,284.54. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Christine J. Spadafor sold 1,242 shares of the stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $60.36, for a total value of $74,967.12. Following the transaction, the director now owns 1,096 shares of the company's stock, valued at $66,154.56. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 27.94% of the company's stock.

Boyd Gaming Price Performance

NYSE:BYD traded down $1.22 on Wednesday, reaching $70.41. 1,038,948 shares of the company's stock traded hands, compared to its average volume of 927,992. The stock has a 50-day simple moving average of $63.17 and a 200-day simple moving average of $58.54. Boyd Gaming Co. has a 12 month low of $49.34 and a 12 month high of $72.22. The firm has a market cap of $6.68 billion, a PE ratio of 12.64 and a beta of 1.57. The company has a quick ratio of 0.79, a current ratio of 0.83 and a debt-to-equity ratio of 1.70.

Boyd Gaming Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Sunday, September 15th were paid a $0.17 dividend. The ex-dividend date was Friday, September 13th. This represents a $0.68 annualized dividend and a yield of 0.97%. Boyd Gaming's payout ratio is 12.21%.

Analysts Set New Price Targets

Several research firms have recently commented on BYD. Macquarie dropped their target price on shares of Boyd Gaming from $72.00 to $68.00 and set a "neutral" rating for the company in a research report on Friday, July 26th. Wells Fargo & Company upped their price target on shares of Boyd Gaming from $75.00 to $79.00 and gave the stock an "overweight" rating in a research note on Friday, October 25th. JPMorgan Chase & Co. increased their target price on Boyd Gaming from $68.00 to $69.00 and gave the company a "neutral" rating in a research note on Friday, October 25th. StockNews.com upgraded shares of Boyd Gaming from a "buy" rating to a "strong-buy" rating in a research note on Monday. Finally, Morgan Stanley upped their price objective on Boyd Gaming from $74.00 to $78.00 and gave the company an "overweight" rating in a research report on Tuesday, October 22nd. Seven investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $91.38.

Boyd Gaming Company 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.