Swiss National Bank Sells 3,700 Shares of Boyd Gaming Co. (NYSE:BYD)

Swiss National Bank lowered its stake in shares of Boyd Gaming Co. (NYSE:BYD - Free Report) by 2.7% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 135,300 shares of the company's stock after selling 3,700 shares during the period. Swiss National Bank owned approximately 0.15% of Boyd Gaming worth $9,815,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BYD. Rhumbline Advisers boosted its position in shares of Boyd Gaming by 1.0% during the fourth quarter. Rhumbline Advisers now owns 185,714 shares of the company's stock valued at $13,472,000 after buying an additional 1,797 shares during the last quarter. Sanctuary Advisors LLC boosted its holdings in Boyd Gaming by 25.3% during the 3rd quarter. Sanctuary Advisors LLC now owns 47,369 shares of the company's stock worth $3,062,000 after acquiring an additional 9,565 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Boyd Gaming by 226.5% in the 4th 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 in the last quarter. GC Wealth Management RIA LLC purchased a new stake in shares of Boyd Gaming in the fourth quarter valued at about $307,000. Finally, Truist Financial Corp boosted its holdings in Boyd Gaming by 20.7% during the fourth quarter. Truist Financial Corp now owns 4,458 shares of the company's stock worth $323,000 after purchasing an additional 765 shares during the last quarter. 76.81% of the stock is owned by institutional investors.

Remove Ads

Analyst Upgrades and Downgrades

Several equities research analysts have commented on BYD shares. Argus upgraded shares of Boyd Gaming from a "hold" rating to a "buy" rating and set a $90.00 price objective for the company in a research note on Tuesday, December 17th. Jefferies Financial Group raised Boyd Gaming from a "hold" rating to a "buy" rating and increased their price target for the company from $73.00 to $92.00 in a research report on Friday, January 3rd. Susquehanna upgraded Boyd Gaming from a "neutral" rating to a "positive" rating and dropped their price target for the stock from $79.00 to $77.00 in a report on Wednesday, March 12th. Morgan Stanley downgraded 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 note on Monday, February 24th. Finally, Wells Fargo & Company lifted their target price on Boyd Gaming from $82.00 to $88.00 and gave the stock an "overweight" rating in a research note on Friday, February 7th. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, Boyd Gaming currently has a consensus rating of "Moderate Buy" and a consensus price target of $95.20.

Boyd Gaming Stock Performance

Shares of BYD stock traded down $0.93 during trading on Tuesday, reaching $68.25. 558,351 shares of the company's stock traded hands, compared to its average volume of 937,925. The firm's 50-day moving average is $74.13 and its 200 day moving average is $70.89. The company has a market capitalization of $5.72 billion, a P/E ratio of 10.97, a PEG ratio of 4.46 and a beta of 1.55. Boyd Gaming Co. has a 1 year low of $49.34 and a 1 year high of $80.50. The company has a current ratio of 0.82, a quick ratio of 0.79 and a debt-to-equity ratio of 1.85.

Boyd Gaming (NYSE:BYD - Get Free Report) last posted its earnings results on Thursday, February 6th. The company reported $1.96 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.75 by $0.21. Boyd Gaming had a return on equity of 35.97% and a net margin of 14.70%. Equities research analysts expect that Boyd Gaming Co. will post 6.52 EPS for the current 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 issued a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date is Monday, March 17th. This is a positive change from Boyd Gaming's previous quarterly dividend of $0.17. Boyd Gaming's payout ratio is presently 11.58%.

Boyd Gaming declared that its board has authorized a stock buyback program on Thursday, December 5th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 7.6% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Insider Activity

In other news, Director Christine J. Spadafor sold 1,125 shares of the company's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $75.28, for a total value of $84,690.00. Following the transaction, the director now owns 4,852 shares of the company's stock, valued at approximately $365,258.56. This represents a 18.82 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director William R. Boyd sold 15,000 shares of Boyd Gaming stock in a transaction 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 sale, the director now directly owns 1,472,970 shares of the company's stock, valued at $116,835,980.40. This represents a 1.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 66,125 shares of company stock worth $5,158,490 over the last ninety days. Company insiders own 27.94% of the company's stock.

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.