Verition Fund Management LLC Sells 108,875 Shares of Boyd Gaming Co. (NYSE:BYD)

Verition Fund Management LLC trimmed its position in Boyd Gaming Co. (NYSE:BYD - Free Report) by 91.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,194 shares of the company's stock after selling 108,875 shares during the period. Verition Fund Management LLC's holdings in Boyd Gaming were worth $659,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC increased its position in shares of Boyd Gaming by 11,891.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 62,117 shares of the company's stock worth $4,016,000 after acquiring an additional 61,599 shares in the last quarter. Sei Investments Co. raised its stake in shares of Boyd Gaming by 24.7% in the second quarter. Sei Investments Co. now owns 497,331 shares of the company's stock worth $27,403,000 after purchasing an additional 98,508 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Boyd Gaming in the second quarter valued at approximately $730,000. Ariel Investments LLC boosted its position in shares of Boyd Gaming by 12.5% during the second quarter. Ariel Investments LLC now owns 3,031,691 shares of the company's stock valued at $167,046,000 after buying an additional 335,984 shares during the last quarter. Finally, Burney Co. grew its holdings in Boyd Gaming by 7.4% during the second quarter. Burney Co. now owns 72,704 shares of the company's stock worth $4,006,000 after buying an additional 5,028 shares in the last quarter. 76.81% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Boyd Gaming

In related news, Director William R. Boyd sold 25,155 shares of the business's stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $69.35, for a total transaction of $1,744,499.25. Following the completion of the transaction, the director now owns 1,487,970 shares of the company's stock, valued at approximately $103,190,719.50. The trade was a 1.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Keith Smith sold 30,000 shares of the firm's stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $72.15, for a total transaction of $2,164,500.00. Following the completion of the transaction, the chief executive officer now directly owns 1,101,202 shares of the company's stock, valued at approximately $79,451,724.30. The trade was a 2.65 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 146,704 shares of company stock valued at $10,540,944 in the last 90 days. 28.40% of the stock is currently owned by company insiders.

Boyd Gaming Stock Performance

BYD traded up $0.73 during trading hours on Wednesday, hitting $75.64. The stock had a trading volume of 563,092 shares, compared to its average volume of 906,621. Boyd Gaming Co. has a 1 year low of $49.34 and a 1 year high of $76.73. The company's fifty day simple moving average is $69.89 and its 200 day simple moving average is $61.88. The stock has a market cap of $6.69 billion, a PE ratio of 14.44, a price-to-earnings-growth ratio of 9.91 and a beta of 1.54. The company has a quick ratio of 0.79, a current ratio of 0.82 and a debt-to-equity ratio of 1.85.

Boyd Gaming announced that its Board of Directors has initiated a stock buyback program on Thursday, December 5th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to reacquire up to 7.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's leadership believes its stock is undervalued.

Boyd Gaming Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Monday, December 16th will be paid a $0.17 dividend. The ex-dividend date is Monday, December 16th. This represents a $0.68 dividend on an annualized basis and a yield of 0.90%. Boyd Gaming's dividend payout ratio is 12.98%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on BYD. Stifel Nicolaus raised their price objective on Boyd Gaming from $67.00 to $74.00 and gave the company a "hold" rating in a research note on Friday, October 25th. Wells Fargo & Company raised their price target on shares of Boyd Gaming from $75.00 to $79.00 and gave the company an "overweight" rating in a research report on Friday, October 25th. Morgan Stanley upped their price objective on shares of Boyd Gaming from $74.00 to $78.00 and gave the stock an "overweight" rating in a research report on Tuesday, October 22nd. Bank of America lifted their target price on shares of Boyd Gaming from $68.00 to $72.00 and gave the stock a "buy" rating in a research report on Tuesday, September 17th. Finally, JPMorgan Chase & Co. upped their target price on Boyd Gaming from $68.00 to $69.00 and gave the company a "neutral" rating in a report on Friday, October 25th. Seven research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Boyd Gaming presently has an average rating of "Moderate Buy" and an average price target of $91.38.

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.