Pinnacle Associates Ltd. Sells 24,460 Shares of Boyd Gaming Corporation $BYD

Pinnacle Associates Ltd. decreased its holdings in Boyd Gaming Corporation (NYSE:BYD) by 6.8% in the third quarter, HoldingsChannel.com reports. The fund owned 333,586 shares of the company’s stock after selling 24,460 shares during the period. Pinnacle Associates Ltd.’s holdings in Boyd Gaming were worth $28,839,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Advisors Asset Management Inc. raised its holdings in Boyd Gaming by 56.8% in the 1st quarter. Advisors Asset Management Inc. now owns 541 shares of the company’s stock worth $36,000 after purchasing an additional 196 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Boyd Gaming by 13.9% during the first quarter. AQR Capital Management LLC now owns 9,623 shares of the company’s stock valued at $628,000 after buying an additional 1,172 shares during the period. Caxton Associates LLP purchased a new position in shares of Boyd Gaming during the first quarter valued at about $207,000. Envestnet Asset Management Inc. raised its stake in Boyd Gaming by 14.6% in the second quarter. Envestnet Asset Management Inc. now owns 71,380 shares of the company’s stock worth $5,584,000 after buying an additional 9,116 shares in the last quarter. Finally, Fox Run Management L.L.C. bought a new position in Boyd Gaming in the second quarter worth about $563,000. Institutional investors own 76.81% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on BYD. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Boyd Gaming in a research report on Monday, December 29th. Citigroup initiated coverage on Boyd Gaming in a research note on Thursday, November 20th. They issued a “neutral” rating and a $86.00 target price for the company. Susquehanna reduced their price target on Boyd Gaming from $90.00 to $89.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 11th. Jefferies Financial Group reiterated a “buy” rating on shares of Boyd Gaming in a report on Wednesday, December 24th. Finally, UBS Group set a $110.00 price objective on Boyd Gaming in a research report on Wednesday, December 24th. Five equities research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat, Boyd Gaming presently has an average rating of “Hold” and a consensus target price of $92.58.

Boyd Gaming Stock Performance

Shares of BYD opened at $80.16 on Monday. The company has a quick ratio of 0.52, a current ratio of 0.54 and a debt-to-equity ratio of 0.78. The stock has a market cap of $6.05 billion, a P/E ratio of 3.52, a P/E/G ratio of 1.69 and a beta of 1.20. The business’s 50 day moving average price is $84.89 and its 200-day moving average price is $83.81. Boyd Gaming Corporation has a 52 week low of $58.94 and a 52 week high of $89.96.

Boyd Gaming (NYSE:BYD) last posted its quarterly earnings data on Thursday, February 5th. The company reported $2.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.88 by $0.33. Boyd Gaming had a return on equity of 30.14% and a net margin of 45.05%.The company had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.02 billion. During the same quarter last year, the company earned $1.96 EPS. The firm’s revenue for the quarter was up 2.0% on a year-over-year basis. Equities research analysts anticipate that Boyd Gaming Corporation will post 6.52 earnings per share for the current fiscal year.

Boyd Gaming Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Monday, March 16th will be given a $0.20 dividend. The ex-dividend date of this dividend is Monday, March 16th. This represents a $0.80 annualized dividend and a dividend yield of 1.0%. This is a boost from Boyd Gaming’s previous quarterly dividend of $0.18. Boyd Gaming’s payout ratio is presently 3.16%.

Insider Buying and Selling

In other Boyd Gaming news, Director William R. Boyd sold 30,000 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $84.84, for a total transaction of $2,545,200.00. Following the completion of the sale, the director directly owned 1,930,447 shares in the company, valued at approximately $163,779,123.48. This trade represents a 1.53% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Stephen S. Thompson sold 19,530 shares of Boyd Gaming stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $83.59, for a total transaction of $1,632,512.70. Following the completion of the transaction, the insider directly owned 22,009 shares of the company’s stock, valued at $1,839,732.31. This trade represents a 47.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 73,454 shares of company stock worth $6,231,827 in the last quarter. Corporate insiders own 21.97% of the company’s stock.

Boyd Gaming Profile

Boyd Gaming Corporation (NYSE: BYD) is a diversified hospitality and gaming company headquartered in Las Vegas, Nevada. The company develops, owns and operates a portfolio of branded gaming and entertainment properties, including casinos, hotels, restaurants and meeting facilities. Boyd Gaming’s offerings range from slot machines and table games to live entertainment, dining concepts and convention space, designed to appeal to both regional and destination visitors.

Founded in 1975 by its namesake, William S.