Insider Selling: Boyd Gaming (NYSE:BYD) CFO Sells $1,146,863.52 in Stock

Boyd Gaming Corporation (NYSE:BYD) CFO Josh Hirsberg sold 12,777 shares of the business’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $89.76, for a total value of $1,146,863.52. Following the completion of the transaction, the chief financial officer directly owned 422,969 shares of the company’s stock, valued at approximately $37,965,697.44. This trade represents a 2.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Boyd Gaming Stock Down 4.1%

BYD opened at $87.03 on Friday. The company has a quick ratio of 0.58, a current ratio of 0.60 and a debt-to-equity ratio of 0.90. The firm has a market cap of $6.47 billion, a P/E ratio of 3.83, a PEG ratio of 2.22 and a beta of 1.07. Boyd Gaming Corporation has a 52 week low of $76.33 and a 52 week high of $91.41. The business’s fifty day simple moving average is $86.67 and its 200 day simple moving average is $84.90.

Boyd Gaming (NYSE:BYD) last announced its earnings results on Thursday, July 23rd. The company reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.04. The firm had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.04 billion. Boyd Gaming had a net margin of 44.34% and a return on equity of 22.29%. The firm’s revenue for the quarter was up .0% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.87 EPS. As a group, equities research analysts anticipate that Boyd Gaming Corporation will post 7.29 EPS for the current fiscal year.

Boyd Gaming Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th were given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date of this dividend was Monday, June 15th. Boyd Gaming’s payout ratio is currently 3.52%.

Boyd Gaming declared that its board has authorized a share repurchase plan on Thursday, April 23rd that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to reacquire up to 7.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Texas Capital raised shares of Boyd Gaming to a “strong-buy” rating in a research note on Wednesday, June 3rd. Susquehanna increased their price target on Boyd Gaming from $84.00 to $87.00 and gave the stock a “neutral” rating in a research note on Friday, July 24th. Barclays raised their price objective on Boyd Gaming from $86.00 to $87.00 and gave the stock an “equal weight” rating in a report on Friday, July 24th. JPMorgan Chase & Co. lifted their price objective on Boyd Gaming from $90.00 to $93.00 and gave the company a “neutral” rating in a research report on Wednesday, July 15th. Finally, Benchmark initiated coverage on Boyd Gaming in a research note on Monday, June 22nd. They issued a “buy” rating and a $100.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $94.69.

Hedge Funds Weigh In On Boyd Gaming

Several institutional investors and hedge funds have recently bought and sold shares of BYD. Arrowstreet Capital Limited Partnership raised its stake in Boyd Gaming by 18.8% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,755,659 shares of the company’s stock worth $149,652,000 after purchasing an additional 277,529 shares during the period. Invesco Ltd. grew its stake in shares of Boyd Gaming by 118.2% during the 4th quarter. Invesco Ltd. now owns 1,427,828 shares of the company’s stock valued at $121,708,000 after buying an additional 773,394 shares during the period. Franklin Resources Inc. grew its stake in shares of Boyd Gaming by 11.1% during the 4th quarter. Franklin Resources Inc. now owns 1,357,412 shares of the company’s stock valued at $115,706,000 after buying an additional 136,129 shares during the period. Geode Capital Management LLC increased its holdings in shares of Boyd Gaming by 26.7% during the 4th quarter. Geode Capital Management LLC now owns 1,355,209 shares of the company’s stock worth $115,537,000 after buying an additional 285,719 shares during the last quarter. Finally, Nuveen LLC increased its holdings in shares of Boyd Gaming by 10.6% during the 4th quarter. Nuveen LLC now owns 1,080,331 shares of the company’s stock worth $92,087,000 after buying an additional 103,684 shares during the last quarter. Institutional investors and hedge funds own 76.81% of the company’s stock.

Boyd Gaming Company 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.