Burney Co. Has $4.56 Million Position in Boyd Gaming Co. (NYSE:BYD)

Burney Co. boosted its stake in shares of Boyd Gaming Co. (NYSE:BYD) by 427.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 67,676 shares of the company’s stock after buying an additional 54,854 shares during the quarter. Burney Co. owned approximately 0.07% of Boyd Gaming worth $4,556,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cascade Investment Advisors Inc. acquired a new position in Boyd Gaming during the 1st quarter worth about $1,220,000. III Capital Management raised its position in shares of Boyd Gaming by 300.0% in the 4th quarter. III Capital Management now owns 40,000 shares of the company’s stock worth $2,504,000 after acquiring an additional 30,000 shares in the last quarter. Retirement Systems of Alabama raised its position in shares of Boyd Gaming by 14.8% in the 1st quarter. Retirement Systems of Alabama now owns 223,978 shares of the company’s stock worth $15,078,000 after acquiring an additional 28,844 shares in the last quarter. Sei Investments Co. raised its position in shares of Boyd Gaming by 14.7% in the 1st quarter. Sei Investments Co. now owns 398,823 shares of the company’s stock worth $26,849,000 after acquiring an additional 51,252 shares in the last quarter. Finally, International Assets Investment Management LLC bought a new position in shares of Boyd Gaming in the 4th quarter worth about $117,720,000. 76.81% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Christine J. Spadafor sold 1,874 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $53.38, for a total value of $100,034.12. Following the completion of the transaction, the director now directly owns 2,338 shares of the company’s stock, valued at $124,802.44. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 27.94% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

BYD has been the subject of several research analyst reports. Truist Financial lowered their price objective on Boyd Gaming from $80.00 to $75.00 and set a “buy” rating for the company in a research report on Friday, April 26th. StockNews.com raised Boyd Gaming from a “hold” rating to a “buy” rating in a research report on Monday, July 22nd. Argus lowered Boyd Gaming from a “buy” rating to a “hold” rating in a research report on Wednesday, May 1st. Raymond James started coverage on Boyd Gaming in a research report on Tuesday, May 21st. They issued an “outperform” rating and a $67.00 target price for the company. Finally, Stifel Nicolaus boosted their target price on Boyd Gaming from $65.00 to $67.00 and gave the company a “hold” rating in a research report on Friday, July 26th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $90.08.

Boyd Gaming Stock Down 4.3 %

BYD stock traded down $2.49 during mid-day trading on Friday, reaching $55.29. 1,422,300 shares of the company traded hands, compared to its average volume of 1,020,552. The stock has a market cap of $5.25 billion, a price-to-earnings ratio of 9.93, a P/E/G ratio of 8.51 and a beta of 1.58. The company has a quick ratio of 0.77, a current ratio of 0.80 and a debt-to-equity ratio of 1.61. Boyd Gaming Co. has a fifty-two week low of $49.34 and a fifty-two week high of $68.46. The firm’s 50 day moving average price is $55.37 and its 200 day moving average price is $59.67.

Boyd Gaming (NYSE:BYD) last released its earnings results on Thursday, July 25th. The company reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.49 by $0.09. The company had revenue of $967.50 million during the quarter, compared to analyst estimates of $909.49 million. Boyd Gaming had a return on equity of 34.08% and a net margin of 13.32%. Boyd Gaming’s quarterly revenue was up 5.5% on a year-over-year basis. During the same period in the prior year, the company posted $1.58 earnings per share. As a group, equities research analysts predict that Boyd Gaming Co. will post 6.17 EPS for the current fiscal year.

Boyd Gaming declared that its Board of Directors has authorized a stock repurchase plan on Monday, May 13th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the company to purchase up to 9.5% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

Boyd Gaming Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Saturday, June 15th were issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.23%. The ex-dividend date was Friday, June 14th. Boyd Gaming’s dividend payout ratio is presently 12.21%.

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.