Ameriprise Financial Inc. reduced its stake in shares of Boyd Gaming Corporation (NYSE:BYD) by 4.5% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 447,670 shares of the company’s stock after selling 21,099 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.40% of Boyd Gaming Corporation worth $11,107,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Seven Eight Capital LP purchased a new stake in Boyd Gaming Corporation in the second quarter valued at about $154,000. Ameritas Investment Partners Inc. purchased a new stake in Boyd Gaming Corporation in the first quarter valued at about $157,000. Oppenheimer Asset Management Inc. purchased a new stake in Boyd Gaming Corporation in the first quarter valued at about $161,000. Victory Capital Management Inc. purchased a new stake in Boyd Gaming Corporation in the first quarter valued at about $175,000. Finally, Russell Investments Group Ltd. purchased a new stake in Boyd Gaming Corporation in the second quarter valued at about $340,000. Hedge funds and other institutional investors own 74.66% of the company’s stock.
A number of research firms have commented on BYD. Zacks Investment Research cut Boyd Gaming Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, October 5th. ValuEngine cut Boyd Gaming Corporation from a “buy” rating to a “hold” rating in a research note on Monday, October 2nd. BidaskClub upgraded Boyd Gaming Corporation from a “hold” rating to a “buy” rating in a research note on Wednesday, August 9th. Barclays PLC increased their price target on Boyd Gaming Corporation from $24.00 to $25.00 and gave the company an “equal weight” rating in a research note on Tuesday, August 1st. Finally, Deutsche Bank AG reiterated a “buy” rating and issued a $29.00 price target (down from $30.00) on shares of Boyd Gaming Corporation in a research note on Sunday, July 30th. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Boyd Gaming Corporation has an average rating of “Buy” and an average target price of $26.93.
In other news, VP William R. Boyd sold 7,000 shares of the business’s stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $26.71, for a total value of $186,970.00. Following the completion of the sale, the vice president now directly owns 1,251 shares of the company’s stock, valued at approximately $33,414.21. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John Robert Bailey bought 10,000 shares of Boyd Gaming Corporation stock in a transaction dated Monday, July 31st. The stock was purchased at an average cost of $25.33 per share, with a total value of $253,300.00. The disclosure for this purchase can be found here. Insiders sold a total of 133,531 shares of company stock valued at $3,447,521 over the last three months. Company insiders own 29.16% of the company’s stock.
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Boyd Gaming Corporation (BYD) opened at 27.50 on Wednesday. The stock has a market capitalization of $3.10 billion, a PE ratio of 7.26 and a beta of 1.87. Boyd Gaming Corporation has a 52 week low of $16.77 and a 52 week high of $27.98. The stock has a 50 day moving average price of $26.21 and a 200 day moving average price of $24.95.
Boyd Gaming Corporation (NYSE:BYD) last posted its earnings results on Thursday, July 27th. The company reported $0.26 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.30 by ($0.04). Boyd Gaming Corporation had a net margin of 19.15% and a return on equity of 13.31%. The firm had revenue of $599.87 million during the quarter, compared to analysts’ expectations of $602.39 million. During the same period in the previous year, the firm posted $0.16 earnings per share. The firm’s revenue for the quarter was up 10.1% on a year-over-year basis. Equities analysts forecast that Boyd Gaming Corporation will post $1.12 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Sunday, October 15th. Stockholders of record on Monday, September 18th will be issued a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 0.73%. The ex-dividend date is Friday, September 15th. Boyd Gaming Corporation’s payout ratio is currently 5.25%.
About Boyd Gaming Corporation
Boyd Gaming Corporation is a multi-jurisdictional gaming company. The Company operated 24 wholly owned gaming entertainment properties in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana and Mississippi, as of December 31, 2016. It operates through three segments: Las Vegas Locals, Downtown Las Vegas, and Midwest and South.
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