Oppenheimer Asset Management Inc. Grows Stake in Boyd Gaming Co. (NYSE:BYD)

Oppenheimer Asset Management Inc. lifted its stake in Boyd Gaming Co. (NYSE:BYD) by 22.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,054 shares of the company’s stock after buying an additional 1,647 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Boyd Gaming were worth $499,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Allspring Global Investments Holdings LLC boosted its holdings in Boyd Gaming by 57.4% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 518 shares of the company’s stock worth $35,000 after acquiring an additional 189 shares during the period. AlphaMark Advisors LLC boosted its stake in shares of Boyd Gaming by 2.6% in the second quarter. AlphaMark Advisors LLC now owns 8,063 shares of the company’s stock valued at $444,000 after purchasing an additional 205 shares during the period. Lazard Asset Management LLC grew its holdings in Boyd Gaming by 4.9% during the 1st quarter. Lazard Asset Management LLC now owns 5,361 shares of the company’s stock valued at $360,000 after purchasing an additional 249 shares in the last quarter. Blue Trust Inc. increased its stake in Boyd Gaming by 58.2% during the 2nd quarter. Blue Trust Inc. now owns 783 shares of the company’s stock worth $43,000 after buying an additional 288 shares during the period. Finally, Signaturefd LLC lifted its holdings in Boyd Gaming by 13.4% in the 2nd quarter. Signaturefd LLC now owns 2,728 shares of the company’s stock worth $150,000 after buying an additional 323 shares in the last quarter. Institutional investors and hedge funds own 76.81% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on BYD shares. Stifel Nicolaus lifted their target price on Boyd Gaming from $65.00 to $67.00 and gave the stock a “hold” rating in a research report on Friday, July 26th. StockNews.com raised Boyd Gaming from a “hold” rating to a “buy” rating in a research report on Monday, July 22nd. Macquarie decreased their price target on shares of Boyd Gaming from $72.00 to $68.00 and set a “neutral” rating for the company in a research report on Friday, July 26th. Morgan Stanley raised shares of Boyd Gaming from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $66.00 to $74.00 in a report on Wednesday, September 4th. Finally, Bank of America raised their price objective on shares of Boyd Gaming from $68.00 to $72.00 and gave the stock a “buy” rating in a report on Tuesday. Seven analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Boyd Gaming presently has a consensus rating of “Moderate Buy” and an average price target of $89.31.

Boyd Gaming Price Performance

BYD opened at $64.03 on Friday. The company has a quick ratio of 0.79, a current ratio of 0.83 and a debt-to-equity ratio of 1.70. The company’s 50-day moving average price is $59.00 and its 200 day moving average price is $58.46. Boyd Gaming Co. has a fifty-two week low of $49.34 and a fifty-two week high of $68.46. The firm has a market cap of $6.07 billion, a price-to-earnings ratio of 11.50, a price-to-earnings-growth ratio of 8.56 and a beta of 1.57.

Boyd Gaming (NYSE:BYD) last announced its quarterly earnings results on Thursday, July 25th. The company reported $1.58 earnings per share for the quarter, topping analysts’ consensus estimates of $1.49 by $0.09. Boyd Gaming had a return on equity of 34.29% and a net margin of 13.32%. The business had revenue of $967.50 million for the quarter, compared to analysts’ expectations of $909.49 million. During the same period in the prior year, the firm earned $1.58 EPS. The business’s quarterly revenue was up 5.5% on a year-over-year basis. As a group, sell-side analysts expect that Boyd Gaming Co. will post 6.25 earnings per share for the current year.

Boyd Gaming Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Sunday, September 15th will be issued a dividend of $0.17 per share. This represents a $0.68 annualized dividend and a dividend yield of 1.06%. The ex-dividend date is Friday, September 13th. Boyd Gaming’s dividend payout ratio (DPR) is 12.21%.

Insider Transactions at Boyd Gaming

In related news, Chairman Marianne Boyd Johnson sold 73,130 shares of Boyd Gaming stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $60.23, for a total value of $4,404,619.90. Following the sale, the chairman now directly owns 1,423,498 shares in the company, valued at approximately $85,737,284.54. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Chairman Marianne Boyd Johnson sold 73,130 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $60.23, for a total value of $4,404,619.90. Following the sale, the chairman now directly owns 1,423,498 shares in the company, valued at approximately $85,737,284.54. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Christine J. Spadafor sold 1,242 shares of Boyd Gaming stock in a transaction on Monday, August 26th. The shares were sold at an average price of $60.36, for a total value of $74,967.12. Following the sale, the director now directly owns 1,096 shares in the company, valued at approximately $66,154.56. The disclosure for this sale can be found here. Insiders own 27.94% of the company’s stock.

About Boyd Gaming

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.