Legal & General Group Plc Lowers Stock Holdings in Boyd Gaming Corporation $BYD

Legal & General Group Plc reduced its stake in Boyd Gaming Corporation (NYSE:BYD) by 22.2% during the fourth quarter, HoldingsChannel reports. The firm owned 91,657 shares of the company’s stock after selling 26,178 shares during the period. Legal & General Group Plc’s holdings in Boyd Gaming were worth $7,813,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. New Age Alpha Advisors LLC raised its stake in Boyd Gaming by 60.8% in the fourth quarter. New Age Alpha Advisors LLC now owns 12,538 shares of the company’s stock valued at $1,069,000 after purchasing an additional 4,741 shares in the last quarter. Jefferies Financial Group Inc. bought a new position in shares of Boyd Gaming in the fourth quarter worth approximately $15,551,000. LSV Asset Management grew its holdings in shares of Boyd Gaming by 55.2% in the fourth quarter. LSV Asset Management now owns 351,870 shares of the company’s stock worth $29,993,000 after purchasing an additional 125,130 shares during the last quarter. Mach 1 Financial Group LLC bought a new position in shares of Boyd Gaming in the fourth quarter worth approximately $409,000. Finally, PNC Financial Services Group Inc. boosted its holdings in Boyd Gaming by 24.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,064 shares of the company’s stock valued at $176,000 after acquiring an additional 400 shares in the last quarter. 76.81% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Boyd Gaming

In other news, CEO Keith Smith sold 100,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $85.90, for a total transaction of $8,590,000.00. Following the sale, the chief executive officer directly owned 996,981 shares of the company’s stock, valued at $85,640,667.90. This represents a 9.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Marianne Boyd Johnson sold 62,914 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $84.03, for a total value of $5,286,663.42. Following the sale, the chairman directly owned 1,609,808 shares in the company, valued at $135,272,166.24. This trade represents a 3.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 200,000 shares of company stock valued at $17,038,987 over the last 90 days. 22.82% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on BYD shares. Mizuho cut their price target on shares of Boyd Gaming from $99.00 to $96.00 and set an “outperform” rating on the stock in a report on Friday, April 24th. Morgan Stanley reaffirmed a “mixed” rating on shares of Boyd Gaming in a research report on Wednesday, April 8th. Weiss Ratings raised Boyd Gaming from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday. Wells Fargo & Company decreased their target price on Boyd Gaming from $84.00 to $83.00 and set an “equal weight” rating for the company in a research report on Thursday, April 16th. Finally, Susquehanna decreased their target price on Boyd Gaming from $89.00 to $87.00 and set a “neutral” rating for the company in a research report on Tuesday, April 7th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and nine have given a Hold rating to the company’s stock. According to MarketBeat, Boyd Gaming currently has a consensus rating of “Hold” and a consensus price target of $92.08.

Boyd Gaming Trading Down 0.7%

Shares of NYSE:BYD opened at $87.78 on Friday. The stock has a 50 day moving average of $84.03 and a 200 day moving average of $83.89. The company has a market cap of $6.52 billion, a PE ratio of 3.85, a price-to-earnings-growth ratio of 2.06 and a beta of 1.08. The company has a current ratio of 0.60, a quick ratio of 0.58 and a debt-to-equity ratio of 0.90. Boyd Gaming Corporation has a 12-month low of $73.00 and a 12-month high of $89.96.

Boyd Gaming (NYSE:BYD) last announced its quarterly earnings data on Thursday, April 23rd. The company reported $1.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.76 by ($0.16). Boyd Gaming had a net margin of 44.84% and a return on equity of 25.63%. The company had revenue of $997.36 million for the quarter, compared to the consensus estimate of $1.04 billion. During the same quarter last year, the firm posted $1.62 earnings per share. The company’s revenue was up .6% compared to the same quarter last year. As a group, equities research analysts expect that Boyd Gaming Corporation will post 7.32 EPS for the current year.

Boyd Gaming announced that its board has authorized a stock buyback plan on Thursday, April 23rd that authorizes the company to buyback $500.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 7.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Boyd Gaming Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Monday, June 15th will be paid a $0.20 dividend. This represents a $0.80 annualized dividend and a yield of 0.9%. The ex-dividend date is Monday, June 15th. Boyd Gaming’s dividend payout ratio is presently 3.51%.

About Boyd Gaming

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.