Clark Capital Management Group Inc. Buys Shares of 581,781 Boyd Gaming Corporation $BYD

Clark Capital Management Group Inc. purchased a new stake in Boyd Gaming Corporation (NYSE:BYD) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 581,781 shares of the company’s stock, valued at approximately $50,295,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Arrowstreet Capital Limited Partnership grew its stake in Boyd Gaming by 11.6% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,478,130 shares of the company’s stock valued at $127,784,000 after acquiring an additional 153,462 shares during the last quarter. Franklin Resources Inc. increased its holdings in Boyd Gaming by 16.6% during the 3rd quarter. Franklin Resources Inc. now owns 1,221,283 shares of the company’s stock valued at $105,580,000 after acquiring an additional 173,868 shares in the last quarter. American Century Companies Inc. raised its position in Boyd Gaming by 11.7% during the second quarter. American Century Companies Inc. now owns 1,213,024 shares of the company’s stock worth $94,895,000 after acquiring an additional 127,167 shares during the last quarter. First Trust Advisors LP raised its position in Boyd Gaming by 679.7% during the second quarter. First Trust Advisors LP now owns 1,122,869 shares of the company’s stock worth $87,842,000 after acquiring an additional 978,853 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Boyd Gaming in the second quarter valued at about $54,933,000. 76.81% of the stock is currently owned by hedge funds and other institutional investors.

Boyd Gaming Price Performance

BYD opened at $81.62 on Monday. Boyd Gaming Corporation has a 1 year low of $58.94 and a 1 year high of $89.96. The company’s 50 day simple moving average is $84.44 and its 200 day simple moving average is $83.65. The stock has a market capitalization of $6.16 billion, a PE ratio of 3.59, a P/E/G ratio of 1.72 and a beta of 1.20. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.52 and a current ratio of 0.54.

Boyd Gaming (NYSE:BYD) last issued its quarterly earnings results on Thursday, February 5th. The company reported $2.21 EPS for the quarter, topping the consensus estimate of $1.88 by $0.33. The firm had revenue of $1.06 billion during the quarter, compared to analyst estimates of $1.02 billion. Boyd Gaming had a net margin of 45.05% and a return on equity of 30.14%. Boyd Gaming’s revenue for the quarter was up 2.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.96 earnings per share. As a group, sell-side analysts expect that Boyd Gaming Corporation will post 6.52 EPS for the current year.

Boyd Gaming Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Monday, March 16th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Monday, March 16th. This is a positive change from Boyd Gaming’s previous quarterly dividend of $0.18. Boyd Gaming’s payout ratio is currently 3.16%.

Insider Buying and Selling

In other Boyd Gaming news, insider Stephen S. Thompson sold 19,530 shares of the business’s stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $83.59, for a total transaction of $1,632,512.70. Following the completion of the sale, the insider owned 22,009 shares of the company’s stock, valued at approximately $1,839,732.31. The trade was a 47.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Josh Hirsberg sold 23,924 shares of the company’s stock in a transaction dated Thursday, February 26th. The stock was sold at an average price of $85.86, for a total value of $2,054,114.64. Following the sale, the chief financial officer owned 435,746 shares of the company’s stock, valued at $37,413,151.56. This represents a 5.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 73,454 shares of company stock valued at $6,231,827. 21.97% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Susquehanna lowered their price target on shares of Boyd Gaming from $90.00 to $89.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 11th. Wells Fargo & Company reduced their target price on Boyd Gaming from $85.00 to $84.00 and set an “equal weight” rating on the stock in a research note on Monday, February 9th. Morgan Stanley set a $86.00 target price on Boyd Gaming in a report on Wednesday, February 11th. Truist Financial set a $110.00 price target on Boyd Gaming in a research report on Tuesday, January 13th. Finally, Citigroup started coverage on Boyd Gaming in a report on Thursday, November 20th. They issued a “neutral” rating and a $86.00 price target for the company. Five investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $92.58.

Boyd Gaming 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.