Cohen & Steers Inc. Has $79.54 Million Stock Holdings in Boyd Gaming Corporation $BYD

Cohen & Steers Inc. decreased its holdings in shares of Boyd Gaming Corporation (NYSE:BYD) by 49.7% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 933,084 shares of the company’s stock after selling 922,957 shares during the quarter. Cohen & Steers Inc.’s holdings in Boyd Gaming were worth $79,544,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Citigroup Inc. grew its holdings in shares of Boyd Gaming by 94.8% during the third quarter. Citigroup Inc. now owns 229,823 shares of the company’s stock valued at $19,868,000 after buying an additional 111,815 shares in the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of Boyd Gaming by 78.3% during the third quarter. Envestnet Asset Management Inc. now owns 127,303 shares of the company’s stock valued at $11,005,000 after buying an additional 55,923 shares in the last quarter. Caprock Group LLC purchased a new position in shares of Boyd Gaming during the third quarter valued at $2,073,000. Capitolis Liquid Global Markets LLC purchased a new position in shares of Boyd Gaming during the third quarter valued at $13,313,000. Finally, ING Groep NV purchased a new position in shares of Boyd Gaming during the third quarter valued at $3,354,000. Hedge funds and other institutional investors own 76.81% of the company’s stock.

Insider Activity

In other news, CEO Keith Smith sold 100,000 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief executive officer owned 996,981 shares in the company, valued at approximately $85,640,667.90. This represents a 9.12% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Marianne Boyd Johnson sold 62,914 shares of the company’s stock in a transaction dated 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 owned 1,609,808 shares of the company’s stock, valued at approximately $135,272,166.24. This trade represents a 3.76% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 200,000 shares of company stock valued at $17,038,987. 22.82% of the stock is currently owned by corporate insiders.

Boyd Gaming Stock Performance

Shares of NYSE BYD opened at $87.33 on Friday. The business’s 50-day moving average price is $84.54 and its two-hundred day moving average price is $84.17. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.60 and a quick ratio of 0.58. Boyd Gaming Corporation has a one year low of $73.00 and a one year high of $89.96. The company has a market capitalization of $6.49 billion, a P/E ratio of 3.83, a price-to-earnings-growth ratio of 2.02 and a beta of 1.08.

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

Boyd Gaming declared that its board has authorized a stock repurchase program on Thursday, April 23rd that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to reacquire up to 7.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Boyd Gaming Announces Dividend

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

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Weiss Ratings upgraded Boyd Gaming from a “buy (b-)” rating to a “buy (b)” rating in a report on Thursday, June 4th. JPMorgan Chase & Co. boosted their target price on Boyd Gaming from $89.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, April 24th. Barclays lowered their target price on Boyd Gaming from $87.00 to $86.00 and set an “equal weight” rating on the stock in a research note on Friday, April 24th. Mizuho lowered their target price on Boyd Gaming from $99.00 to $96.00 and set an “outperform” rating on the stock in a research note on Friday, April 24th. Finally, Wells Fargo & Company lowered their target price on Boyd Gaming from $84.00 to $83.00 and set an “equal weight” rating on the stock in a research note on Thursday, April 16th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat.com, Boyd Gaming presently has a consensus rating of “Hold” and a consensus target price of $92.08.

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.