Boyd Gaming Corporation $BYD Shares Bought by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. lifted its holdings in shares of Boyd Gaming Corporation (NYSE:BYD) by 6.4% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 289,872 shares of the company’s stock after purchasing an additional 17,457 shares during the period. Pinnacle Associates Ltd. owned about 0.40% of Boyd Gaming worth $19,297,000 as of its most recent filing with the SEC.

A number of other large investors also recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC boosted its position in Boyd Gaming by 4.0% during the third quarter. Nisa Investment Advisors LLC now owns 19,322 shares of the company’s stock valued at $1,290,000 after buying an additional 747 shares during the period. GAMMA Investing LLC grew its stake in shares of Boyd Gaming by 69.6% during the third quarter. GAMMA Investing LLC now owns 1,869 shares of the company’s stock valued at $124,000 after buying an additional 767 shares during the last quarter. Vista Investment Partners LLC increased its holdings in shares of Boyd Gaming by 2.3% in the third quarter. Vista Investment Partners LLC now owns 18,681 shares of the company’s stock worth $1,244,000 after buying an additional 418 shares during the period. QRG Capital Management Inc. increased its holdings in shares of Boyd Gaming by 13.9% in the second quarter. QRG Capital Management Inc. now owns 54,337 shares of the company’s stock worth $4,800,000 after buying an additional 6,618 shares during the period. Finally, Envestnet Portfolio Solutions Inc. lifted its stake in shares of Boyd Gaming by 23.3% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 3,050 shares of the company’s stock valued at $269,000 after acquiring an additional 577 shares during the last quarter. Hedge funds and other institutional investors own 76.81% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on BYD shares. Mizuho dropped their target price on Boyd Gaming from $104.00 to $102.00 and set an “outperform” rating for the company in a report on Wednesday, October 7th. Barclays reduced their price target on Boyd Gaming from $87.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Friday, October 9th. Wells Fargo & Company decreased their price target on Boyd Gaming from $87.00 to $86.00 and set an “equal weight” rating on the stock in a research note on Monday. Citigroup reiterated a “market perform” rating on shares of Boyd Gaming in a research report on Tuesday, October 13th. Finally, Wolfe Research initiated coverage on Boyd Gaming in a research note on Wednesday, September 2nd. They set a “peer perform” rating for the company. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $90.93.

Insider Transactions at Boyd Gaming

In other Boyd Gaming news, CFO Josh Hirsberg sold 12,777 shares of the company’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $89.76, for a total transaction of $1,146,863.52. Following the completion of the transaction, the chief financial officer owned 422,969 shares of the company’s stock, valued at $37,965,697.44. This represents a 2.93% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 22.82% of the stock is currently owned by corporate insiders.

Key Stories Impacting Boyd Gaming

Here are the key news stories impacting Boyd Gaming this week:

• Positive Sentiment: Susquehanna upgraded Boyd Gaming to “Positive” and set an $83 price target. Although the target was reduced from $87, the upgrade signals improving confidence in the stock and still implies meaningful upside from recent trading levels. Susquehanna upgrades Boyd Gaming stock to Positive with USD 83 target
• Positive Sentiment: Morgan Stanley raised its rating to “Overweight” from “Equal-weight,” citing positive catalysts for Boyd Gaming. The upgrade prompted favorable market attention and reinforces the view that the shares may be undervalued. Morgan Stanley upgrades Boyd Gaming to overweight
• Positive Sentiment: Truist lowered its price target to $100 from $110 but maintained a “Buy” rating. Despite the target reduction, the revised target still represents substantial potential upside, keeping the firm’s overall stance bullish.

Boyd Gaming Price Performance

Shares of Boyd Gaming stock opened at $71.65 on Wednesday. The firm has a market cap of $5.21 billion, a PE ratio of 3.15, a price-to-earnings-growth ratio of 1.26 and a beta of 1.12. Boyd Gaming Corporation has a 12-month low of $65.00 and a 12-month high of $91.41. The company has a quick ratio of 0.74, a current ratio of 0.77 and a debt-to-equity ratio of 1.05. The company’s fifty day simple moving average is $74.91 and its two-hundred day simple moving average is $81.84.

Boyd Gaming (NYSE:BYD) last released its quarterly earnings data on Thursday, July 23rd. The company reported $1.93 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.04. The firm had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Boyd Gaming had a net margin of 44.34% and a return on equity of 22.52%. The company’s revenue for the quarter was up .0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.87 earnings per share. As a group, equities analysts expect that Boyd Gaming Corporation will post 7.11 EPS for the current year.

Boyd Gaming Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Tuesday, September 15th were issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Tuesday, September 15th. Boyd Gaming’s payout ratio is currently 3.52%.

Boyd Gaming Profile

Boyd Gaming Corporation is a gaming and hospitality company headquartered in Las Vegas, Nevada. The company owns and operates casinos, hotels, restaurants, entertainment venues and related amenities under brands including Sam’s Town, The Orleans, Gold Coast, Suncoast and Fremont.

Boyd Gaming serves customers across several U.S. states, with a significant presence in Nevada as well as properties in the Midwest and South. Its portfolio includes destination resorts, regional casinos and racetracks offering slot machines, table games, poker, sports betting and other gaming experiences.

The company also operates online gaming and sports-wagering businesses in selected markets, including through partnerships and digital platforms.