III Capital Management Acquires New Position in Boyd Gaming Corporation $BYD

III Capital Management bought a new position in shares of Boyd Gaming Corporation (NYSE:BYD) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 25,000 shares of the company’s stock, valued at approximately $2,208,000. Boyd Gaming accounts for about 0.6% of III Capital Management’s holdings, making the stock its 26th largest position.

Other hedge funds also recently added to or reduced their stakes in the company. Altshuler Shaham Ltd acquired a new position in shares of Boyd Gaming in the fourth quarter worth $25,000. Los Angeles Capital Management LLC purchased a new position in Boyd Gaming in the fourth quarter valued at $25,000. Advisors Asset Management Inc. grew its stake in Boyd Gaming by 56.8% during the 1st quarter. Advisors Asset Management Inc. now owns 541 shares of the company’s stock worth $36,000 after purchasing an additional 196 shares in the last quarter. Bessemer Group Inc. increased its holdings in Boyd Gaming by 62.8% during the 1st quarter. Bessemer Group Inc. now owns 526 shares of the company’s stock worth $43,000 after purchasing an additional 203 shares during the period. Finally, Geneos Wealth Management Inc. increased its holdings in Boyd Gaming by 139.9% during the 2nd quarter. Geneos Wealth Management Inc. now owns 619 shares of the company’s stock worth $48,000 after purchasing an additional 361 shares during the period. 76.81% of the stock is currently owned by institutional investors and hedge funds.

Boyd Gaming Stock Up 0.2%

BYD stock opened at $81.13 on Wednesday. The company has a current ratio of 0.77, a quick ratio of 0.74 and a debt-to-equity ratio of 1.05. Boyd Gaming Corporation has a twelve month low of $76.33 and a twelve month high of $91.41. The company’s 50 day moving average is $85.92 and its two-hundred day moving average is $84.57. The stock has a market cap of $5.89 billion, a P/E ratio of 3.57, a PEG ratio of 2.00 and a beta of 1.08.

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 the consensus estimate of $1.89 by $0.04. The company had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.04 billion. Boyd Gaming had a net margin of 44.34% and a return on equity of 22.52%. Boyd Gaming’s revenue for the quarter was up .0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.87 earnings per share. Research analysts expect that Boyd Gaming Corporation will post 7.29 earnings per share for the current fiscal year.

Boyd Gaming Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.20 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.0%. Boyd Gaming’s dividend payout ratio (DPR) is 3.52%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on BYD. JPMorgan Chase & Co. boosted their price objective on Boyd Gaming from $90.00 to $93.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 15th. Susquehanna boosted their price target on shares of Boyd Gaming from $84.00 to $87.00 and gave the stock a “neutral” rating in a report on Friday, July 24th. The Goldman Sachs Group initiated coverage on shares of Boyd Gaming in a report on Friday, June 26th. They issued a “neutral” rating and a $91.00 price objective on the stock. Texas Capital upgraded shares of Boyd Gaming to a “strong-buy” rating in a research note on Wednesday, June 3rd. Finally, Morgan Stanley dropped their target price on Boyd Gaming from $90.00 to $89.00 and set an “equal weight” rating on the stock in a report on Monday, July 27th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Boyd Gaming has a consensus rating of “Hold” and an average price target of $94.69.

Insiders Place Their Bets

In related news, CEO Keith Smith sold 100,000 shares of the company’s stock in a transaction on Wednesday, June 3rd. The shares were sold at an average price of $85.90, for a total value of $8,590,000.00. Following the completion of the sale, the chief executive officer owned 996,981 shares in the company, valued at $85,640,667.90. This represents a 9.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Josh Hirsberg sold 12,777 shares of the stock in a transaction 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 sale, the chief financial officer owned 422,969 shares of the company’s stock, valued at approximately $37,965,697.44. This represents a 2.93% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 22.82% of the company’s stock.

Boyd Gaming Company 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.