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

Pinnacle Associates Ltd. boosted its stake in Boyd Gaming Corporation (NYSE:BYD) by 6.4% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 289,872 shares of the company’s stock after purchasing an additional 17,457 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Boyd Gaming were worth $19,297,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Blue Trust Inc. raised its holdings in Boyd Gaming by 23.0% in the 1st quarter. Blue Trust Inc. now owns 653 shares of the company’s stock worth $54,000 after purchasing an additional 122 shares in the last quarter. Assetmark Inc. lifted its position in shares of Boyd Gaming by 9.1% in the 1st quarter. Assetmark Inc. now owns 1,553 shares of the company’s stock worth $128,000 after purchasing an additional 129 shares during the period. Optas LLC lifted its position in shares of Boyd Gaming by 4.1% in the 1st quarter. Optas LLC now owns 3,486 shares of the company’s stock worth $286,000 after purchasing an additional 138 shares during the period. Altshuler Shaham Ltd lifted its position in shares of Boyd Gaming by 54.3% in the 1st quarter. Altshuler Shaham Ltd now owns 452 shares of the company’s stock worth $37,000 after purchasing an additional 159 shares during the period. Finally, Bessemer Group Inc. boosted its stake in shares of Boyd Gaming by 62.8% during the 1st quarter. Bessemer Group Inc. now owns 526 shares of the company’s stock valued at $43,000 after purchasing an additional 203 shares in the last quarter. 76.81% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Boyd Gaming

In other news, CFO Josh Hirsberg sold 12,777 shares of the company’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $89.76, for a total value of $1,146,863.52. Following the sale, the chief financial officer directly 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 filing with the Securities & Exchange Commission, which is available through the SEC website. 22.82% of the stock is owned by corporate insiders.

Boyd Gaming Price Performance

Shares of BYD stock opened at $71.65 on Wednesday. The stock has a market cap of $5.21 billion, a price-to-earnings ratio of 3.15, a PEG ratio of 1.26 and a beta of 1.12. The business’s fifty day moving average is $74.91 and its 200 day moving average is $81.84. Boyd Gaming Corporation has a twelve month low of $65.00 and a twelve 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.

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

Boyd Gaming Announces Dividend

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

More Boyd Gaming News

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.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Mizuho reduced their price target on shares of Boyd Gaming from $104.00 to $102.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 7th. Stifel Nicolaus increased their price target on shares of Boyd Gaming from $91.00 to $92.00 and gave the stock a “hold” rating in a research note on Friday, July 24th. Truist Financial lowered their price objective on shares of Boyd Gaming from $110.00 to $100.00 and set a “buy” rating for the company in a report on Tuesday. Wolfe Research started coverage on shares of Boyd Gaming in a report on Wednesday, September 2nd. They issued a “peer perform” rating for the company. Finally, The Goldman Sachs Group set a $80.00 price objective on Boyd Gaming in a research report on Tuesday, October 13th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat, Boyd Gaming currently has an average rating of “Moderate Buy” and an average target price of $90.93.

Boyd Gaming Company 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.