State of Michigan Retirement System Sells 1,100 Shares of Boyd Gaming Corporation $BYD

State of Michigan Retirement System lowered its stake in Boyd Gaming Corporation (NYSE:BYD) by 7.0% during the second quarter, Holdings Channel.com reports. The fund owned 14,724 shares of the company’s stock after selling 1,100 shares during the period. State of Michigan Retirement System’s holdings in Boyd Gaming were worth $1,152,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Teacher Retirement System of Texas increased its position in shares of Boyd Gaming by 85.0% during the 1st quarter. Teacher Retirement System of Texas now owns 10,453 shares of the company’s stock worth $688,000 after purchasing an additional 4,804 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Boyd Gaming by 0.4% in the 1st quarter. Principal Financial Group Inc. now owns 152,383 shares of the company’s stock valued at $10,031,000 after buying an additional 538 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Boyd Gaming by 1.1% in the first quarter. Bank of New York Mellon Corp now owns 692,496 shares of the company’s stock valued at $45,587,000 after buying an additional 7,400 shares in the last quarter. Envestnet Asset Management Inc. increased its holdings in Boyd Gaming by 13.5% during the first quarter. Envestnet Asset Management Inc. now owns 62,264 shares of the company’s stock worth $4,099,000 after buying an additional 7,408 shares during the last quarter. Finally, Alps Advisors Inc. acquired a new position in Boyd Gaming during the first quarter worth $341,000. 76.81% of the stock is owned by institutional investors and hedge funds.

Boyd Gaming Stock Performance

NYSE BYD opened at $81.26 on Friday. The firm has a 50-day moving average price of $83.30 and a two-hundred day moving average price of $79.97. Boyd Gaming Corporation has a 12-month low of $58.94 and a 12-month high of $88.49. The company has a market capitalization of $6.35 billion, a P/E ratio of 3.55, a P/E/G ratio of 2.02 and a beta of 1.31. The company has a quick ratio of 0.82, a current ratio of 0.86 and a debt-to-equity ratio of 2.53.

Boyd Gaming (NYSE:BYD) last announced its earnings results on Tuesday, April 11th. The company reported $1.35 EPS for the quarter. Boyd Gaming had a net margin of 46.02% and a return on equity of 41.97%. The company had revenue of $707.32 million for the quarter. Analysts anticipate that Boyd Gaming Corporation will post 6.52 earnings per share for the current year.

Boyd Gaming Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Monday, September 15th were issued a $0.18 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $0.72 annualized dividend and a yield of 0.9%. Boyd Gaming’s payout ratio is currently 3.15%.

Insider Buying and Selling

In other news, Director William R. Boyd sold 9,774 shares of the company’s stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $81.61, for a total transaction of $797,656.14. Following the completion of the sale, the director directly owned 15,188 shares in the company, valued at approximately $1,239,492.68. This represents a 39.16% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Keith Smith sold 25,000 shares of the firm’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $85.21, for a total value of $2,130,250.00. Following the completion of the transaction, the chief executive officer owned 1,046,689 shares in the company, valued at $89,188,369.69. The trade was a 2.33% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders have sold 353,035 shares of company stock valued at $29,941,690. 27.94% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

BYD has been the subject of a number of recent analyst reports. Mizuho increased their price target on shares of Boyd Gaming from $89.00 to $99.00 and gave the company an “outperform” rating in a research note on Friday, October 24th. Macquarie reaffirmed a “neutral” rating and issued a $90.00 target price on shares of Boyd Gaming in a report on Friday, October 24th. Morgan Stanley lifted their price target on Boyd Gaming from $84.00 to $85.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 28th. Weiss Ratings reissued a “buy (b)” rating on shares of Boyd Gaming in a research report on Wednesday, October 8th. Finally, Stifel Nicolaus raised their price objective on Boyd Gaming from $87.00 to $90.00 and gave the company a “hold” rating in a research report on Friday, July 25th. Seven investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat, Boyd Gaming presently has a consensus rating of “Hold” and a consensus target price of $90.08.

Boyd Gaming Company Profile

Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. The company operates through Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online segments.