Brandywine Global Investment Management LLC Takes $4.29 Million Position in Boyd Gaming Co. (NYSE:BYD)

Brandywine Global Investment Management LLC bought a new position in shares of Boyd Gaming Co. (NYSE:BYD) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 59,151 shares of the company’s stock, valued at approximately $4,291,000.

Other hedge funds have also recently bought and sold shares of the company. UMB Bank n.a. increased its position in shares of Boyd Gaming by 80.3% in the fourth quarter. UMB Bank n.a. now owns 393 shares of the company’s stock worth $29,000 after acquiring an additional 175 shares in the last quarter. GAMMA Investing LLC increased its holdings in Boyd Gaming by 47.4% in the 4th quarter. GAMMA Investing LLC now owns 460 shares of the company’s stock valued at $33,000 after purchasing an additional 148 shares in the last quarter. Quarry LP raised its position in Boyd Gaming by 150.1% in the third quarter. Quarry LP now owns 873 shares of the company’s stock valued at $56,000 after purchasing an additional 524 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in shares of Boyd Gaming during the third quarter worth about $64,000. Finally, Golden State Wealth Management LLC purchased a new stake in shares of Boyd Gaming in the fourth quarter worth about $67,000. Hedge funds and other institutional investors own 76.81% of the company’s stock.

Boyd Gaming Price Performance

Shares of BYD opened at $65.73 on Wednesday. The company has a current ratio of 0.82, a quick ratio of 0.79 and a debt-to-equity ratio of 1.85. The firm has a market cap of $5.42 billion, a price-to-earnings ratio of 10.57, a PEG ratio of 4.46 and a beta of 1.55. Boyd Gaming Co. has a 52 week low of $49.34 and a 52 week high of $80.50. The stock has a 50 day moving average of $73.34 and a 200-day moving average of $71.13.

Boyd Gaming (NYSE:BYD) last released its quarterly earnings data on Thursday, February 6th. The company reported $1.96 EPS for the quarter, topping analysts’ consensus estimates of $1.75 by $0.21. Boyd Gaming had a net margin of 14.70% and a return on equity of 35.97%. As a group, analysts forecast that Boyd Gaming Co. will post 6.52 EPS for the current year.

Boyd Gaming Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 17th will be paid a dividend of $0.18 per share. This is a positive change from Boyd Gaming’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Monday, March 17th. This represents a $0.72 annualized dividend and a yield of 1.10%. Boyd Gaming’s dividend payout ratio is 11.58%.

Boyd Gaming announced that its board has authorized a share buyback plan on Thursday, December 5th that allows the company to buyback $500.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 7.6% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

BYD has been the topic of several recent research reports. JPMorgan Chase & Co. boosted their price target on Boyd Gaming from $74.00 to $80.00 and gave the stock a “neutral” rating in a research report on Friday, January 24th. Argus upgraded shares of Boyd Gaming from a “hold” rating to a “buy” rating and set a $90.00 target price for the company in a research note on Tuesday, December 17th. Barclays lifted their price target on shares of Boyd Gaming from $74.00 to $78.00 and gave the stock an “equal weight” rating in a research note on Friday, February 7th. Jefferies Financial Group raised shares of Boyd Gaming from a “hold” rating to a “buy” rating and upped their price objective for the company from $73.00 to $92.00 in a research report on Friday, January 3rd. Finally, Morgan Stanley lowered Boyd Gaming from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $82.00 to $81.00 in a research report on Monday, February 24th. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Boyd Gaming currently has a consensus rating of “Moderate Buy” and a consensus price target of $95.00.

Insiders Place Their Bets

In related news, Director William R. Boyd sold 15,000 shares of the stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $79.32, for a total value of $1,189,800.00. Following the sale, the director now owns 1,472,970 shares of the company’s stock, valued at $116,835,980.40. This trade represents a 1.01 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Christine J. Spadafor sold 1,125 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $75.28, for a total transaction of $84,690.00. Following the transaction, the director now directly owns 4,852 shares of the company’s stock, valued at $365,258.56. The trade was a 18.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,125 shares of company stock valued at $5,158,490 over the last quarter. Insiders own 21.97% of the company’s stock.

Boyd Gaming 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.