CX Institutional Sells 2,631 Shares of Boyd Gaming Co. (NYSE:BYD)

CX Institutional decreased its position in Boyd Gaming Co. (NYSE:BYD) by 16.3% in the fourth quarter, Holdings Channel.com reports. The firm owned 13,544 shares of the company’s stock after selling 2,631 shares during the quarter. CX Institutional’s holdings in Boyd Gaming were worth $982,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in BYD. UMB Bank n.a. raised its holdings in 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 purchasing an additional 175 shares in the last quarter. GAMMA Investing LLC raised its holdings in Boyd Gaming by 47.4% in the fourth quarter. GAMMA Investing LLC now owns 460 shares of the company’s stock worth $33,000 after purchasing an additional 148 shares in the last quarter. Covestor Ltd grew its stake in shares of Boyd Gaming by 54.9% in the third quarter. Covestor Ltd now owns 587 shares of the company’s stock worth $38,000 after acquiring an additional 208 shares during the last quarter. Quarry LP grew its stake in shares of Boyd Gaming by 150.1% in the third quarter. Quarry LP now owns 873 shares of the company’s stock worth $56,000 after acquiring an additional 524 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its stake in shares of Boyd Gaming by 921.8% in the third quarter. Farther Finance Advisors LLC now owns 889 shares of the company’s stock worth $57,000 after acquiring an additional 802 shares during the last quarter. Institutional investors own 76.81% of the company’s stock.

Boyd Gaming Trading Down 0.1 %

Shares of NYSE:BYD opened at $75.34 on Friday. The stock has a market capitalization of $6.66 billion, a price-to-earnings ratio of 14.38, a PEG ratio of 4.21 and a beta of 1.54. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.79 and a current ratio of 0.82. The stock’s 50-day simple moving average is $73.21 and its two-hundred day simple moving average is $66.23. Boyd Gaming Co. has a 52-week low of $49.34 and a 52-week high of $76.73.

Boyd Gaming declared that its board has approved a stock repurchase program on Thursday, December 5th that authorizes the company to repurchase $500.00 million in outstanding shares. This repurchase authorization authorizes the company to buy up to 7.6% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its shares are undervalued.

Boyd Gaming Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Monday, December 16th were given a $0.17 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $0.68 annualized dividend and a yield of 0.90%. Boyd Gaming’s payout ratio is 12.98%.

Insiders Place Their Bets

In other news, CFO Josh Hirsberg sold 21,549 shares of the firm’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $71.43, for a total value of $1,539,245.07. Following the transaction, the chief financial officer now owns 438,615 shares of the company’s stock, valued at $31,330,269.45. This trade represents a 4.68 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William R. Boyd sold 25,155 shares of the firm’s stock in a transaction dated Thursday, October 31st. The stock was sold at an average price of $69.35, for a total value of $1,744,499.25. Following the completion of the transaction, the director now directly owns 1,487,970 shares in the company, valued at $103,190,719.50. This trade represents a 1.66 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 147,364 shares of company stock valued at $10,590,893. Insiders own 27.94% of the company’s stock.

Wall Street Analyst Weigh In

BYD has been the topic of a number of recent research reports. JPMorgan Chase & Co. increased their target price on Boyd Gaming from $74.00 to $80.00 and gave the stock a “neutral” rating in a research note on Friday. Barclays increased their target price on Boyd Gaming from $71.00 to $74.00 and gave the stock an “equal weight” rating in a research note on Friday. Stifel Nicolaus increased their target price on Boyd Gaming from $67.00 to $74.00 and gave the stock a “hold” rating in a research note on Friday, October 25th. Truist Financial increased their price objective on Boyd Gaming from $77.00 to $85.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Finally, Morgan Stanley increased their price objective on Boyd Gaming from $74.00 to $78.00 and gave the company an “overweight” rating in a research report on Tuesday, October 22nd. Seven equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $92.80.

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.