Maridea Wealth Management LLC Invests $471,000 in Boyd Gaming Co. (NYSE:BYD)

Maridea Wealth Management LLC bought a new stake in Boyd Gaming Co. (NYSE:BYD) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 6,499 shares of the company’s stock, valued at approximately $471,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Boston Partners grew its stake in Boyd Gaming by 36.9% in the fourth quarter. Boston Partners now owns 3,955,544 shares of the company’s stock valued at $287,185,000 after purchasing an additional 1,065,887 shares in the last quarter. Norges Bank bought a new position in shares of Boyd Gaming in the fourth quarter valued at $55,553,000. Raymond James Financial Inc. acquired a new position in Boyd Gaming during the fourth quarter worth $43,273,000. Goldentree Asset Management LP bought a new stake in Boyd Gaming during the third quarter worth $11,490,000. Finally, Allspring Global Investments Holdings LLC lifted its stake in Boyd Gaming by 226.5% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 202,824 shares of the company’s stock valued at $14,569,000 after acquiring an additional 140,707 shares during the last quarter. 76.81% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on BYD. Morgan Stanley cut shares of Boyd Gaming from an “overweight” rating to an “equal weight” rating and dropped their target price for the company from $82.00 to $81.00 in a report on Monday, February 24th. Susquehanna upgraded Boyd Gaming from a “neutral” rating to a “positive” rating and dropped their price objective for the company from $79.00 to $77.00 in a research note on Wednesday, March 12th. Argus upgraded 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. Truist Financial increased their price target on Boyd Gaming from $85.00 to $88.00 and gave the company a “buy” rating in a research note on Tuesday, February 4th. Finally, Mizuho lifted their price objective on shares of Boyd Gaming from $79.00 to $86.00 and gave the stock an “outperform” rating in a research report on Friday, February 7th. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $95.20.

Boyd Gaming Stock Down 2.2 %

NYSE BYD opened at $66.25 on Friday. The company has a market cap of $5.47 billion, a price-to-earnings ratio of 10.65, a PEG ratio of 4.46 and a beta of 1.55. Boyd Gaming Co. has a 1-year low of $49.34 and a 1-year high of $80.50. 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 company has a 50 day moving average of $73.73 and a 200-day moving average of $70.90.

Boyd Gaming (NYSE:BYD) last released its earnings results on Thursday, February 6th. The company reported $1.96 earnings per share for the quarter, beating analysts’ consensus estimates of $1.75 by $0.21. Boyd Gaming had a return on equity of 35.97% and a net margin of 14.70%. On average, equities research analysts expect that Boyd Gaming Co. will post 6.52 earnings per share for the current fiscal year.

Boyd Gaming Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 17th will be paid a dividend of $0.18 per share. This represents a $0.72 dividend on an annualized basis and a yield of 1.09%. This is an increase from Boyd Gaming’s previous quarterly dividend of $0.17. The ex-dividend date of this dividend is Monday, March 17th. Boyd Gaming’s dividend payout ratio is presently 11.58%.

Boyd Gaming declared that its Board of Directors has approved a stock buyback program on Thursday, December 5th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the company to reacquire up to 7.6% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Boyd Gaming

In other Boyd Gaming news, Director Christine J. Spadafor sold 1,125 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $75.28, for a total value of $84,690.00. Following the sale, the director now owns 4,852 shares of the company’s stock, valued at approximately $365,258.56. This trade represents a 18.82 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director William R. Boyd sold 15,000 shares of the business’s stock in a transaction on Wednesday, February 19th. The stock was sold at an average price of $79.32, for a total value of $1,189,800.00. Following the transaction, the director now directly 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 disclosure for this sale can be found here. Insiders have sold a total of 66,125 shares of company stock valued at $5,158,490 in the last ninety days. 27.94% of the stock is currently owned by company insiders.

About Boyd Gaming

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.