Hudson Bay Capital Management LP Reduces Holdings in Boyd Gaming Co. (NYSE:BYD)

Hudson Bay Capital Management LP lowered its position in shares of Boyd Gaming Co. (NYSE:BYD) by 12.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 155,202 shares of the company’s stock after selling 22,798 shares during the period. Hudson Bay Capital Management LP owned about 0.18% of Boyd Gaming worth $11,258,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in BYD. UMB Bank n.a. lifted its stake in Boyd Gaming by 80.3% in the fourth quarter. UMB Bank n.a. now owns 393 shares of the company’s stock valued at $29,000 after buying an additional 175 shares during the last quarter. GAMMA Investing LLC increased its holdings in shares of 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 acquiring an additional 148 shares during the period. CoreCap Advisors LLC increased its holdings in shares of Boyd Gaming by 91.0% in the 4th quarter. CoreCap Advisors LLC now owns 573 shares of the company’s stock valued at $42,000 after acquiring an additional 273 shares during the period. Golden State Wealth Management LLC purchased a new stake in Boyd Gaming in the 4th quarter valued at $67,000. Finally, Investment Counsel Co. of Nevada acquired a new stake in Boyd Gaming during the 4th quarter worth $73,000. 76.81% of the stock is owned by hedge funds and other institutional investors.

Boyd Gaming Price Performance

Shares of NYSE BYD opened at $72.04 on Monday. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.79 and a current ratio of 0.82. Boyd Gaming Co. has a one year low of $49.34 and a one year high of $80.50. The firm has a market capitalization of $5.86 billion, a P/E ratio of 11.58, a PEG ratio of 4.46 and a beta of 1.32. The company’s fifty day moving average is $67.17 and its two-hundred day moving average is $71.61.

Boyd Gaming (NYSE:BYD) last released its quarterly earnings data on Thursday, April 24th. The company reported $1.62 EPS for the quarter, topping analysts’ consensus estimates of $1.52 by $0.10. Boyd Gaming had a net margin of 14.70% and a return on equity of 35.97%. The firm had revenue of $991.57 million for the quarter, compared to the consensus estimate of $976.38 million. During the same quarter in the previous year, the firm earned $1.51 earnings per share. The firm’s revenue was up 3.2% on a year-over-year basis. Analysts forecast that Boyd Gaming Co. will post 6.52 EPS for the current fiscal year.

Boyd Gaming Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 16th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.00%. The ex-dividend date is Monday, June 16th. Boyd Gaming’s dividend payout ratio is currently 11.75%.

Insider Activity at Boyd Gaming

In other news, Director William R. Boyd sold 15,000 shares of the firm’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 completion of the transaction, the director now owns 1,472,970 shares in the company, valued at $116,835,980.40. This trade represents a 1.01% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Marianne Boyd Johnson sold 50,000 shares of the business’s stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $77.68, for a total transaction of $3,884,000.00. Following the completion of the sale, the chairman now owns 1,346,628 shares in the company, valued at $104,606,063.04. This represents a 3.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 66,125 shares of company stock valued at $5,158,490 in the last ninety days. Corporate insiders own 27.94% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Wells Fargo & Company upped their target price on shares of Boyd Gaming from $82.00 to $88.00 and gave the company an “overweight” rating in a report on Friday, February 7th. Truist Financial reduced their price objective on Boyd Gaming from $92.00 to $85.00 and set a “buy” rating for the company in a research note on Tuesday, April 1st. JPMorgan Chase & Co. increased their price objective on Boyd Gaming from $74.00 to $80.00 and gave the stock a “neutral” rating in a research report on Friday, January 24th. JMP Securities reissued a “market perform” rating on shares of Boyd Gaming in a report on Friday, February 7th. Finally, Susquehanna upped their price target on Boyd Gaming from $75.00 to $76.00 and gave the stock a “positive” rating in a research note on Friday, April 25th. Six analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Boyd Gaming currently has a consensus rating of “Moderate Buy” and an average target price of $95.07.

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.