Clark Capital Management Group Inc. Invests $50.30 Million in Boyd Gaming Corporation $BYD

Clark Capital Management Group Inc. bought a new stake in Boyd Gaming Corporation (NYSE:BYD) during the third quarter, according to its most recent disclosure with the SEC. The firm bought 581,781 shares of the company’s stock, valued at approximately $50,295,000. Clark Capital Management Group Inc. owned about 0.74% of Boyd Gaming at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Arrowstreet Capital Limited Partnership lifted its position in Boyd Gaming by 11.6% in the third quarter. Arrowstreet Capital Limited Partnership now owns 1,478,130 shares of the company’s stock valued at $127,784,000 after acquiring an additional 153,462 shares during the last quarter. Franklin Resources Inc. grew its holdings in shares of Boyd Gaming by 16.6% during the third quarter. Franklin Resources Inc. now owns 1,221,283 shares of the company’s stock worth $105,580,000 after purchasing an additional 173,868 shares during the last quarter. American Century Companies Inc. grew its holdings in shares of Boyd Gaming by 11.7% during the second quarter. American Century Companies Inc. now owns 1,213,024 shares of the company’s stock worth $94,895,000 after purchasing an additional 127,167 shares during the last quarter. First Trust Advisors LP increased its position in shares of Boyd Gaming by 679.7% during the second quarter. First Trust Advisors LP now owns 1,122,869 shares of the company’s stock worth $87,842,000 after purchasing an additional 978,853 shares in the last quarter. Finally, Norges Bank purchased a new stake in shares of Boyd Gaming in the 2nd quarter valued at about $54,933,000. 76.81% of the stock is currently owned by institutional investors and hedge funds.

Boyd Gaming Trading Up 0.4%

NYSE:BYD opened at $81.62 on Monday. Boyd Gaming Corporation has a 1 year low of $58.94 and a 1 year high of $89.96. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.52 and a current ratio of 0.54. The stock has a fifty day moving average price of $84.44 and a two-hundred day moving average price of $83.65. The stock has a market capitalization of $6.16 billion, a price-to-earnings ratio of 3.59, a PEG ratio of 1.72 and a beta of 1.20.

Boyd Gaming (NYSE:BYD) last issued its earnings results on Thursday, February 5th. The company reported $2.21 EPS for the quarter, topping the consensus estimate of $1.88 by $0.33. The company had revenue of $1.06 billion for the quarter, compared to analyst estimates of $1.02 billion. Boyd Gaming had a net margin of 45.05% and a return on equity of 30.14%. The business’s revenue was up 2.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.96 EPS. As a group, sell-side analysts anticipate that Boyd Gaming Corporation will post 6.52 earnings per share for the current fiscal year.

Boyd Gaming Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Monday, March 16th will be issued a dividend of $0.20 per share. This is an increase from Boyd Gaming’s previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a yield of 1.0%. The ex-dividend date of this dividend is Monday, March 16th. Boyd Gaming’s payout ratio is presently 3.16%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Stifel Nicolaus upped their target price on Boyd Gaming from $90.00 to $95.00 and gave the company a “hold” rating in a research report on Friday, February 6th. Citigroup began coverage on Boyd Gaming in a research report on Thursday, November 20th. They set a “neutral” rating and a $86.00 price target on the stock. Mizuho set a $100.00 price objective on Boyd Gaming in a report on Monday, February 2nd. Susquehanna lowered their target price on shares of Boyd Gaming from $90.00 to $89.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 11th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Boyd Gaming in a report on Monday, December 29th. Five equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $92.58.

Insiders Place Their Bets

In other Boyd Gaming news, CFO Josh Hirsberg sold 23,924 shares of the stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $85.86, for a total value of $2,054,114.64. Following the completion of the transaction, the chief financial officer directly owned 435,746 shares of the company’s stock, valued at approximately $37,413,151.56. This trade represents a 5.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Stephen S. Thompson sold 19,530 shares of Boyd Gaming stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $83.59, for a total transaction of $1,632,512.70. Following the sale, the insider owned 22,009 shares of the company’s stock, valued at approximately $1,839,732.31. The trade was a 47.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 73,454 shares of company stock worth $6,231,827. 21.97% of the stock is owned by company insiders.

About Boyd Gaming

Boyd Gaming Corporation (NYSE: BYD) is a diversified hospitality and gaming company headquartered in Las Vegas, Nevada. The company develops, owns and operates a portfolio of branded gaming and entertainment properties, including casinos, hotels, restaurants and meeting facilities. Boyd Gaming’s offerings range from slot machines and table games to live entertainment, dining concepts and convention space, designed to appeal to both regional and destination visitors.

Founded in 1975 by its namesake, William S.