Oppenheimer Asset Management Inc. Invests $759,000 in Boyd Gaming Corporation $BYD

Oppenheimer Asset Management Inc. purchased a new stake in Boyd Gaming Corporation (NYSE:BYD) in the 2nd quarter, Holdings Channel reports. The firm purchased 8,591 shares of the company’s stock, valued at approximately $759,000.

A number of other large investors have also made changes to their positions in BYD. Altshuler Shaham Ltd bought a new position in Boyd Gaming during the fourth quarter worth about $25,000. Los Angeles Capital Management LLC bought a new stake in shares of Boyd Gaming in the fourth quarter worth about $25,000. First Horizon Corp acquired a new stake in shares of Boyd Gaming during the fourth quarter worth about $41,000. Bessemer Group Inc. raised its position in shares of Boyd Gaming by 62.8% during the first quarter. Bessemer Group Inc. now owns 526 shares of the company’s stock worth $43,000 after purchasing an additional 203 shares during the period. Finally, Advisors Asset Management Inc. lifted its holdings in shares of Boyd Gaming by 56.8% during the 1st quarter. Advisors Asset Management Inc. now owns 541 shares of the company’s stock valued at $36,000 after purchasing an additional 196 shares in the last quarter. Institutional investors own 76.81% of the company’s stock.

Boyd Gaming Price Performance

NYSE:BYD opened at $82.67 on Tuesday. Boyd Gaming Corporation has a 52-week low of $76.33 and a 52-week high of $91.41. The company has a market cap of $6.01 billion, a P/E ratio of 3.64, a P/E/G ratio of 2.06 and a beta of 1.08. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.74 and a current ratio of 0.77. The stock’s 50-day simple moving average is $86.59 and its 200 day simple moving average is $84.68.

Boyd Gaming (NYSE:BYD) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $1.93 EPS for the quarter, beating the consensus estimate of $1.89 by $0.04. The firm had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.04 billion. Boyd Gaming had a return on equity of 22.52% and a net margin of 44.34%.The business’s quarterly revenue was up .0% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.87 earnings per share. As a group, sell-side analysts forecast that Boyd Gaming Corporation will post 7.29 EPS for the current fiscal year.

Boyd Gaming Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.20 per share. The ex-dividend date is Tuesday, September 15th. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.0%. Boyd Gaming’s dividend payout ratio is currently 3.52%.

Boyd Gaming declared that its board has authorized a stock repurchase program on Thursday, April 23rd that permits the company to buyback $500.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 7.7% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Barclays boosted their price objective on Boyd Gaming from $86.00 to $87.00 and gave the company an “equal weight” rating in a research report on Friday, July 24th. Wells Fargo & Company lifted their price target on shares of Boyd Gaming from $81.00 to $88.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 14th. Benchmark began coverage on shares of Boyd Gaming in a report on Monday, June 22nd. They issued a “buy” rating and a $100.00 price target for the company. The Goldman Sachs Group initiated coverage on shares of Boyd Gaming in a research report on Friday, June 26th. They set a “neutral” rating and a $91.00 price objective for the company. Finally, Morgan Stanley dropped their price objective on shares of Boyd Gaming from $90.00 to $89.00 and set an “equal weight” rating on the stock in a report on Monday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $94.69.

Insider Activity at Boyd Gaming

In other news, CEO Keith Smith sold 100,000 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $85.90, for a total value of $8,590,000.00. Following the completion of the sale, the chief executive officer owned 996,981 shares of the company’s stock, valued at approximately $85,640,667.90. This represents a 9.12% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Josh Hirsberg sold 12,777 shares of the firm’s stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $89.76, for a total transaction of $1,146,863.52. Following the completion of the transaction, the chief financial officer directly owned 422,969 shares of the company’s stock, valued at $37,965,697.44. This represents a 2.93% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 22.82% of the company’s stock.

Boyd Gaming Company Profile

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.