Freestone Grove Partners LP Makes New Investment in Boyd Gaming Corporation $BYD

Freestone Grove Partners LP bought a new position in Boyd Gaming Corporation (NYSE:BYD) during the 2nd quarter, HoldingsChannel.com reports. The fund bought 38,914 shares of the company’s stock, valued at approximately $3,437,000.

Other large investors have also made changes to their positions in the company. Northwestern Mutual Wealth Management Co. raised its stake in shares of Boyd Gaming by 1,466.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 32,965 shares of the company’s stock valued at $2,810,000 after buying an additional 30,860 shares during the period. III Capital Management bought a new position in shares of Boyd Gaming during the 4th quarter worth $4,177,000. Jefferies Financial Group Inc. purchased a new stake in Boyd Gaming in the 4th quarter worth about $15,551,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Boyd Gaming in the 4th quarter worth about $1,922,000. Finally, BlackRock Inc. bought a new stake in Boyd Gaming in the 2nd quarter valued at about $486,737,000. Institutional investors and hedge funds own 76.81% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Susquehanna upped their price objective on shares of Boyd Gaming from $84.00 to $87.00 and gave the company a “neutral” rating in a report on Friday, July 24th. Texas Capital raised shares of Boyd Gaming to a “strong-buy” rating in a research report on Wednesday, June 3rd. Mizuho set a $104.00 price target on shares of Boyd Gaming in a research note on Friday, July 24th. Stifel Nicolaus upped their price target on shares of Boyd Gaming from $91.00 to $92.00 and gave the company a “hold” rating in a research note on Friday, July 24th. Finally, Barclays raised their price objective on shares of Boyd Gaming from $86.00 to $87.00 and gave the stock an “equal weight” rating in a report on Friday, July 24th. One equities research 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 MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $94.69.

Insider Buying and Selling

In other news, CFO Josh Hirsberg sold 12,777 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $89.76, for a total value of $1,146,863.52. Following the completion of the transaction, the chief financial officer directly owned 422,969 shares in the company, valued at approximately $37,965,697.44. This trade represents a 2.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Keith Smith sold 100,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 3rd. The shares were sold at an average price of $85.90, for a total transaction of $8,590,000.00. Following the transaction, the chief executive officer directly 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 112,789 shares of company stock valued at $9,737,848 over the last 90 days. 22.82% of the stock is owned by company insiders.

Boyd Gaming Stock Performance

NYSE:BYD opened at $79.67 on Friday. The business’s fifty day moving average is $85.65 and its 200 day moving average is $84.49. The firm has a market cap of $5.79 billion, a price-to-earnings ratio of 3.51, a PEG ratio of 1.97 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. Boyd Gaming Corporation has a 52-week low of $76.33 and a 52-week high of $91.41.

Boyd Gaming (NYSE:BYD) last issued its earnings results on Thursday, July 23rd. The company reported $1.93 EPS for the quarter, topping the consensus estimate of $1.89 by $0.04. The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.04 billion. Boyd Gaming had a return on equity of 22.52% and a net margin of 44.34%.The firm’s revenue was up .0% compared to the same quarter last year. During the same quarter last year, the company earned $1.87 EPS. Research analysts predict that Boyd Gaming Corporation will post 7.29 EPS for the current year.

Boyd Gaming Dividend Announcement

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

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.