Freestone Grove Partners LP Invests $3.44 Million in Boyd Gaming Corporation $BYD

Freestone Grove Partners LP purchased a new stake in shares of Boyd Gaming Corporation (NYSE:BYD) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 38,914 shares of the company’s stock, valued at approximately $3,437,000. Freestone Grove Partners LP owned 0.05% of Boyd Gaming as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. BlackRock Inc. acquired a new position in Boyd Gaming during the 2nd quarter valued at about $486,737,000. Invesco Ltd. lifted its stake in shares of Boyd Gaming by 118.2% in the 4th quarter. Invesco Ltd. now owns 1,427,828 shares of the company’s stock worth $121,708,000 after acquiring an additional 773,394 shares during the period. Norges Bank acquired a new stake in shares of Boyd Gaming in the 4th quarter worth approximately $58,763,000. Bank of New York Mellon Corp bought a new position in shares of Boyd Gaming in the second quarter valued at approximately $40,281,000. Finally, UBS Group AG boosted its holdings in shares of Boyd Gaming by 196.9% in the fourth quarter. UBS Group AG now owns 611,207 shares of the company’s stock valued at $52,099,000 after acquiring an additional 405,340 shares in the last quarter. 76.81% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Texas Capital upgraded Boyd Gaming to a “strong-buy” rating in a research report on Wednesday, June 3rd. Wells Fargo & Company lifted their price target on Boyd Gaming from $81.00 to $88.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 14th. Weiss Ratings cut Boyd Gaming from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. The Goldman Sachs Group started coverage on Boyd Gaming in a research note on Friday, June 26th. They issued a “neutral” rating and a $91.00 price objective on the stock. Finally, JPMorgan Chase & Co. upped their price objective on Boyd Gaming from $90.00 to $93.00 and gave the company a “neutral” rating in a report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $94.69.

Insiders Place Their Bets

In other news, CFO Josh Hirsberg sold 12,777 shares of the firm’s stock in a transaction on Tuesday, July 28th. The stock was sold at an average price of $89.76, for a total transaction of $1,146,863.52. Following the completion of the sale, the chief financial officer directly owned 422,969 shares of the company’s stock, valued at $37,965,697.44. This trade represents a 2.93% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Keith Smith sold 100,000 shares of the firm’s stock in a transaction 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 sale, 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 ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 112,789 shares of company stock valued at $9,737,848 in the last quarter. Insiders own 22.82% of the company’s stock.

Boyd Gaming Stock Up 0.1%

NYSE BYD opened at $79.67 on Friday. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.77 and a quick ratio of 0.74. The company’s 50 day simple moving average is $85.65 and its 200 day simple moving average is $84.49. Boyd Gaming Corporation has a 12 month low of $76.33 and a 12 month high of $91.41. The company has a market capitalization of $5.79 billion, a P/E ratio of 3.51, a PEG ratio of 1.97 and a beta of 1.08.

Boyd Gaming (NYSE:BYD) last released its 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 business had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.04 billion. Boyd Gaming had a net margin of 44.34% and a return on equity of 22.52%. The business’s quarterly revenue was up .0% on a year-over-year basis. During the same period in the prior year, the business earned $1.87 earnings per share. Equities research analysts expect that Boyd Gaming Corporation will post 7.29 earnings per share for the current fiscal year.

Boyd Gaming Dividend Announcement

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 given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Tuesday, September 15th. Boyd Gaming’s dividend payout ratio is 3.52%.

Boyd Gaming 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.