Boyd Gaming

BYD • NYSE

Boyd Gaming is a gambling, resorts & casinos company in the consumer cyclical sector on NYSE, led by Keith E. Smith, with a market cap of $6.6B. As of Q3 2025, 67% of shares are held by 388 institutional investors, with VANGUARD GROUP INC as the largest holder at 7.17%.

Chief Executive OfficerKeith E. Smith

Market Cap$6.6B

Gambling, Resorts & Casinos

Consumer Cyclical

Employees16.1K

Websiteboydgaming.com

Country

United States of America

Overview

Overview of institutional ownership in BYD as of Q3 2025 with a market cap of $6.9B

All Institutions

Institutions: 388
Value Held: $4.7B
Shares Held: 53.9M
Avg Position: $12.0M
Median Position: $812.6K

Hedge Funds

Hedge Funds: 43
Value Held: $465.8M
Shares Held: 5.4M
Avg Position: $10.8M
Median Position: $1.5M

Ownership Breakdown

Institutional (non-HF)

60.55%

$4.2B

Hedge Funds

6.72%

$465.8M

Retail & Other

32.73%

$2.3B

Based on market cap of $6.9B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in BYD as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$496.9M 0.01% of portfolio	7.17% 5.7M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
B BlackRock, Inc. Institution	-	$477.4M 0.01% of portfolio	6.89% 5.5M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
Robeco Investment Management, Inc. Long Only Manager	Joseph Francis Feeney CEO	$285.2M 0.29% of portfolio	4.12% 3.3M shares	Q1 2023 Held for 2y 8m	$97.8B
ARIEL INVESTMENTS, LLC Long Only Manager	John Washington Rogers CEO	$225.0M 2.41% of portfolio	3.25% 2.6M shares	Q3 2021 Held for 4y 2m	$9.4B
FMR LLC Institution	-	$179.6M 0.01% of portfolio	2.59% 2.1M shares	Q4 2015 Held for 9y 11m	$1.92T
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$170.4M 0.01% of portfolio	2.45% 2.0M shares	≤ Q2 2013 Held for 12y 5m+	$2.88T
COHEN & STEERS INC Institution	Joseph M. Harvey CEO	$160.5M 0.29% of portfolio	2.31% 1.9M shares	Q2 2019 Held for 6y 5m	$54.7B
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	Anthony Ryan CEO	$127.8M 0.08% of portfolio	1.84% 1.5M shares	Q3 2019 Held for 6y 2m	$158.92B
FRANKLIN RESOURCES INC Institution	Gregory E. Johnson CEO	$105.6M 0.03% of portfolio	1.52% 1.2M shares	Q1 2022 Held for 3y 8m	$395.36B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$92.5M 0.01% of portfolio	1.33% 1.1M shares	≤ Q2 2013 Held for 12y 5m+	$1.57T

Net Capital Flow

Institutional buying and selling activity for BYD in Q3 2025

Traded: −$221.6M
Buyers: 201
Sellers: 176
Total Bought: +$438.0M
Total Sold: −$659.6M
Avg Position: $10.8M

Biggest Buyers

Institution	Net Bought	Current Position
Clark Capital Management Group, Inc. RIA/Wealth	+$50.3M +581.8K shares	$50.3M 581.8K shares
WEDGE CAPITAL MANAGEMENT L L P/NC Long Only Manager	+$32.3M +373.7K shares	$32.3M 373.7K shares
Invesco Ltd. ETF Provider	+$29.6M +342.6K shares	$56.6M 654.4K shares
Quantinno Capital Management LP Hedge Fund•Market Neutral	+$27.0M +312.1K shares	$60.3M 697.1K shares
FULLER & THALER ASSET MANAGEMENT, INC. Long Only Manager	+$20.2M +233.9K shares	$42.6M 493.1K shares
Verition Fund Management LLC Hedge Fund•Multi-Strategy	+$18.2M +210.3K shares	$19.4M 223.9K shares
A Allianz Asset Management AG Institution	+$15.1M +174.2K shares	$23.7M 274.2K shares
FRANKLIN RESOURCES INC Institution	+$15.0M +173.9K shares	$105.6M 1.2M shares
C Capitolis Liquid Global Markets LLC Private Equity	+$13.3M +154.0K shares	$13.3M 154.0K shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	+$13.3M +153.5K shares	$127.8M 1.5M shares

Biggest Sellers

Institution	Net Sold	Current Position
COHEN & STEERS INC Institution	−$159.8M −1.8M shares	$160.5M 1.9M shares
Robeco Investment Management, Inc. Long Only Manager	−$50.1M −579.5K shares	$285.2M 3.3M shares
FIRST TRUST ADVISORS LP ETF Provider	−$45.8M −530.2K shares	$51.2M 592.6K shares
HG Vora Capital Management, LLC Hedge Fund•Event Driven	−$39.1M −500.0K shares	Sold Off 0 shares
GOLDENTREE ASSET MANAGEMENT LP Hedge Fund•Distressed	−$31.6M −403.8K shares	Sold Off 0 shares
BANK OF AMERICA CORP /DE/ Institution	−$30.8M −355.8K shares	$67.7M 783.6K shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$27.7M −320.7K shares	$26.6M 307.4K shares
VICTORY CAPITAL MANAGEMENT INC Long Only Manager	−$20.9M −241.8K shares	$74.6M 862.6K shares
ARIEL INVESTMENTS, LLC Long Only Manager	−$20.1M −232.3K shares	$225.0M 2.6M shares
A AMERICAN CENTURY COMPANIES INC Institution	−$19.0M −219.8K shares	$85.9M 993.2K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited BYD in Q3 2025

New Positions: 38
New Value: $42.8M
Exited Positions: 42
Exited Value: $122.9M

New Positions

Institution	Position Value
C Capitolis Liquid Global Markets LLC Private Equity	$13.3M 154.0K shares
GATEWAY INVESTMENT ADVISERS LLC Long Only Manager	$9.5M 109.9K shares
HOTCHKIS & WILEY CAPITAL MANAGEMENT LLC Long Only Manager	$6.8M 78.7K shares
SCHRODER INVESTMENT MANAGEMENT GROUP RIA/Wealth	$2.6M 30.1K shares
E Elo Mutual Pension Insurance Co Institution	$1.5M 17.9K shares
DIAM Co., Ltd. Long Only Manager	$1.5M 17.7K shares
44 WEALTH MANAGEMENT LLC RIA/Wealth	$1.4M 16.5K shares
MML INVESTORS SERVICES, LLC RIA/Wealth	$872.4K 10.1K shares
PARK AVENUE SECURITIES LLC RIA/Wealth	$814.1K 9.4K shares
Optimize Financial Inc RIA/Wealth	$596.2K 6.9K shares

Exited Positions

Institution	Previous Position
HG Vora Capital Management, LLC Hedge Fund•Event Driven	$39.1M 500.0K shares
GOLDENTREE ASSET MANAGEMENT LP Hedge Fund•Distressed	$31.6M 403.8K shares
M Man Group plc Institution	$11.0M 140.0K shares
J J. Goldman & Co LP Hedge Fund•Multi-Strategy	$10.4M 132.7K shares
R Ruffer LLP Long Only Manager	$6.5M 82.7K shares
JACOBS LEVY EQUITY MANAGEMENT, INC Hedge Fund•Quant	$4.5M 56.9K shares
Weiss Asset Management LP Hedge Fund•Multi-Strategy	$2.5M 32.5K shares
P PICTON MAHONEY ASSET MANAGEMENT Institution	$2.2M 28.7K shares
Q Qsemble Capital Management, LP Hedge Fund•Quant	$1.4M 18.2K shares
Aster Capital Management Ltd RIA/Wealth	$1.2M 15.7K shares

Options Activity

Institutions with the largest Call and Put options positions in BYD as of Q3 2025

Call Positions: 17
Call Value: $156.4M
Put Positions: 17
Put Value: $110.0M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$41.4M 4.8K contracts
BARCLAYS PLC Institution	$38.9M 4.5K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$14.2M 1.6K contracts
Walleye Trading LLC RIA/Wealth	$10.9M 1.3K contracts
J JANE STREET GROUP, LLC Institution	$10.5M 1.2K contracts
W WOLVERINE TRADING, LLC Institution	$8.9M 1.0K contracts
GOLDMAN SACHS GROUP INC Institution	$8.4M 972.0 contracts
T Twin Tree Management, LP Hedge Fund•Vol Arbitrage	$8.1M 936.0 contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$4.4M 510.0 contracts
Verition Fund Management LLC Hedge Fund•Multi-Strategy	$2.7M 316.0 contracts

Put Positions

Institution	Position Value
J JANE STREET GROUP, LLC Institution	$36.2M 4.2K contracts
BARCLAYS PLC Institution	$34.6M 4.0K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$17.0M 2.0K contracts
GOLDMAN SACHS GROUP INC Institution	$8.4M 972.0 contracts
W WOLVERINE TRADING, LLC Institution	$3.5M 400.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$2.7M 318.0 contracts
Verition Fund Management LLC Hedge Fund•Multi-Strategy	$2.1M 239.0 contracts
Walleye Trading LLC RIA/Wealth	$1.8M 204.0 contracts
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$1.5M 170.0 contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$1.1M 128.0 contracts

Most Committed Institutions

Institutions with BYD as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
S Seven Six Capital Management, LLC Institution	-	9.78% $9.9M	0.14% 114.8K shares	Q4 2024 Held for 11 months	$101.4M
B BWCP, LP Hedge Fund•Long/Short	Brandon Matthew Wier Managing Partner	6.85% $41.2M	0.59% 476.9K shares	Q1 2022 Held for 3y 8m	$601.9M
N Nitorum Capital, L.P. Hedge Fund•Long/Short	Seth Damon Rosen Managing Partner	4.21% $24.0M	0.35% 277.0K shares	Q4 2021 Held for 3y 11m	$569.3M
G GRATIA CAPITAL, LLC Hedge Fund•Multi-Strategy	Pei Yu-Tsung Steven Managing Partner	3.66% $4.0M	0.06% 46.4K shares	Q2 2023 Held for 2y 5m	$109.5M
O Orvieto Partners, L.P. Hedge Fund•Value	Timothy Garrett Caffrey Partner	2.93% $3.5M	0.05% 40.0K shares	Q4 2024 Held for 11 months	$118.0M
ARIEL INVESTMENTS, LLC Long Only Manager	John Washington Rogers CEO	2.41% $225.0M	3.25% 2.6M shares	Q3 2021 Held for 4y 2m	$9.4B
Channing Capital Management, LLC Long Only Manager	Rodney Bernard Herenton CEO	2.05% $77.9M	1.12% 901.4K shares	Q2 2020 Held for 5y 5m	$3.8B
SUNRISE PARTNERS LIMITED PARTNERSHIP /CT Hedge Fund•Multi-Strategy	Ravi Mohan Singh CEO	1.71% $3.5M	0.05% 40.0K shares	Q3 2025 Held for 2 months	$202.2M
Diametric Capital, LP Hedge Fund•Long/Short	David Richard Salvietti COO	1.29% $3.4M	0.05% 39.6K shares	Q4 2017 Held for 7y 11m	$264.8M
PENN CAPITAL MANAGEMENT CO INC Long Only Manager	Pamela Marie Lawrence President	1.08% $14.1M	0.20% 162.8K shares	Q1 2014 Held for 11y 8m	$1.3B

Hedge Fund Spotlight

Discover hedge funds investing in BYD

Bridgefront Capital, LLC

Hedge Fund • Quant

Portfolio ManagerBrian Huber

Portfolio Value: $340.5M
Positions: 563
Last Reported: Q3 2025

Sector Allocation

Position in Boyd Gaming

Market Value: $494.6K
Shares Held: 5.7K
Portfolio Weight: 0.15%
Owned Since: 2023-Q3

Top Holding	Sector	Market Value	Weight
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2 Honeywell International HON	Conglomerates Industrials	$3.1M	0.91%
3 Autodesk ADSK	Software - Application Technology	$3.1M	0.90%