Glenmede Trust Co. NA Lowers Stock Position in Boyd Gaming Corporation $BYD

Key Points

• Glenmede Trust reduced its Boyd Gaming position by 10.3% in the first quarter, selling 19,000 shares and retaining 165,034 shares worth approximately $13.6 million. Institutional investors collectively own 76.81% of the company.
• Boyd Gaming reported quarterly EPS of $1.93, exceeding estimates of $1.89, while revenue reached $1.03 billion, slightly below expectations. The company also authorized a $500 million share-repurchase program and pays a quarterly dividend of $0.20.
• Insiders sold 175,691 shares worth about $15.0 million over the past 90 days. Analysts maintain an overall “Hold” rating, with an average price target of $94.69 versus the stock’s reported price of $85.10.

Glenmede Trust Co. NA decreased its holdings in shares of Boyd Gaming Corporation (NYSE:BYD - Free Report) by 10.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 165,034 shares of the company's stock after selling 19,000 shares during the period. Glenmede Trust Co. NA owned approximately 0.22% of Boyd Gaming worth $13,562,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Advisors Asset Management Inc. lifted its position in Boyd Gaming by 56.8% during the first quarter. Advisors Asset Management Inc. now owns 541 shares of the company's stock valued at $36,000 after buying an additional 196 shares in the last quarter. AQR Capital Management LLC grew its position in Boyd Gaming by 13.9% in the first quarter. AQR Capital Management LLC now owns 9,623 shares of the company's stock valued at $628,000 after acquiring an additional 1,172 shares in the last quarter. Caxton Associates LLP purchased a new stake in shares of Boyd Gaming during the first quarter valued at approximately $207,000. M&T Bank Corp purchased a new stake in shares of Boyd Gaming during the second quarter valued at approximately $229,000. Finally, Amundi lifted its position in shares of Boyd Gaming by 14,719.0% during the second quarter. Amundi now owns 3,112 shares of the company's stock worth $253,000 after purchasing an additional 3,091 shares in the last quarter. 76.81% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Boyd Gaming

In other news, CFO Josh Hirsberg sold 12,777 shares of the stock in a transaction dated 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 transaction, the chief financial officer owned 422,969 shares of the company's stock, valued at approximately $37,965,697.44. This trade represents a 2.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Chairman Marianne Boyd Johnson sold 62,914 shares of Boyd Gaming stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $84.03, for a total value of $5,286,663.42. Following the completion of the transaction, the chairman owned 1,609,808 shares of the company's stock, valued at $135,272,166.24. This trade represents a 3.76% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 175,691 shares of company stock valued at $15,023,527. Insiders own 22.82% of the company's stock.

Boyd Gaming Stock Up 0.0%

BYD stock opened at $85.10 on Monday. Boyd Gaming Corporation has a twelve month low of $76.33 and a twelve month high of $91.41. The company has a current ratio of 0.77, a quick ratio of 0.74 and a debt-to-equity ratio of 1.05. The company has a market capitalization of $6.33 billion, a P/E ratio of 3.75, a PEG ratio of 2.08 and a beta of 1.08. The firm has a 50 day simple moving average of $86.78 and a 200-day simple moving average of $84.88.

Boyd Gaming (NYSE:BYD - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $1.93 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 revenue was up .0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.87 earnings per share. On average, equities research analysts predict that Boyd Gaming Corporation will post 7.29 earnings per share for the current fiscal year.

Boyd Gaming announced that its Board of Directors has authorized a share buyback plan on Thursday, April 23rd that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the company to purchase up to 7.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its shares are undervalued.

Boyd Gaming Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th were given a $0.20 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $0.80 annualized dividend and a dividend yield of 0.9%. Boyd Gaming's payout ratio is presently 3.52%.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Weiss Ratings upgraded shares of Boyd Gaming from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, June 4th. Texas Capital raised shares of Boyd Gaming to a "strong-buy" rating in a research note on Wednesday, June 3rd. Morgan Stanley cut 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. Wells Fargo & Company upped their price objective on shares of Boyd Gaming from $81.00 to $88.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 14th. Finally, Citigroup raised their target price on Boyd Gaming from $86.00 to $90.00 and gave the company a "neutral" rating in a research note on Thursday, April 16th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and ten have issued a Hold rating to the company's stock. Based on data from MarketBeat, Boyd Gaming currently has an average rating of "Hold" and an average price target of $94.69.

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.

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