Meeder Asset Management Inc. Buys 70,216 Shares of Boyd Gaming Corporation $BYD

Meeder Asset Management Inc. lifted its stake in shares of Boyd Gaming Corporation (NYSE:BYD) by 150.2% during the first quarter, HoldingsChannel.com reports. The fund owned 116,974 shares of the company’s stock after buying an additional 70,216 shares during the quarter. Meeder Asset Management Inc.’s holdings in Boyd Gaming were worth $9,613,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Parallel Advisors LLC grew its stake in Boyd Gaming by 17.1% in the first quarter. Parallel Advisors LLC now owns 1,494 shares of the company’s stock worth $123,000 after purchasing an additional 218 shares in the last quarter. California Public Employees Retirement System increased its holdings in Boyd Gaming by 2.4% during the 1st quarter. California Public Employees Retirement System now owns 124,469 shares of the company’s stock worth $10,229,000 after purchasing an additional 2,973 shares during the period. Watershed Asset Management L.L.C. raised its position in Boyd Gaming by 17.2% during the 1st quarter. Watershed Asset Management L.L.C. now owns 5,586 shares of the company’s stock valued at $459,000 after purchasing an additional 820 shares in the last quarter. Kera Capital Partners Inc. raised its position in Boyd Gaming by 5.3% during the 1st quarter. Kera Capital Partners Inc. now owns 8,007 shares of the company’s stock valued at $658,000 after purchasing an additional 404 shares in the last quarter. Finally, Assetmark Inc. lifted its holdings in shares of Boyd Gaming by 9.1% in the 1st quarter. Assetmark Inc. now owns 1,553 shares of the company’s stock worth $128,000 after buying an additional 129 shares during the period. Institutional investors own 76.81% of the company’s stock.

Boyd Gaming Stock Performance

Shares of NYSE:BYD opened at $87.85 on Monday. The firm has a 50 day moving average of $85.19 and a 200 day moving average of $84.81. The company has a quick ratio of 0.58, a current ratio of 0.60 and a debt-to-equity ratio of 0.90. The company has a market capitalization of $6.53 billion, a price-to-earnings ratio of 3.85, a price-to-earnings-growth ratio of 2.07 and a beta of 1.07. Boyd Gaming Corporation has a 52 week low of $76.33 and a 52 week high of $91.00.

Boyd Gaming (NYSE:BYD) last announced its earnings results on Thursday, April 23rd. The company reported $1.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.76 by ($0.16). Boyd Gaming had a net margin of 44.84% and a return on equity of 25.63%. The company had revenue of $997.36 million for the quarter, compared to the consensus estimate of $1.04 billion. During the same period last year, the business posted $1.62 EPS. The firm’s revenue was up .6% compared to the same quarter last year. On average, sell-side analysts predict that Boyd Gaming Corporation will post 7.23 earnings per share for the current fiscal year.

Boyd Gaming declared that its Board of Directors has initiated a share repurchase program on Thursday, April 23rd that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 7.7% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Boyd Gaming Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Monday, June 15th were paid a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 0.9%. The ex-dividend date was Monday, June 15th. Boyd Gaming’s dividend payout ratio is 3.51%.

Insiders Place Their Bets

In related news, Chairman Marianne Boyd Johnson sold 62,914 shares of the firm’s stock in a transaction dated Tuesday, May 5th. The stock was sold at an average price of $84.03, for a total transaction of $5,286,663.42. Following the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Keith Smith sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, June 3rd. The shares were 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 in the company, valued at approximately $85,640,667.90. The trade was a 9.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 200,000 shares of company stock valued at $17,038,987 over the last 90 days. 22.82% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on BYD shares. Benchmark started coverage on Boyd Gaming in a research report on Monday, June 22nd. They set a “buy” rating and a $100.00 price target on the stock. Susquehanna decreased their price objective on Boyd Gaming from $89.00 to $87.00 and set a “neutral” rating for the company in a report on Tuesday, April 7th. The Goldman Sachs Group assumed coverage on shares of Boyd Gaming in a research note on Friday, June 26th. They issued a “neutral” rating and a $91.00 price objective for the company. Wells Fargo & Company increased their target price on shares of Boyd Gaming from $81.00 to $88.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 14th. Finally, Mizuho raised their target price on shares of Boyd Gaming from $96.00 to $101.00 and gave the company an “outperform” rating in a research report on Friday. One 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’s stock. According to MarketBeat.com, Boyd Gaming presently has a consensus rating of “Hold” and a consensus price target of $94.15.

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.