CIBC Asset Management Inc Acquires New Position in Boyd Gaming Co. (NYSE:BYD)

CIBC Asset Management Inc acquired a new stake in shares of Boyd Gaming Co. (NYSE:BYD) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 2,969 shares of the company’s stock, valued at approximately $215,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Rhumbline Advisers lifted its stake in shares of Boyd Gaming by 1.0% during the fourth quarter. Rhumbline Advisers now owns 185,714 shares of the company’s stock valued at $13,472,000 after buying an additional 1,797 shares during the period. Sanctuary Advisors LLC increased its position in Boyd Gaming by 25.3% during the third quarter. Sanctuary Advisors LLC now owns 47,369 shares of the company’s stock worth $3,062,000 after purchasing an additional 9,565 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in Boyd Gaming by 11,891.7% during the third quarter. Allspring Global Investments Holdings LLC now owns 62,117 shares of the company’s stock worth $4,016,000 after purchasing an additional 61,599 shares during the last quarter. Weiss Asset Management LP acquired a new position in Boyd Gaming during the third quarter worth approximately $7,101,000. Finally, Quadrature Capital Ltd increased its position in Boyd Gaming by 201.3% during the third quarter. Quadrature Capital Ltd now owns 49,951 shares of the company’s stock worth $3,229,000 after purchasing an additional 33,374 shares during the last quarter. Hedge funds and other institutional investors own 76.81% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on BYD shares. Barclays upped their price target on shares of Boyd Gaming from $74.00 to $78.00 and gave the stock an “equal weight” rating in a research report on Friday, February 7th. Argus raised shares of Boyd Gaming from a “hold” rating to a “buy” rating and set a $90.00 price objective for the company in a research report on Tuesday, December 17th. JMP Securities reissued a “market perform” rating on shares of Boyd Gaming in a research report on Friday, February 7th. Susquehanna increased their price objective on shares of Boyd Gaming from $69.00 to $77.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 4th. Finally, JPMorgan Chase & Co. raised their price target on shares of Boyd Gaming from $74.00 to $80.00 and gave the company a “neutral” rating in a report on Friday, January 24th. Eight research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $95.20.

Boyd Gaming Trading Down 1.4 %

Boyd Gaming stock opened at $75.41 on Wednesday. The firm’s 50-day moving average is $74.86 and its 200-day moving average is $69.32. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.79 and a current ratio of 0.82. Boyd Gaming Co. has a 1 year low of $49.34 and a 1 year high of $80.50. The company has a market cap of $6.67 billion, a P/E ratio of 12.12, a PEG ratio of 4.46 and a beta of 1.54.

Boyd Gaming (NYSE:BYD) last released its quarterly earnings data on Thursday, February 6th. The company reported $1.96 earnings per share for the quarter, topping analysts’ consensus estimates of $1.75 by $0.21. Boyd Gaming had a net margin of 14.70% and a return on equity of 35.97%. On average, equities analysts expect that Boyd Gaming Co. will post 6.52 earnings per share for the current year.

Boyd Gaming Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 17th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date is Monday, March 17th. This is a boost from Boyd Gaming’s previous quarterly dividend of $0.17. Boyd Gaming’s dividend payout ratio (DPR) is 11.58%.

Boyd Gaming declared that its Board of Directors has initiated a stock buyback program on Thursday, December 5th that allows the company to repurchase $500.00 million in outstanding shares. This repurchase authorization allows the company to buy up to 7.6% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other Boyd Gaming news, Director William R. Boyd sold 15,000 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $79.32, for a total transaction of $1,189,800.00. Following the transaction, the director now owns 1,472,970 shares of the company’s stock, valued at approximately $116,835,980.40. This trade represents a 1.01 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Marianne Boyd Johnson sold 50,000 shares of Boyd Gaming stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $77.68, for a total transaction of $3,884,000.00. Following the completion of the transaction, the chairman now directly owns 1,346,628 shares in the company, valued at $104,606,063.04. This represents a 3.58 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 65,660 shares of company stock valued at $5,123,749 in the last quarter. Company insiders own 27.94% of the company’s stock.

About Boyd Gaming

Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania. The company operates through Las Vegas Locals, Downtown Las Vegas, Midwest & South, and Online segments.