Meeder Asset Management Inc. Buys Shares of 22,074 Boyd Gaming Corporation $BYD

Meeder Asset Management Inc. acquired a new stake in shares of Boyd Gaming Corporation (NYSE:BYD) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 22,074 shares of the company’s stock, valued at approximately $1,950,000.

Several other large investors also recently bought and sold shares of the business. Advisors Asset Management Inc. boosted its holdings in shares of Boyd Gaming by 56.8% during the 1st quarter. Advisors Asset Management Inc. now owns 541 shares of the company’s stock valued at $36,000 after acquiring an additional 196 shares during the last quarter. AQR Capital Management LLC grew its position in Boyd Gaming by 13.9% in the 1st quarter. AQR Capital Management LLC now owns 9,623 shares of the company’s stock worth $628,000 after purchasing an additional 1,172 shares during the period. Caxton Associates LLP purchased a new stake in Boyd Gaming during the 1st quarter valued at $207,000. M&T Bank Corp bought a new position in shares of Boyd Gaming during the 2nd quarter valued at $229,000. Finally, Amundi boosted its stake in shares of Boyd Gaming by 14,719.0% in the 2nd quarter. Amundi now owns 3,112 shares of the company’s stock worth $253,000 after buying an additional 3,091 shares during the last quarter. 76.81% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CFO Josh Hirsberg sold 12,777 shares of the company’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $89.76, for a total value of $1,146,863.52. Following the completion of the transaction, the chief financial officer owned 422,969 shares of the company’s stock, valued at $37,965,697.44. This represents a 2.93% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Keith Smith sold 100,000 shares of the stock in a transaction dated 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 owned 996,981 shares of the company’s stock, valued at $85,640,667.90. This represents a 9.12% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 22.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Weiss Ratings downgraded Boyd Gaming from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, August 11th. Morgan Stanley cut their price target on Boyd Gaming from $90.00 to $89.00 and set an “equal weight” rating for the company in a research note on Monday, July 27th. Mizuho set a $104.00 price objective on shares of Boyd Gaming in a research note on Friday, July 24th. Barclays boosted their target price on shares of Boyd Gaming from $86.00 to $87.00 and gave the company an “equal weight” rating in a research report on Friday, July 24th. Finally, JPMorgan Chase & Co. increased their price target on shares of Boyd Gaming from $90.00 to $93.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and ten have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $94.69.

Boyd Gaming Stock Down 0.1%

NYSE BYD opened at $82.70 on Wednesday. The stock’s 50-day moving average price is $86.49 and its 200-day moving average price is $84.67. The company has a quick ratio of 0.74, a current ratio of 0.77 and a debt-to-equity ratio of 1.05. Boyd Gaming Corporation has a 52 week low of $76.33 and a 52 week high of $91.41. The company has a market capitalization of $6.01 billion, a P/E ratio of 3.64, a price-to-earnings-growth ratio of 2.06 and a beta of 1.08.

Boyd Gaming (NYSE:BYD) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $1.93 earnings per share for the quarter, beating analysts’ consensus estimates of $1.89 by $0.04. The firm had revenue of $1.03 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Boyd Gaming had a return on equity of 22.52% and a net margin of 44.34%.The business’s quarterly revenue was up .0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.87 EPS. On average, equities research analysts predict that Boyd Gaming Corporation will post 7.29 earnings per share for the current year.

Boyd Gaming declared that its board has approved a stock repurchase plan on Thursday, April 23rd that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to reacquire up to 7.7% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

Boyd Gaming Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $0.80 annualized dividend and a yield of 1.0%. Boyd Gaming’s payout ratio is currently 3.52%.

About Boyd Gaming

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.