Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Boyd Gaming Corporation $BYD

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Boyd Gaming Corporation (NYSE:BYD) in the 2nd quarter, according to its most recent filing with the SEC. The fund purchased 111,414 shares of the company’s stock, valued at approximately $9,841,000.

A number of other large investors also recently made changes to their positions in the business. Advisors Asset Management Inc. boosted its holdings in shares of Boyd Gaming by 56.8% during the first quarter. Advisors Asset Management Inc. now owns 541 shares of the company’s stock worth $36,000 after purchasing an additional 196 shares during the last quarter. AQR Capital Management LLC increased its stake 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 purchasing an additional 1,172 shares during the last quarter. Caxton Associates LLP purchased a new position in Boyd Gaming during the first quarter worth about $207,000. M&T Bank Corp purchased a new position in Boyd Gaming during the second quarter worth about $229,000. Finally, Amundi lifted its position in 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 buying an additional 3,091 shares during the period. Hedge funds and other institutional investors own 76.81% of the company’s stock.

Boyd Gaming Trading Down 0.6%

NYSE:BYD opened at $80.66 on Thursday. The business’s 50-day moving average is $85.86 and its two-hundred day moving average is $84.55. The firm has a market capitalization of $5.86 billion, a PE ratio of 3.55, a price-to-earnings-growth ratio of 2.00 and a beta of 1.08. Boyd Gaming Corporation has a 12 month low of $76.33 and a 12 month high of $91.41. The company has a debt-to-equity ratio of 1.05, a current ratio of 0.77 and a quick ratio of 0.74.

Boyd Gaming (NYSE:BYD) last announced its earnings results on Thursday, July 23rd. The company reported $1.93 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.04. Boyd Gaming had a net margin of 44.34% and a return on equity of 22.52%. The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same period in the prior year, the firm earned $1.87 earnings per share. The business’s quarterly revenue was up .0% compared to the same quarter last year. Research analysts predict that Boyd Gaming Corporation will post 7.29 earnings per share for the current fiscal year.

Boyd Gaming Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Tuesday, September 15th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Tuesday, September 15th. Boyd Gaming’s dividend payout ratio is 3.52%.

Insider Activity

In other Boyd Gaming news, CEO Keith Smith sold 100,000 shares of the stock in a transaction that occurred on Wednesday, June 3rd. The stock was sold at an average price of $85.90, for a total transaction of $8,590,000.00. Following the transaction, the chief executive officer owned 996,981 shares of the company’s stock, valued at $85,640,667.90. This trade represents a 9.12% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Josh Hirsberg sold 12,777 shares of Boyd Gaming stock in a transaction that occurred on 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 approximately $37,965,697.44. The trade was a 2.93% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 112,789 shares of company stock worth $9,737,848 in the last ninety days. Corporate insiders own 22.82% of the company’s stock.

Analyst Upgrades and Downgrades

BYD has been the subject of a number of research analyst reports. 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 note on Tuesday, July 14th. Stifel Nicolaus boosted their price objective on shares of Boyd Gaming from $91.00 to $92.00 and gave the company a “hold” rating in a research note on Friday, July 24th. Weiss Ratings lowered Boyd Gaming from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, August 11th. Barclays lifted their target price on Boyd Gaming from $86.00 to $87.00 and gave the company an “equal weight” rating in a report on Friday, July 24th. Finally, Morgan Stanley cut their price objective on Boyd Gaming from $90.00 to $89.00 and set an “equal weight” rating on the stock in a report on Monday, July 27th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and ten have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $94.69.

Boyd Gaming 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.