Convergence Investment Partners LLC Acquires New Holdings in Boyd Gaming Corporation $BYD

Convergence Investment Partners LLC acquired a new stake in shares of Boyd Gaming Corporation (NYSE:BYD) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 14,732 shares of the company’s stock, valued at approximately $1,256,000.

Several other institutional investors also recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. increased its holdings in Boyd Gaming by 1,466.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 32,965 shares of the company’s stock valued at $2,810,000 after buying an additional 30,860 shares during the period. Thrivent Financial for Lutherans increased its holdings in Boyd Gaming by 44.3% during the fourth quarter. Thrivent Financial for Lutherans now owns 25,453 shares of the company’s stock valued at $2,170,000 after buying an additional 7,812 shares during the period. Arbejdsmarkedets Tillaegspension purchased a new position in Boyd Gaming during the fourth quarter valued at approximately $24,675,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Boyd Gaming during the fourth quarter valued at approximately $1,922,000. Finally, Versor Investments LP increased its holdings in Boyd Gaming by 180.4% during the fourth quarter. Versor Investments LP now owns 23,584 shares of the company’s stock valued at $2,010,000 after buying an additional 15,173 shares during the period. 76.81% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Boyd Gaming

In other news, Chairman Marianne Boyd Johnson sold 62,914 shares of Boyd Gaming stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $84.03, for a total transaction of $5,286,663.42. Following the completion of the sale, the chairman directly owned 1,609,808 shares in the company, valued at approximately $135,272,166.24. The trade was a 3.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Josh Hirsberg sold 23,924 shares of Boyd Gaming stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $85.86, for a total transaction of $2,054,114.64. Following the sale, the chief financial officer owned 435,746 shares of the company’s stock, valued at $37,413,151.56. The trade was a 5.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 173,454 shares of company stock valued at $14,680,814. 22.82% of the stock is currently owned by corporate insiders.

Boyd Gaming Price Performance

Shares of BYD opened at $79.01 on Friday. The company has a market cap of $5.87 billion, a price-to-earnings ratio of 3.46, a price-to-earnings-growth ratio of 1.85 and a beta of 1.11. Boyd Gaming Corporation has a twelve month low of $72.01 and a twelve month high of $89.96. 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 50 day moving average of $83.82 and a two-hundred day moving average of $83.60.

Boyd Gaming (NYSE:BYD) last announced its earnings results on Thursday, April 23rd. The company reported $1.60 earnings per share 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 firm had revenue of $997.36 million during the quarter, compared to analyst estimates of $1.04 billion. During the same quarter last year, the business earned $1.62 earnings per share. Boyd Gaming’s revenue was up .6% on a year-over-year basis. As a group, analysts predict that Boyd Gaming Corporation will post 7.32 earnings per share for the current fiscal year.

Boyd Gaming announced that its board has approved a stock buyback program on Thursday, April 23rd that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the company to purchase up to 7.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Boyd Gaming Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Monday, June 15th will be paid a dividend of $0.20 per share. This represents a $0.80 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Monday, June 15th. Boyd Gaming’s payout ratio is presently 3.51%.

Analyst Ratings Changes

Several brokerages have weighed in on BYD. JPMorgan Chase & Co. raised their target price on shares of Boyd Gaming from $89.00 to $90.00 and gave the company a “neutral” rating in a research note on Friday, April 24th. Stifel Nicolaus lowered their target price on shares of Boyd Gaming from $95.00 to $91.00 and set a “hold” rating for the company in a research note on Friday, April 24th. Barclays lowered their target price on shares of Boyd Gaming from $87.00 to $86.00 and set an “equal weight” rating for the company in a research note on Friday, April 24th. Citigroup raised their target price on shares of Boyd Gaming from $86.00 to $90.00 and gave the company a “neutral” rating in a research note on Thursday, April 16th. Finally, Susquehanna lowered their target price on shares of Boyd Gaming from $89.00 to $87.00 and set a “neutral” rating for the company in a research note on Tuesday, April 7th. Five investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $92.08.

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.