Glenmede Trust Co. NA Reduces Stake in Boyd Gaming Corporation
Glenmede Trust Co. NA has cut its position in Boyd Gaming Corporation by 10.3% over the first quarter, according to the firm's latest 13F filing with the Securities and Exchange Commission. During the period, the company sold 19,000 shares, leaving it with a total stake of 165,034 shares, representing a 0.22% ownership in Boyd Gaming. The value of this position is approximately $13,562,000 at the end of the quarter.
In the first quarter, several major institutional investors made notable changes to their stakes in Boyd Gaming. Advisors Asset Management Inc. significantly increased its holdings, raising its position by 56.8% through the purchase of an additional 196 shares. This brought its total stock ownership to 541 shares, valued at $36,000 by the end of the quarter. Similarly, AQR Capital Management LLC enhanced its position in Boyd Gaming by 13.9%, adding 1,172 shares to its portfolio and increasing its total shares to 9,623, with a valuation of $628,000.
New Institutional Investors Enter the Market
Caxton Associates LLP entered the Boyd Gaming market for the first time in the first quarter, making a new investment valued at $207,000. M&T Bank Corp also joined the fray, acquiring a position in Boyd Gaming worth $229,000 during the second quarter. The most dramatic shift came from Amundi, which substantially raised its stake in Boyd Gaming by 14,719% in the second quarter. The firm purchased an additional 3,091 shares, bringing its total holdings to 3,112 shares with a value of $253,000.
Turning to insider transactions, Boyd Gaming's Chief Financial Officer, Josh Hirsberg, sold 12,777 shares of the company on July 28th at an average price of $89.76. This resulted in total proceeds of $1,146,863.52. Following the sale, Hirsberg now holds 422,969 shares, valued at $37,965,697.44, which amounts to a 2.93% decline in his ownership. Details of the transaction were disclosed in a filing with the SEC.
Insider Transactions and Sales
Earlier in the quarter, Boyd Gaming’s Chairman, Marianne Boyd Johnson, sold 62,914 shares on May 5th at an average price of $84.03 per share. This sale generated total proceeds of $5,286,663.42. After the transaction, she retained 1,609,808 shares, now valued at $135,272,166.24, representing a 3.76% decrease in her stake. The sale was also disclosed in an SEC filing.
Over the past 90 days, Boyd Gaming insiders have sold a total of 175,691 shares, generating approximately $15,023,527 in proceeds. Despite these sales, insiders still own 22.82% of the company's stock, reflecting continued confidence in Boyd Gaming's future among its top executives and board members.
Financial Performance and Stock Activity
Boyd Gaming Corporation's stock opened at $85.10 per share on Monday. The company recently announced its quarterly earnings, reporting earnings per share (EPS) of $1.93, which beat analysts’ expectations of $1.89. Although the firm's revenue for the quarter was $1.03 billion, slightly below the projected $1.04 billion, the result still shows the company’s ability to generate higher profits than anticipated.
Currently, Boyd Gaming has a market capitalization of $6.33 billion, a current ratio of 0.77, and a quick ratio of 0.74, indicating a moderate level of liquidity. The company's debt-to-equity ratio stands at 1.05, highlighting a balanced capital structure. Analysts project that Boyd Gaming will achieve $7.29 in earnings per share for the current fiscal year. The stock's beta is 1.08, showing its volatility aligns closely with that of the broader market.
Boyd Gaming recently distributed its quarterly dividend to shareholders of record as of June 15th, paying $0.20 per share on July 15th. This equates to an annualized dividend of $0.80 per share and a yield of 0.9%. Boyd Gaming’s payout ratio currently stands at 3.52%, reflecting a conservative approach to dividend distribution.
In April, Boyd Gaming's Board of Directors approved a stock buyback program, authorizing the company to repurchase up to $500 million in shares. This buyback plan allows Boyd Gaming to repurchase up to 7.7% of its outstanding shares via open market purchases. The decision signals the company's belief that its shares are undervalued and demonstrates a commitment to returning capital to shareholders.