Boyd Group Had a Busy Month of May With Cluster Buying & Q1 Results

Boyd Group Services Inc (BYD:CN) is a Canadian company that oversees the Boyd Group Inc. and its subsidiaries.

Founded in 1990, the company operates in Canada under the trade names Boyd Autobody & Glass and Assured Automotive. In the U.S., it operates under the name Gerber Collision & Glass, working as a leading retail auto glass operator in the United States.

As of May 27, 2024, the company has a Market Cap of almost CAD 5.01 billion, and BYDGF stock - registered on NASDAQ - was last seen trading at CAD 232.69 ($170.30).

Cluster Buying by Prominent Insiders

Boyd Services had a rather busy month of May with the release of its quarterly earnings and the first insider purchases of the year.

From May 16 to May 23, three significant insiders at the company bought in on BYD shares:

• Timothy J. O'Day - President/CEO purchased 292 shares at CAD 235.14. 

• Brian Kaner - Chief Operating Officer bought 600 shares at CAD 233.24.

• Robert Berthold Espey - Ind. Director purchased 100 shares at CAD 239.69.

In total, these three transactions amounted to a value of almost CAD 232,511 ($170,170).

Current President and CEO, Tim O'Day first joined Gerber Collision before it became a part of Boyd Group through an acquisition in 2004. O'Day previously served as the President & COO until 2020 when he was elevated to CEO. 

COO Kaner on the other hand oversees Boyd's operations in both Canada and the United States. He too boasts a vast experience of working in Auto companies and centers. 

Director Espey on the other hand also Chairs the Canadian Fuels Associations’ board and is a frequent trader of BYD shares.

Q1 Results matched with Analysts’ Ratings

Disclosed on May 15, Boyd Services’ first quarterly report revealed a 10% rise in sales, reaching $786.5 million. Despite a rise, the report’s outlook said that the results were disappointing due to the impacts of the winter season and low demands.

On a more positive note, the company also declared dividends of CAD 0.15 per share in the first quarter and gross profit was 44.8% higher year-on-year. Furthermore, the company added a total of eighteen locations to its chain from January 01, 2024, to May 14, 2024. 

Additionally, twelve analysts covering Boyd stock have given it a "Buy" recommendation with CAD 301.85 set as the average one-year price target. Considering this, it can be safe to assume Boyd stock has a long road ahead.